Income Tax department released its most common return filing forms i.e., ITR form 1, form 2, form 4 and form 6 on April 1. Form 3 was later released on May 9 and form 5 was released on May 31.
Section 54 tax benefit: The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) clarified that the date of possession is crucial for claiming a tax benefit under section 54 of the Income-tax Act. This ruling highlights the importance of timely investment in a new house to reduce tax liability on profits from selling an old property.
If a PAN card is lost, individuals do not need to obtain a new PAN. Instead, they can apply for a duplicate PAN card through the income tax department.