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I-T Authority Fails To Consider Reason For Difference In Sale Consideration & Stamp Duty: Mumbai ITAT Deletes Penalty Levied U/s 270A For Under-Reporting Of Income

Noting that neither the Assessing Officer nor the CIT(A) have taken into consideration the explanation offered by the Assessee during the assessment proceedings in relation to the difference in the. ....

Pritesh Mehta , Assessing Officer , Prashant Maharishi , Accountant Member , Rahul Chaudhary , Judicial Member , Evaluation Officer , Mumbai Itat , Ssessing Officer , Assessment Proceedings , Sale Consideration , Stamp Duty Valuation , Immovable Property , Deleted The Penalty , S 270a Of The Income Tax Act ,

I am an NRI, want to sell ancestral property in India. Income tax rule explained

Whether you are an NRI or an Indian resident, the tax provisions for sale of inherited property are the same. Since the property was acquired in 1961, any profit made on sale of it will be taxed as long term capital gains ....

Ancestral Property , Nri Taxation , Income Tax Rule , Sale Of Inherited Property , Long Term Capital Gains , Stamp Duty Valuation ,

Union Budget 2021 - Decoding The Details - Tax

The table summarizing the slab wise rates applicable to
individuals is as under –
Exemption for LTC Cash Scheme
Under the existing provisions of ITA, exemption is available
for value of travel concession or assistance received by an
employee from his employer/ former employer, for himself and his
family, leave travel to any place in India ( Leave Travel
Concession or LTC ).
Due to the Covid-19 situation, it is proposed to provide tax
exemption to cash allowance in lieu of LTC.
Accordingly, it is proposed to amend the ITA to provide tax
exemption to cash allowance in lieu of Leave Travel Concession, ....

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