Times News Network
By Chirag Nangia I bought shares of a listed company shares in 2015, which was suspended from trading in 2017. In 2018, I sold another listed company’s shares at a long term capital gain. How do I adjust the gains with the losses. —M Amala As per the Income Tax Act, capital gain or loss … Read More “Your Queries – Income Tax: Delisted company’s shares cannot be cited as losses” »
The Supreme Court on Wednesday held that the reassessment notices issued under the unamended Section 148 of the Income Tax Act on or after April 1, 2021, will not be deemed to be invalid just because they were issued under the old law. While modifying the relevant orders of various high courts that quashed the … Read More “Tax reassessment: Supreme Court sets aside HC orders, revives show-cause notices” »
Economy Cash-strapped Posta fails to remit Sh1.8bn workers’ pension, KRA dues Friday April 22 2022 Postmaster-General Dan Kagwe. FILE PHOTO | NMG By BRIAN NGUGIMore by this Author Summary The loss-making Postal Corporation of Kenya (PCK) has failed to remit employee and taxman dues amounting to Sh1.8 billion, underlining the deepening cash flow crisis. Remittance … Read More “Cash-strapped Posta fails to remit Sh1.8bn workers’ pension, KRA dues” »
We have made headway into the new year, which also happens to be the time for financial goal setting and planning for most people. A well-planned beginning helps set the tone for the rest of your year, so it’s imperative to analyze your investment options. Your investments should focus on wealth creation while also ensuring … Read More “How to divide your investment in insurance products to save tax” »
By Chirag Nangia I am a promoter director in a company and hold 16% unlisted shares bought for Rs 9 lakh in 1989. In FY 2021-22, the company went defunct. Can I claim Rs 9 lakh as long-term losses and set off against other long-term gains?—Anish GuptaAs per the Income Tax Act, capital gain or … Read More “Company defunct? Set off long-term capital loss on shares against any LTCG” »
Taxpayers who have not linked their PAN with Aadhaar can continue to carry out various procedures under the Income Tax Act such as furnishing returns and processing refunds till March 31, 2023, the IT department said on Wednesday. It also gave a window to people to link the two documents by paying a fee of … Read More “PAN to become inoperative after March 2023 if not linked to Aadhaar” »
The Budget has further corrected inadvertent drafting errors, brought clarity, and aligned the provision with the intent of the section. The government had introduced a faceless tax assessment regime with effect from April 2021. However, there were several procedural lapses and often the assessment orders were passed without providing the taxpayers an opportunity for physical … Read More “Tax Talk: More clarity in tax assessment procedures to build confidence among taxpayers” »
The tax department has consistently sought to disallow expenses incurred by a taxpayer towards gifts provided to business associates. By Neeraj Agarwala Tax Deducted at Source (TDS) on consideration paid in kind has been a subject matter of litigation. The tax department has consistently sought to disallow expenses incurred by a taxpayer towards gifts provided … Read More “Tax talk: Clarity needed on TDS for products given for free to social media influencers” »
