Prolonged sterilisation of development rights supports capital-gains treatment, while business-income disallowances cannot govern capital-gains comput...
Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
For AY 2024-25, the notes state that section 87A contained no express exclusion for tax on short-term capital gains taxable under section 111A where a resident individual is governed by section 115BAC(1A). The express statutory restriction applicable to long-term capital gains under section 112A could not be extended to short-term capital gains. The Finance Act 2025 amendment limiting the rebate to tax computed under section 115BAC(1A), effective from AY 2026-27, is described as prospective; therefore, it does not restrict the rebate under the earlier law. The stated effect is that eligible taxpayers may claim section 87A rebate against such short-term capital gains tax for AY 2024-25.
For AY 2024-25, the notes state that section 87A contained no express exclusion for tax on short-term capital gains taxable under section 111A where a resident individual is governed by section 115BAC(1A). The express statutory restriction applicable to long-term capital gains under section 112A could not be extended to short-term capital gains. The Finance Act 2025 amendment limiting the rebate to tax computed under section 115BAC(1A), effective from AY 2026-27, is described as prospective; therefore, it does not restrict the rebate under the earlier law. The stated effect is that eligible taxpayers may claim section 87A rebate against such short-term capital gains tax for AY 2024-25.
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