An ITAT Ahmedabad ruling favoured a man from Bharuch, Gujarat, who sold two agricultural plots for Rs 8.75 crore and claimed capital gains. Though he paid no income tax and did not file an ITR, the Income Tax Department issued a notice. The tribunal set aside the action based on the notice and process rather than the gains alone.
A new Bill introduced in the Lok Sabha removes tax demands linked to indirect transfer of Indian assets for transactions before 28 May 2012. Instead, the rule will operate prospectively, taxing gains from selling foreign company shares only when those shares draw value from Indian assets. The move aims to end uncertainty over retro claims while preserving the policy’s core intent.
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The Income Tax Department has released new ITR forms for Assessment Year 2026-27. The biggest update is a new secondary address field alongside the primary contact details. The process for representative assessees has also been simplified. Meanwhile, taxpayers no longer need to split capital gains based on transfers before or after July 23, 2024.
India’s recent Securities Transaction Tax increase brings back a 2004-era levy meant to curb speculation and reduce capital-gains leakage. Originally designed to replace LTCG, STT now sits alongside it, aiming at a booming Gen Z-driven F&O market. The result: higher trading costs, cooler volumes, and pressure on market intermediaries.
The Income Tax Department has clarified that capital gains from share buybacks will attract a new 12% surcharge for promoters, introduced under the Finance Bill 2026. For non-promoter shareholders, the surcharge treatment remains tied to their normal income-based rules. The clarification aims to standardize how buyback transactions are taxed across categories.
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