Get Free Legal Advice from Top Expert Lawyers

Dear Client,
To deactivate the PAN of a closed company, the authorized signatory should file a surrender request with the Income Tax Department along with the struck off certificate issued by the ROC. The procedure can be completed either offline by writing a letter to the jurisdictional Assessing Officer or online through the NSDL website. If a company failed to file its Income Tax Returns (ITR)(last filed for AY 2013-14) for the Assessment Year (AY) 2014-15 onwards and officially closed in 201

Dear Client,
The rectification in a mistake in the computation of income under Section 154 of the Income Tax Act, 1961 can be initiated either by the jurisdictional AO on their own motion or based on a rectification request filed by the taxpayer. The common grounds of rectification include Arithmetic errors, Clerical mistakes, Factual errors, Discrepancies in TDS, TCS, or advance tax credits, Omission of legal provisions. A request for rectification can be submitted on the e-Filing portal if th

Dear Sir,
Yes, you can shift to the presumptive taxation scheme under Section 44ADA if your gross receipts are now below ₹50 lakhs and you meet the other eligibility conditions, even if your income was audited in earlier years. Please contact any local chartered accountant who is expert on the above issue.

Dear Client,
Under Section 54 of the Income Taxt Act, investors can get an exemption of up to Rs. 1 lakh on LTCG tax from selling shares or mutual fund units for each financial year. By spreading their redemptions across two financial years, they can use the tax exemption limit for both years. Long term capital gains(LTCG) on sale of listed equity shares and equity oriented funds are taxed at 12.5%, over and above exemption of Rs. 1.25 lakhs. For other stocks and shares, the capital gains are t

Dear Client,
A revised return can be filed even after the notice or intimation has been received by the taxpayer under Section 143(1) from the Income Tax Department. You can file a revised return under Section 139(5) of the Income Tax Act, 1961, even after your Income Tax Return (ITR) has been processed, provided it is within the due date, i.e, December 31 of the relevant assessment year. December 31, 2025, is the deadline to file the belated and revised income tax returns (ITRs) for FY 2024-2

Dear Client,
Until March 31, 2021, the reopening was allowed up to 7 years from the end of the financial year where escaped income could be upto Rs. 1 lakh or more, thereafter amendments were made in the Finance Act, 2021 increasing the time limit from 7 years to 11 years and increasing the threshold from Rs. 1 lakh to Rs. 50 lakhs. Furthr amendments were made in the Finance Act, 2024 reducing the time limit from 11 years to 6 years or 6 years and 3 months and keeping the threshold limit at Rs.

Dear Client,
If the property is sold before 24 months from the date of acquisition, the gain on such transfer is termed as a short-term capital gain. Budget 2024 has proposed the following amendments effective from FY 2024-25 in respect of capital gains. A property held for less than 24 months is considered Short-Term, and property held for short term shall continue to attract tax at slab rates. If total taxable income (excluding short-term capital gains) stays within Rs. 3,00,000 for resident

Dear Client,

Since your father, a senior citizen, purchased a flat in July 2024 for Rs. 21 lakhs including all costs and is selling it in June 2025 for Rs. 32 lakhs including brokerage, the profit of Rs. 11 lakhs qualifies as short-term capital gain (STCG), as the holding period is less than 24 months. STCG on property is taxed at normal income tax slab rates, not at a flat rate. Your father’s total annual income, including Rs. 85,000 from interest and Rs. 11 lakhs from capital gain, comes t

Dear Sir,
Be aware that the Income Tax Department has to investigate some many complaints lodged by so many whistle blowers. Unless you submit such complaint with supporting documents then it may be materalised. Better collect the evidence and lodge complaint by disclosing your name and address because the IT Department never disclose your identity and if your complaint materialised then you are also entitled for 20% price amount.

Dear Client,
The Information Technology Act 2000 regulates cyber activities or online gaming or gambling in India. There is no explicit law that makes online gaming and gambling an illegal activity in India. Only the states of Sikkim, Nagaland, and Meghalaya have gaming laws and licensing regimes. Different kinds of gambling are prevalent and practiced in India in the past, i.e. Horse Racing, Lottery, Skill Games, Casino Gambling, Online Gambling and Sports betting. Any violation of the law wou