Latest news with #CIT
South Wales Argus
2 days ago
- South Wales Argus
Former Arsenal footballer Thomas Partey charged with raping two women
The Metropolitan Police said Partey faces five counts of rape and one count of sexual assault following alleged offences between 2021 and 2022. The Ghanaian international was charged four days after leaving the north London club. Thomas Partey has now left Arsenal (Bradley Collyer/PA) The sexual assault allegation relates to a third woman, police added. The force said it first received reports of an allegation of rape in February 2022. Partey, 32, of Hertfordshire, is due to appear at Westminster Magistrates' Court on August 5. Detective Superintendent Andy Furphy, whose team is leading the investigation, said: 'Our priority remains providing support to the women who have come forward. 'We would ask anyone who has been impacted by this case, or anyone who has information, to speak with our team. 'You can contact detectives about this investigation by emailing CIT@
Metro
2 days ago
- Metro
Arsenal midfielder Thomas Partey charged with five counts of rape
Arsenal midfielder Thomas Partey has been charged with five counts of rape The 32-year-old, who joined Arsenal in 2020, has also been charged with one count of sexual assault. Detective Superintendent Andy Furphy, whose team is leading the investigation, said: 'Our priority remains providing support to the women who have come forward. 'We would ask anyone who has been impacted by this case, or anyone who has information, to speak with our team. You can contact detectives about this investigation by emailing CIT@ Partey will appear at Westminster Magistrates' Court on Tuesday, 5 August. Wake up to find news on your club in your inbox every morning with Metro's Football Newsletter. Sign up to our newsletter and then select your team in the link we'll send you so we can get football news tailored to you. More to follow… MORE: Arsenal learn new Nico Williams release clause after Barcelona transfer falls through MORE: Mohamed Salah 'frightened' to go back to Liverpool after Diogo Jota death MORE: Viktor Gyokeres rejects two more offers as he waits for Arsenal transfer
Daily Mirror
2 days ago
- Daily Mirror
Former Arsenal midfielder Thomas Partey charged with five counts of rape
Recently-departed Arsenal midfielder Thomas Partey has been charged with five counts of rape and one count of sexual assault, the Crown Prosecution Service have confirmed. Partey, 32, was released by Arsenal on July 1 following the expiry of his contract. The Ghanaian will appear at Westminster Magistrates' Court on Tuesday, 5 August. Detective Superintendent Andy Furphy, whose team is leading the investigation, commented: "Our priority remains providing support to the women who have come forward. "We would ask anyone who has been impacted by this case, or anyone who has information, to speak with our team. You can contact detectives about this investigation by emailing CIT@ and Mirror Sport will bring you the very latest updates, pictures and video as soon as possible. check back regularly for updates on this developing story. on Google News, Flipboard, Apple News, Twitter, Facebook or visit The Mirror homepage.
Mint
4 days ago
- Business
- Mint
LTCG exemption: Key rulings that clarify grey areas in Sections 54 and 54F
The Income Tax Act, 1961, provides strategic reliefs to taxpayers aiming to reinvest their long-term capital gains into residential properties. Two critical provisions that govern such exemptions are Section 54 and Section 54F. Understanding the nuances of these provisions is essential, particularly in light of recent amendments and judicial rulings that continue to shape their interpretation. The core difference: Section 54 vs Section 54F Section 54 applies when the capital gain arises from the sale of a residential house, whereas Section 54F is available on the sale of any long-term capital asset ('LTCG") other than a residential house (e.g., shares, land, gold, etc.). In both cases, the reinvestment must be made in residential house property situated in India to avail exemption. Sections 54 and 54F can also be claimed simultaneously, provided the respective conditions are fulfilled. Also Read: How to calculate tax if capital gains are your sole income in FY25 From 2023-24, the maximum exemption is capped at ₹10 crore. This move aims to curb the misuse of exemptions by ultra-high-net-worth individuals. Investment criteria and conditions: Time limits Purchase: Within one year before or two years from the date of transfer. Construction: Within three years from the date of transfer. Capital Gains Account Scheme (CGAS): If the amount is not immediately reinvested, it must be deposited in a CGAS before the due date for filing the income tax return. Transfer of new assets: This exemption is maintained by requiring that the new asset not be transferred within three years of its acquisition or construction. Exemption limits Under Section 54: The exemption is the lesser of the capital gain or the amount invested. Under Section 54F: The exemption is proportional, based on the net consideration reinvested: Exemption = Capital Gain × (Amount Invested ÷ Net Sale Consideration) Also Read: Capital gains on equities: Here's all you need to know when filing tax returns this year Judicial rulings: Clarifying the grey areas While the legal provisions appear straightforward, their implementation has often required judicial intervention. Key rulings include: Purchase in spouse's name: Eligible for exemption. In CIT v. Kamal Wahal, the Delhi high court held that the exemption cannot be denied merely because the legal title of the new residential property is in the spouse's name, as long as the funds belong to the assessee. Investment in children's name: Exemption is not allowed. In Prakash v. ITO, the Bombay high court denied the exemption as the beneficial ownership was considered to have passed to the children, defeating the legislative intent of the provision. Property outside India: Exemption is not available if the new asset is located outside India. Incomplete construction: Still eligible for exemption. In CIT v. Sardarmal Kothari, the Madras high court clarified that completion of construction is not mandatory; timely investment is the critical requirement under Section 54F. Multiple flats as one residential house: Allowed, if used as a single home. In CIT v. Gita Duggal, the Delhi high court ruled that where multiple units are part of a common structure and serve a unified residential purpose, they qualify as 'a residential house" for the purpose of exemption. Repayment of housing loan for new residential house: Treated as valid investment for exemption purposes. Delay in registration: Exemption is allowed. In Siva Jyothi Palam v. ACIT, the ITAT Visakhapatnam ruled that procedural delays in registration should not defeat substantive compliance with the law. Exemption cannot be denied if payment and possession are within time, even if registration is delayed. Conclusion Sections 54 and 54F continue to be vital planning avenues for taxpayers liquidating long-term assets. However, these provisions demand timely execution, accurate documentation, and sometimes even judicial guidance for interpretation. Also Read: Who can avail the indexation benefit on property sale and is it even worth it? The judiciary has repeatedly favoured substance over form, focusing on the taxpayer's intent and adherence to time limits rather than procedural lapses. However, caution is warranted. With increased scrutiny and potential litigation, aligning the declared sale consideration with the stamp duty value is critical to avoid tax litigation. With growing litigation around capital gains exemptions, professional advice is strongly recommended. Hitesh Kumar and Deepak Kapoor are chartered accountants. The article reflects the authors' views based on current tax laws and judicial precedents as of the date of publication. Readers are advised to consult with tax professionals before taking any action.
Time of India
24-06-2025
- Business
- Time of India
ITR filing last date FY 2024-25 extended: Will penal interest be charged if final tax paid after July 31? Here's what experts say
This extension for ITR filing AY 2025-26 applies to taxpayers whose accounts do not require auditing, including salaried individuals, NRIs, and pensioners. (AI image) ITR filing last date FY 2024-25: The Income Tax Return filing deadline or last date for FY 2024-25 has been extended by the Income Tax Department this year. Unlike every year, when the last date for ITR filing is July 31, this year it has been extended to September 15. This extension for ITR filing AY 2025-26 applies to taxpayers whose accounts do not require auditing, including salaried individuals, NRIs, and pensioners. July 31 is generally the due date for self-assessment tax deposits. This tax is the amount payable after accounting for TDS, TCS and advance tax payments. Should taxpayers submit a belated ITR and pay self-assessment tax after the original due date, they become liable for penal interest under Section 234A on the outstanding self-assessment tax, according to an ET report. A significant question arises regarding whether the extension to September 15, 2025, also covers the self-assessment tax payment deadline for FY 2024-2025 (AY 2025-26), allowing taxpayers to avoid penalties. Also Read | ITR e-filing FY 2024-25: What is the benefit of pre-filled ITR forms on the income tax portal? Top points ITR filing last date extension: What happens to penal interest for self-assessment tax? Regarding penal interest applicability post July 31, 2025, Tarun Garg, Director, Deloitte India, tells ET, "Interest under Section 234A of the Income Tax Act, 1961 is applicable when the ITR is filed after the due date as specified under Section 139(1), and the self-assessment tax remains unpaid as of that due date. With the ITR filing due date for FY 2024-25 (AY 2025-26) being extended to 15 September 2025, this revised date will be considered as the "due date" for the purposes of Section 234A. ' Interest charges under Section 234A of the Act shall be waived if the requisite tax amount is paid by 15 September 2025. This interpretation aligns with the Supreme Court's judgement in "CIT vs. Prannoy Roy [309 ITR 231 (2009)]", and CBDT Circular No. 2/2015, which acknowledged the Court's verdict, Tarun Garg noted. Tarun Kumar Madaan, Practising Chartered Accountant was quoted as saying, "In the present case, since the due date under Section 139(1) has been extended to 15th September 2025, interest under Section 234A should not be applicable if the ITR is filed, and the entire self-assessment tax is paid, on or before this extended date. In several past instances where the due date for filing the return was extended, the CBDT had expressly clarified that such extension would not apply for the purposes of Section 234A, and interest would still be computed from the original due date. However, Circular No. 6/2025 contains no such caveat. Given that the extension has been granted due to reasons beyond the taxpayer's control (such as non-availability of return filing utilities), it is reasonable to interpret that no interest under Section 234A should be charged if the return is filed by 15th September 2025." Also Read | ITR e-filing AY 2025-25: What is Annual Information Statement (AIS) and how is it different from Form 26AS? Top points for taxpayers Penal Interest Implications for Advance Tax Taxpayers must bear penal interest charges for any shortfall or non-payment of advance tax during FY 2024-25 (AY 2025-26). Under Section 234B, penal charges apply when advance tax remains unpaid by specified deadlines. Similarly, Section 234C penalties are enforced when advance tax payments fall below prescribed amounts. The extension of deadlines does not affect the application of penal interest on advance tax deficiencies. Garg says, "Although the ITR filing deadline has been extended, interest under Sections 234B and 234C of the Act will continue to be applicable." Madaan says, "The penal interest under Section 234B and Section 234C is independent of the tax return filing due date and continues to apply where advance tax provisions are not complied with. The extension of the tax return filing due date does not affect the computation or applicability of interest under Section 234B and Section 234C." Both Sections 234B and 234C carry a penal interest rate of 1% monthly. For self-assessment tax payments made after September 15, 2025 (extended ITR filing deadline), authorities will levy penal interest at a monthly rate of 1%. Also Read | Income Tax Return e-filing: Can you keep switching between new and old tax regime every year? What taxpayers should know Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
