Indian Income Tax Capital Gain Account Scheme tax saving benefits, use, applicability, Bank Account Type & account opening process, IT S. 54(B, D, F & G) and list of authorized Public Sector Banks for deposit. Use of Capital Gain Scheme arises when individual wants to buy a residential property within 2 years from the date of sale, or Construct… Read More »
Capital asset means all types of property that are held by a company for investment and useful business purposes. Capital assets are those assets used by the business to make a profit. It however does not include the following: (adsbygoogle = window.adsbygoogle || []).push({}); Any stock-in-trade, consumable stores or raw materials held for the purpose… Read More »
Under the Income Tax Act, 1961 of rule 8 deals with Income derived from sale of tea grown and manufactured by the seller in India. Here, neither total income will be taken as agricultural income nor as business income. The total Income from sale of tea grown and manufactured divides into 40% of Business Income and 60% of… Read More »
Capital gains arising on the transfer of land used by an individual or his parents for agricultural purposes for a period of two years immediately preceding the date of transfer is exempt from the tax if the individual assessee has purchased another agricultural land within a period of two years from the date of such… Read More »
Advance money forfeited Amount of sale property Rs. 50 Lac. Advance received Rs. 5 Lac for this property. Now the party has cancelled the deal and accordingly we have forfeited the advance amount of Rs. 5 Lac. Forfeited amount is advance money. Finance bill, 2014 has proposed to enhance the area of S. 51, Forfeiture… Read More »
Amendments regarding changes in TDS & TCS rates, threshold limit(cut-off amount) w.e.f. 1st day of June, 2016 in Budget 2016. Based on the Budget 2016-17 proposals, the revised TDS & TCS rates & threshold limits of TDS applicable for the Assessment Year 2017-18 (Financial Year 2016-17) w.e.f. 01-06-2016 is tabulated below: Changes in TDS Threshold Limits… Read More »
As defined u/s 45(1) of the Income Tax Act— Any profits or gains arising from the transfer of a capital asset effected in the previous year shall have as otherwise provided in S. 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H, be chargeable to income-tax under the head “Capital gains”, and shall be deemed to be… Read More »
Earlier, From assessment year 2001-2002— As per the provisions to S. 17(2)(iii) of the Act, the value of any benefit provided by a company free of cost or at a concessional rate to its employees by way of allotment of shares, debentures or warrants directly/indirectly under any employees’ stock option plan (ESOP) or scheme (ESOS) of… Read More »
S. 10(33): Any income arising from the transfer of a capital asset, being a unit of the Unit Scheme, 1964. As per S. 10(33), any income arising from the transfer of a capital asset being a unit of US64 is not chargeable to tax where the transfer of such assets takes place on or after April… Read More »
As per S. 45(2A) of the Act, if any person has in the previous year transferred his interest in securities to another person and if there is any gain or profit arising from transfer made by the depository of such beneficial interest in securities shall be chargeable to tax as the income of the beneficial owner… Read More »