"15 March 2020" Archive - Page 3

Exemption from PAN furnishing U/s. 206AA to non-resident

In order to reduce compliance burden, it is proposed to amend the said section 206AA so as to provide that the provisions of this section shall also not apply to a non-resident, not being a company, or to a foreign company, in respect of any other payment, other than interest on bonds, subject to such conditions as may be prescribed....

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Posted Under: Income Tax |

No capital gains tax liability on firm U/s. 45(4) on retirement of its partner

As is well-known in income-tax circles, there continues to be a lot of controversy about the interpretation of the provisions of section 45(4) of the Income-Tax Act, 1961 (the Act). Under section 45(4) of the Act, capital gains tax is sought to be charged on a firm in case of transfer of a capital asset and distribution of capital assets,...

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Posted Under: Income Tax |

Exit tax where charitable institution converts into non-charitable

In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the Act is required for imposing a levy in the nature of an exit tax which is attracted when the organization is converted into a non-charitable organization or gets merged with a non-charitable organization or do...

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Posted Under: Income Tax |

Section 54EE Tax Exemption on long term capital gain

Invest in the long term specified asset and get long term capital gain exempt under section 54EE of the Income Tax Act In case there is a long term capital gain, and the assessee invests the amount into a long term specified asset, then, such assessee would be eligible to avail exemption under section 54EE […]...

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Posted Under: Income Tax |