Article explains Circumstances to be fulfilled for availing exemption under section 54F, What ‘Net Consideration’ means for Section 54F, Non-availability of exemption under section 54F, Amount of exemption available under section 54F, Circumstances under which Section 54F exemption would be withdrawn and Synopsis of the entire provisions of section 54F of the Income Tax Act. […]
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 […]
Provisions of section 54EC provide exemption towards long term capital gain arisen on the transfer of land or building or both when the amount is invested into the specified bonds. The present article briefly explains the provisions of section 54EC of the Income Tax Act. Understanding basic provisions of section 54EC of the Income Tax […]
The exemption provisions of section 54D of the Income Tax Act comes into play only if the following norms are satisfied – 1. There is a capital gain on account of compulsory acquisition of land or building, forming part of the industrial undertaking; and 2. The assessee has re-invested the amount for acquiring new land […]
Section 54B of the Income Tax Act provides an exemption from the capital gain arisen on the transfer of agricultural land by acquiring another agricultural land. The present article explains the provisions attached with the exemption available under section 54B of the Income Tax Act. However, before understanding the exemption available under section 54B, it […]
Section 54 of the Income Tax Act provides exemption towards ‘Long Term Capital Gain’ arising on sale of residential property. Under the current article, we would try to thoroughly understand the exemption available under section 54 of the Income Tax Act along with relevant frequently asked questions. Understanding the basis of ‘Capital Assets’ and ‘Capital […]
Download Interest Calculator U/s 234A, 234B, 234C of the Income Tax Act, 1961 – Date for Advance tax is nearing and all the Assessees and their Tax Consultant must be busy in calculating advance tax payable for the Month of March. In this article we are discussing Interest payable Under Section 234A, 234B, 234C of the I.T. Act for default in furnishing return of Income , default in payment of Advance tax and for deferment of Advance tax .
1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabs are applicable to HUF as to individual assessee. 3. You can not transfer your own assets/money into HUF. 4. If you have ancestral property and earning some income from this property, then it is better to transfer this asset to HUF and save tax up to exemption limit applicable to individual.
Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box ‘300 Self Assessment Tax’ under ‘Type of Payment’ and fill up the amount to be paid in ‘Others’ column under ‘Details of Payment’.
Understand the penalty provisions of section 272BB of the Income Tax Act for non-compliance with section 203A provisions.
