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Notification No. 209 – Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961)(hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and
As pointed out earlier, normally any profit and gain on the sale of shares held as a stock-in-trade is treated as business income, which is liable to tax at the rate of 30%. On the other hand, any gain made on the sale of shares held as investment is normally liable to tax at the rate of 10%.
BRIEFLY stated facts of the case are that the Assessee is a Hindu Undivided Family consisting of Shri P.C. Ramakrishna, his wife and his two daughters. There was an oral total partition of H.U.F. on 16.9.1994 between Sri P.C. Ramakrishna, his wife and two daughters. Under this oral partition, the two daughters were allotted Rs.12,50,000/ – each and these amounts were adjusted against a sum of Rs. 12,50,000/- advanced to each of them earlier as loan by H.U.F. In the said partition, all other properties of H.U.F. were allotted to Sri P.C. Ramakrishna. This oral partition took place on 16.9.1994 which was subsequently confirmed by a Deed of Declaration confirming the partition.
6DD. No disallowance under clause (a) of sub-section (3) of section 40A shall be made and no payment shall be deemed to be the profits and gains of business or profession under clause (b) of sub-section (3) of section 40A where any payment in a sum exceeding twenty thousand rupees is made otherwise than by an account payee cheque drawn on a bank or account payee bank draft in the cases and circumstances specified
In order to understand the implications of the aforesaid Circular in the correct perspective, it would be necessary to understand the meaning of certain terms as provided under section 2 of the Income-Tax Act, 1961 (the Act). The same are discussed
In exercise of powers conferred by the clause (23) of section 10 of the Income-tax Act 1961 (43 of 1961) the Central Government hereby notifies the Mayors Sports Benefit Fund Kolkata for the purpose of the said clause for the assessment years 1997-1998 to 1999-2000 subject to the following conditions namely.
Notification No. 207 – Income Tax In exercise of the powers conferred by the clause (23EA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the ‘Delhi Stock Exchange Customer’s Protection Fund, DSE House, 3/1, Asaf Ali Road, New Delhi- 110 002’ as an Investor Protection Fund set up by The Delhi Stock Exchange Association Limited, a recognised stock
In exercise of powers conferred by the clause (23) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby notifies the The Karnataka State Bridge Association Bangalore for the purpose of the said clause for the assessment years 1997-1998 to 1999-2000 subject to the following conditions namely.
Notification No. 204 – Income Tax It is hereby notified for general information that the organization Lilavati Kiritilal Mehta Medical Trust Research Centre, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5D of the Income-tax Rules, 1962 (said Rules), with effect from 1-4-2003
CIRCULAR NO. 4/2007-Income Tax The Income-tax Act, 1961 makes a distinction between a “capital asset” and a “trading asset
