Budget Business

Slump Sale and Its Taxability

Income Tax - In M&A transactions, “Slump Sales” are considered to be one of the most preferred ways of carrying out a deal due to various tax and stamp duty incentives associated with it. Meaning of ‘slump sale’ In simple words, ‘slump sale’ is nothing but transfer of a whole or part of business concern as a going […]...

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Tax on conversion of stock-in-trade into Capital Asset

Income Tax - Section 45 of the Act, inter alia, provides that capital gains arising from a conversion of capital asset into stock-in-trade shall be chargeable to tax. However, in cases where the stock in trade is converted into, or treated as, capital asset, the existing law does not provide for its taxability....

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Taxation of joint development agreement

Income Tax - The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for ...

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Business Transactions Vs. Investment Transactions

Income Tax - The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the basis, whether they are Capital Asset or Business Asset. It is important to determine, whether the income is generated from Capital Assets or from Business Assets and be determined as Capital Gain or Income fr...

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Budget 2016: What's in it for the industry

Income Tax - Jaitley presented his third budget on Feb 29, 2016 amidst a global slump with lower commodity prices, slackening of China’s economy, volatile exchange rates and outflow by FIIs. He has been not drastically increased public spending and has been committed to maintaining a fiscal deficit of around 3.5% of India’s GDP....

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Rent from letting out shop rooms in mall taxable as Business Income

CIT Vs M/s. Oberon Edifices & Estates (P) Ltd (Kerala High Court) - Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business....

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Merely holding shares for a short period will not convert capital gain into business income

Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) - Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) We note the fact, that the issue of classification of income on sale of shares as business income or as short term capital gains is to be decided the facts of each case. The tests to be applied for such determination is provided in CBDT C...

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Recent Posts in "Budget Business"

Rent from letting out shop rooms in mall taxable as Business Income

CIT Vs M/s. Oberon Edifices & Estates (P) Ltd (Kerala High Court)

Amount received by letting out the shop rooms in the mall is business income taxable under the head Profits and gains of business....

Read More

Merely holding shares for a short period will not convert capital gain into business income

Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court)

Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) We note the fact, that the issue of classification of income on sale of shares as business income or as short term capital gains is to be decided the facts of each case. The tests to be applied for such determination is provided in CBDT Circular No.4 of […]...

Read More

Slump Sale and Its Taxability

In M&A transactions, “Slump Sales” are considered to be one of the most preferred ways of carrying out a deal due to various tax and stamp duty incentives associated with it. Meaning of ‘slump sale’ In simple words, ‘slump sale’ is nothing but transfer of a whole or part of business concern as a going […]...

Read More
Posted Under: Income Tax |

Tax on conversion of stock-in-trade into Capital Asset

Section 45 of the Act, inter alia, provides that capital gains arising from a conversion of capital asset into stock-in-trade shall be chargeable to tax. However, in cases where the stock in trade is converted into, or treated as, capital asset, the existing law does not provide for its taxability....

Read More
Posted Under: Income Tax |

Taxation of joint development agreement

The taxability of capital gains arising on transfer of title to land from the land owner to the developer in a Joint Development Agreement (JDA) has always been a heated issue. The taxation of Joint Development Agreement was never jointly agreed by the A.O. and the Assessee. There were a few hiccups in the law that were driving a way for ...

Read More
Posted Under: Income Tax |

Business Transactions Vs. Investment Transactions

The income arising from Sale of Shares/Debentures or other securities and real estate business will be determined and taxed on the basis, whether they are Capital Asset or Business Asset. It is important to determine, whether the income is generated from Capital Assets or from Business Assets and be determined as Capital Gain or Income fr...

Read More
Posted Under: Income Tax |

Budget 2016: What's in it for the industry

Jaitley presented his third budget on Feb 29, 2016 amidst a global slump with lower commodity prices, slackening of China’s economy, volatile exchange rates and outflow by FIIs. He has been not drastically increased public spending and has been committed to maintaining a fiscal deficit of around 3.5% of India’s GDP....

Read More
Posted Under: Income Tax |

‘Excise Duty Studded on Jewellery by Budget, 2016

It is the most expensive amendment ever… Yes, now by virtue of amendments made by Budget, 2016; excise duty is being levied on articles of jewellery [excluding silver jewellery, other than studded with diamonds/other precious stones]. Thus, all the jewellery items except pure silver jewellery will now be subject to excise duty w.e.f. 1....

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Posted Under: Income Tax | ,

15 Important Changes in International Taxation in Budget 2016

Implementation of POEM based residence rule deferred for 1 year and applicable from AY 2017‐18‐ It is proposed to defer the applicability of POEM based residence test by one year It is also proposed to provide a transition mechanism for a company which is incorporated outside India and has not earlier been assessed to tax in India....

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Posted Under: Income Tax | ,

Budget 2016: Excise duty exemption to Ready Mix Concrete (RMC)

Finance Minister Arun Jaitley has brought some sort of relief for the real estate/construction industry which is already struggling due to sluggish demand and economic slowdown. Excise duty exemption, which was earlier limited to Concrete Mix (CM) only, now being extended to Ready Mix Concrete (RMC) manufactured at construction site for c...

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Posted Under: Income Tax |

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