Income Tax : The Income-tax Act, 2025 replaces the dividend-based taxation of buy-backs with capital gains taxation for ordinary shareholders, ...
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A perusal of the agreement and the above undisputed facts shows that till date no transfer of the property in question has been completed under the Transfer of Property Act, 1882. Still further, the registered sale deed has not been executed by the assessee in favour of the Bank and consequently, sale is not yet completed.
For determining the tax-treatment of income arising from transfer of unlisted shares for which no formal market exists for trading, a need has been felt to have a consistent view in assessments pertaining to such income. It has, accordingly, been decided that the income arising from transfer of unlisted shares would be considered under the head ‘Capital Gain’, irrespective of period of holding
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 from business.
The present tax laws of India provides for taxation of income under specified heads. Any income for which a specific head is specified has to be taxed under the head and cannot generally be taxed under any other head. However since law cannot provide for every eventually, disputes arise as to whether a particular income shall be taxable under one head or the other head like the cases of profits on dealing in shares, rentals received on letting out of various assets.
In this article we shall discuss tax liabilities in case of breakdown of Joint Development Agreements or Arrangements in the hand of land owner as well as developer. In some cases a Joint Development Arrangement, breaks down due to dispute between the parties before completion of the project or before project reaches a reasonable stage.
In the case of a capital asset, being a share or debenture of a company, which becomes the property of the assessee due to conversion, there shall be included the period for which the bond, debenture, debenture-stock or deposit certificate, as the case may be, was held by the assessee prior to the conversion.
With a view to providing an impetus to start-ups and facilitate their growth in the initial phase of their business, it is proposed to provide a deduction of one hundred percent of the profits and gains derived by an eligible start-up from a business involving innovation development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.
Finance Minister, in his budget speech, has proposed many incentives to encourage entrepreneurship in India. Some of the tax measures which will be beneficial for new start-ups are as follows- Optional lower tax rate of 25% for newly setup manufacturing companies. Hundred percent deduction of profits for three years (Proposed new Section 80-IAC of the Income-tax Act, 1961):
The provisions of Finance Bill, 2016 relating to direct taxes seeks to amend the Income-tax Act, 1961 (‘the Act’) , the Finance (No.2) Act, 2004, Finance Act, 2013 and Finance Act 2015, in order to provide for – Rates of Income-tax, Additional Resource Mobilisation, Widening of Tax Base and Anti-Abuse Measures, Measures to Phase Out Deductions, Measures to Promote Socio-economic Growth
Mr. P. Chidambaram, plugged one of the most common tool of profit distribution used by unlisted companies. Finance Act 2013, introduced Sections 115-QA to 115-QC in the Income Tax Act — effective from June 1, 2013 — to tax income distribution by unlisted companies through buyback of shares u/s 77A of the Companies Act 1956.
