Corporate Law : Explore complexities of PMLA bail conditions, their impact on accused, and constitutional concerns. A comprehensive analysis sheds...
Income Tax : Explore Income-Tax Implications of Joint Development Agreements in Property Transactions. Unveil the complexities of Section 45(5A...
Income Tax : Learn how Joint Development Agreements (JDA) affect income tax under Section 45(5A) of the Income Tax Act. Understand calculations...
Income Tax : Dive into the Principle of Mutuality, exploring its meaning, tax implications, and impact on cooperative societies. Discover case ...
Income Tax : Any Profit or gain arising from the transfer of Capital asset is taxable as a Capital Gain u/s 45 of the Income Tax act, 1961. It ...
Income Tax : The ITAT Dehradun held that exemption under Section 54B cannot be denied merely for non-deposit in the Capital Gains Account Schem...
Income Tax : The Tribunal held that unsigned documents and Tally entries seized from a developer’s premises cannot justify additions without ...
Income Tax : The Tribunal ruled that the word purchase under Section 54 must receive a liberal and purposive interpretation. Genuine investment...
Income Tax : The Tribunal held that the AO failed to properly verify the genuineness of a cancelled property sale transaction before accepting ...
Income Tax : The ITAT Bangalore held that gains arising from buyback of shares are taxable under Section 46A because the conditions prescribed ...
Corporate Law : Discover the implications of the government's notification on Section 64B of the Competition Act, effective from October 26, 2023....
Income Tax : It is noticed that the amount taxed under sub-section (4) of section 45 of the Act is required to be attributed to the remaining c...
Income Tax : CBDT vide Notification No. 76/2021-Income Tax | Dated: 2nd July, 2021 amends rule 8AA which relates to Method of determination of ...
CBDT vide Notification No. 76/2021-Income Tax | Dated: 2nd July, 2021 amends rule 8AA which relates to Method of determination of period of holding of capital assets in certain cases and added rules related to amount which is chargeable to income-tax as income of specified entity under subsection (4) of section 45 under the head […]
No transfer of the capital asset within the meaning of section 2(47) of the Income Tax Act , 1961 when a transfer is made by book entries only without a registered sale deed executed in favour of the transferee. as held in CIT vs Kedarnath Poddar & Co., in the Calcutta High Court (1993) 201 […]
We are well aware of the recent rationalization of provisions being made with respect to the transfer of capital asset to a partner on the dissolution or reconstitution of a firm or other Association of Persons (AOP) or Body of Individuals (BOI) (not being a company or a cooperative society) or otherwise.
54EC bonds, or capital gain bonds, are the best way to save long-term capital gain tax. 54EC bonds are specifically meant for investors earning capital gain and would like tax exemption on these gains. The tax deduction is available under section 54EC of the Income Tax Act. 54EC does not allow any tax exemption on […]
Comprehensive analysis of taxability on distribution of assets by a partnership firm to its partners on its dissolution or reconstitution Finance Act, 2021 made some significant amendments with respect to taxability of distribution of capital assets, stock-in-trade or money by a partnership firm to its partners on its dissolution or reconstitution, which has been discussed […]
Paramjeeet Singh Vs ACIT (ITAT Delhi) It is pertinent to note that the assessee’s land was acquired by the Government and he received total compensation of Rs. 2,56,29,932/- from land acquisition officer Panchkula which include interest on enhanced compensation of Rs. 1,08,62,416/- and assessee claimed this interest received on enhanced compensation exempt under Section 10(37) […]
Generally, a person invested his/her surplus assets into various types of assets to get capital appreciation and better results. The investment in capital assets will be held to get better results by selling those assets after holding short or long period of time. The treatment of income on sale of asset will depends on the […]
As per the current provisions of Section 45(4), the profits or gains arising from the transfer of a capital asset upon its distribution on dissolution or otherwise of the firm or body of individual (BOI) or association of persons (AOP) is chargeable to tax as ‘capital gains’ in the hands of the firm /BOI /AOP in the year in which such transfer takes place.
Unit Linked Insurance plans had become one of the favorites of high-net-worth Individuals in the past few years. With their EEE feature (i..e eligible for 80C deductions, exemption of bonus received, no tax on amount received at maturity) and returns linked with investment in Equity & debt along with life cover was all that was […]
SPECIAL PROVISIONS FOR COMPUTATION OF CAPITAL GAINS IN CASE OF JOINT DEVELOPMENT AGREEMENT [Section 45(5A)] Sub-section (5A) was inserted in section 45 with effect from 01.04.2018, i.e., from the assessment year 2018-19. According to section 45(5A), where the capital gain arises to an assessee, being an individual or a Hindu undivided family, from the transfer […]
