Income Tax : In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in r...
Income Tax : Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. I...
Income Tax : Learn what constitutes capital gains, how they are taxed, the types of capital assets, and distinctions between short-term and lon...
Income Tax : Discover the various capital gains tax exemptions under Sections 54, 54B, 54D, and 54EC, including eligibility, investment limits,...
Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Income Tax : Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha I...
CA, CS, CMA, Income Tax : We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those represent...
Income Tax : KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act,...
Income Tax : ITAT Pune held that deduction under section 54F of the Income Tax Act admissible even if assessee is shareholder in developing com...
Income Tax : ITAT Rajkot held that each partner is owner of the assets to the extent of his share in the partnership, hence, exemption u/s 54G ...
Income Tax : Bombay High Court ruling states that capital gain tax is not applicable on the transfer of shares as a gift. Detailed analysis and...
Income Tax : ITAT Delhi held that provisions of section 50C of the Income Tax Act applies only in case of transfer of land or immovable propert...
Income Tax : Where capital gain arising from transfer of capital asset, being machinery or plant or land or building used for the purposes of b...
Income Tax : For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 m...
M/s. Fibre Boards (P) Ltd. Bangalore Vs. CIT (Supreme Court), Civil Appeal Nos. 5525-5526 of 2005, Dated- 11th August 2015 BACKGROUND Prior to 01.04.1988 Section 280ZA of the Income Tax Act, 1961 (‘Act’) provided that any company owning an industrial undertaking situated in an urban area, is entitled for a tax credit certificate with reference […]
Section 54G of the Income Tax Act provides exemption towards capital gain arisen on the transfer of capital assets like plant or machinery or land or building which is forming part of an industrial undertaking being situated in an urban area. Such transfer should be on account of shifting of industrial undertaking from the urban […]
Where capital gain arising from transfer of capital asset, being machinery or plant or land or building used for the purposes of business of an industrial undertaking situated in an urban area effected in the course of or in consequence of the shifting of such industrial undertaking to any area other than an urban area, assessee was entitled to the benefit of deduction under section 54G.
