Income Tax : This blog explores the chargeability of Income from Other Sources (IFOS) under Section 56, its scope, types of income covered, tax...
Income Tax : Pre-Budget 2025: Addressing ambiguities in Virtual Digital Asset taxation, including cost of acquisition, loss set-off, gift valua...
Income Tax : Explore the definition of 'relative' under various Income Tax Act provisions and its implications for exemptions, deemed income, a...
Income Tax : Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guide...
Income Tax : Monetary gifts to individuals or HUFs exceeding ₹50,000 in a year are taxable unless received under specific exemptions like fro...
Income Tax : Finance Bill 2024 proposes the sunset of Section 56(2)(viib) from April 2025, eliminating the tax on shares issued above face valu...
Income Tax : Amendment to section 56(2)(viib) of Act extending the applicability of section to issue of shares to non-residents has been made a...
Income Tax : CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities In the Finance Act, 2023, ...
Income Tax : IMB Certificate of Eligible Business is not a pre-requisite to avail the benefits of non-application of the provisions of clause (...
Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...
Income Tax : ITAT Mumbai rules in Dharmesh Jhaveri's case: Stamp duty value at allotment date, not registration, to determine Section 56(2)(vii...
Company Law : The plain reading of the above provisions of Section 60(5)(c) clearly indicates that the NCLT is empowered to adjudicate any quest...
Income Tax : Interest income earned from staff loans and advances was incidental to the business of power generation and qualifies as “busine...
Income Tax : Karnataka HC remands Lalitamba Pattina Souharda Sahakari Niyamita’s case to AO, questioning denial of Section 80P deduction on i...
Income Tax : Assessee submitted share valuation report which was not as per rule 11UA but valuation of shares was done as per 'Adjusted Net Ass...
Income Tax : Notification regarding Income-tax Act Section 56(2)(viib) and assessment of Startup Companies. Clarifications for assessing recogn...
Income Tax : CBDT) amends Income Tax Rule 11UA regarding valuation of unquoted equity shares for tax purposes. Learn about changes in this amen...
Income Tax : Details of Sixteenth Amendment to Income Tax Rules (2023) on computation of income chargeable under life insurance policies as per...
Income Tax : In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents wit...
Income Tax : CBDT issued Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of th...
Merely filing of the affidavit is not sufficient to prove the capacity and source of the persons who has given money to the assessee.
ITAT Hyderabad held that addition under section 56(2)(viib) of the Income Tax Act sustained as method adopted for determination of FMV of equity shares by the assessee is not as per method prescribed under rule 11UA of Income Tax Rules.
Madras High Court set aside the impugned order as it was based on one basis that writ petitioner’s case is not covered under instruction no. 1914 dated 02.12.1993.
Explore Income from Other Sources in the Income Tax Act. Learn about taxable receipts, allowable expenses, and disallowable expenses. Stay tax compliant
ITAT Pune held that interest granted by the reference Court u/s. 28 of the Land Acquisition Act from the date of possession of land till the date of judgment of High Court is an accretion of the value of the land acquired and accordingly not taxable.
Today, we talk about section 56 of this act, which discusses gift provisions and their tax implications. This section provides us with several favors. By virtue of this section, Money and gifts received by an individual taxpayer on the occasion of his/her marriage are exempt from income tax doesn’t matter whether clothes are gifted or a whole building.
ITAT Mumbai held that stamp duty valuation as on the date of allotment letters, and not the date of execution of agreement to sell, should be considered for the purpose of section 56(2)(x) of the Income Tax Act.
Bombay High Court held that reopening of assessment in absence of failure on the part of the assessee to disclose fully and truly the material facts and also in absence of any tangible material is unjustifiable.
What is Angel Tax? Section 56(2) of the Budget Act of 2012 instituted the Angel Tax (viib). In general, angel tax is the tax that unlisted companies are required to pay on the money they generate via the issuance of shares. Tax is only charged if the investor is an Indian citizen and the share price of issued shares exceeds the company’s fair market value. In this case, the surplus value is seen as income and is thereafter considered to be taxed.
Angel tax is a prime example of how even well-intentioned actions can backfire. The difference between the issue price of unlisted securities and their fair market value (FMV), which must be calculated by a merchant banker using either the book value technique or discounted cash flow method, is taxed under Section 56(2)(viib) of the Tax […]
