Income Tax : The removal of the provision means companies and investors are no longer taxed on share premiums exceeding fair market value, crea...
Income Tax : This explains how fair market value governs taxation under multiple provisions including gifts, ESOPs, and slump sales. It highlig...
Income Tax : Courts hold that one-time alimony is a capital receipt arising from extinguishment of rights and not taxable. The ruling clarifies...
Income Tax : The article explains how violating the twin conditions under Section 50C(2) can block valuation relief and trigger taxation on hig...
Income Tax : Overview of income taxed under other sources, including dividends, winnings, interest, deemed income, forfeited advances, family p...
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 : Tribunal ruled that objections relating to defective title, encroachments, and legal disputes require proper valuation examination...
Income Tax : Tribunal ruled that future projections under DCF method cannot be tested solely against later actual financial performance. It obs...
Income Tax : The Supreme Court held that grants disbursed by a statutory corporation formed part of its core business functions and qualified a...
Income Tax : Madras High Court held that time-share membership fees could not be fully taxed in the year of receipt since the assessee had cont...
Income Tax : Mumbai ITAT held that Section 56(2)(x) applies to purchase of MHADA leasehold property rights despite reliance on Section 50C ruli...
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...
Bombay Chartered Accountants’ Society has made a Representation on ‘Suggestions for Amendments in the Income Tax Act’, on 24th May, 2019, to the Joint Secretary TPL, Central Board of Direct Taxes, Ministry of Finance, Government of India.
India Today Online Pvt. Ltd. Vs ITO (ITAT Delhi) Conclusion: Addition of difference premium amount of Rs. 20/- per share in assessee-company on the ground that M company was a loss-making company was not justified as assessee had substantiated the shares issued at Rs. 30 per share was less than the FMV and the underlying […]
Sh. Jai Pal Gaba Vs ITO (ITAT Chandigarh) The very language of the section 28(iv) speaks about the value of any benefit or perquisite arising from business or exercise of a profession. Now considering the facts and circumstances of the case, though, the loan was taken for the purpose of business but the same was […]
In this article, we will emphasis on the applicability of income tax laws on the gifts (movable or immovable) received by an individual from any person.
Provisions of section 56(2)(vii) have application to ‘property’ which is in nature of a capital asset of recipient and, thus, when assessee purchased a piece of land as stock-in-trade, the addition made by AO in respect of the purchase of land by invoking provisions of section 56(2)(vii)(b)(ii), was to be set aside.
In our view, the said Section can be applied if there is a transfer of shares in favour of a Firm or a Company. For the transfer of shares, we agree with the assessee that there must be a transferor and transferee and transferred assets i.e., shares. In the case of amalgamation, it cannot be said that there is a transfer of shares as there is only statutory vesting of the assets by virtue of the Scheme.
Lump Sum Settlement Money received at time of Divorce or Monthly Alimony Money received is Taxable in Income Tax Law? A divorce is the legal termination of a marriage by a court in a legal proceeding, requiring a petition or complaint for divorce (or dissolution in some states) by one party. There are two types […]
As per current Income Tax provisions, if a closely-held company i.e. a company in which public is not substantially interested, issues shares at a price which is more than its fair market value (FMV), then the excess amount i.e. excess of issue price over fair market value will be taxed as income from other sources in the hands of the company.
Angel tax means the tax payable by unlisted companies during the raising of capital wherein the share price exceeds the fair market price of the share sold. The tax was initially conceptualized in the 2012 Union Budget by then finance minister Pranab Mukherjee with an endeavour to curtail the flow of illegitimate laundering of funds.
The Government of India is taking a lot of measures to create job opportunities which will lead to an increase in the overall growth of the country. In doing so, the Government is giving various monetary and non- monetary benefits to the eligible entities. One such eligible entity being ‘Startups’ for which the Government of […]
