Income Tax : The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This ef...
Income Tax : Rebate under Section 87A includes STCG for eligibility but cannot be applied to such income. This creates a limitation in tax bene...
Income Tax : The case explains how salary income is computed on a gross basis with only specific deductions permitted. It clarifies the scope o...
Income Tax : The issue concerns when capital gains become taxable under the law. The framework clarifies that gains are taxed in the year of tr...
Income Tax : Comprehensive summary of capital gains—definition, classification, computation, exemptions, reinvestment reliefs, and procedures...
Corporate Law : Finance Ministry's new capital gains tax: Short-term gains at 20%, long-term at 12.5%. Exemption limit raised to ₹1.25 lakh for ...
Income Tax : The Supreme Court will hear on September 10 the impleadment petition filed by the Forex Derivatives Consumers Forum along with the...
Income Tax : DTC Billproposes to tax short-term capital gains arising from stocks and mutual funds at half the marginal rate.So, if your margin...
Income Tax : The Income Tax department is all set to move the Supreme Court for a final judgement on its tax claims of around Rs 2,000 crore (R...
Finance : The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are alread...
Income Tax : ITAT Delhi ruled that the holding period for capital gains purposes began from the date of full payment and transfer of possession...
Income Tax : ITAT Ahmedabad held that depreciation on goodwill arising from amalgamation was allowable for assessment years prior to AY 2021-22...
Income Tax : The Tribunal ruled that a genuine share transaction resulting in a short-term loss cannot automatically be treated as a make-belie...
Income Tax : The Tribunal held that long-term capital gains cannot be disallowed solely on investigation reports and assumptions. It found that...
Income Tax : The dispute involved incorrect invocation of valuation provisions by the AO. The Tribunal ruled that using Section 142A instead of...
Income Tax : CIRCULAR NO. 6/2015, Dated: April 9, 2015 no capital gains will arise at the time of exercise of the option in the case of Fixed M...
This article is for better understanding of Treatment of Income from Sales of shares or other securities. Here I am explaining about the possibilities one can treat the income from sale of shares and what are the benefits of it. The article also comprises the corresponding guidelines from CBDT which are self explanatory and fiercest.
Compulsory acquisition is the power of government to acquireprivate rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government.
In India, the income from long term capital gains on transfer of Shares and Mutual Funds on which security transaction tax (STT) has been paid, is exempt from levy of income tax under section 10(38) of the Income Tax Act, 1961 (‘the Act’). This is a well known exemption amongst the tax payers and investors in India.
Capital Gains & Interest on compensation received on Compulsory acquisition of urban agricultural land Section 10(37) inserted by the Finance Act, 2004, with effect from 01.04.2005 (from assessment year 2005-06). Under Section 10(37) of the Income Tax Act, Capital Gains on compensation received on compulsory acquisition of urban agricultural land is exempt from tax. Background With a view to mitigate the […]
Article explains What is Switching, Benefits of Switching, Tax effect of Switching If the units are held as stock-in-trade and Tax effect of Switching If the units are held as investments. Hi, almost all of us are aware of investing in Mutual Funds and their respective Tax effects. However, some areas still remain Grey for […]
Profit on transfer of a capital asset is chargeable under the head Capital Gains. Section 45 makes the gains arising out of the transfer of a capital asset chargeable to tax under the provisions of the Income Tax Act, 1961. However, the chargeability has been subjected to the provisions of sections 54, 54B, 54D, 54E, […]
SECTION 50C – SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION IN CERTAIN CASES Applicability of Section 50C As per Sec 50C, where the consideration received or accruing as a result of the transfer of land and/or building is less than the value adopted or assessed or assessable by an authority of the state govt. for […]
When does income be taxed as Capital gain or Business income? When the transaction involves transfer of capital asset then that will constitute capital gain, whereas transaction which is entered into normal course of business shall constitute business income. Some Practical Issues Issue – 1 Where agreement for construction of hostel building, agreement for lease […]
COMPUTATION OF CAPITAL GAIN IN CERTAIN CASES 1. Section 51 – Advance Money Received 2. Section 50D- Fair Market Value deemed to be full value of consideration in certain cases 3. Section 50B – Special provision for computation of capital gains in case of Slump Sale Section 51 – Advance Money Received Many times we […]
SECTION 45(5) – COMPULSORY ACQUISITION Compulsory Acquisition by the Central Government is always be a concern for many people as how it should be tax. Hence today I am writing this article to cover various aspects of this section in question answer form. 1. Do consideration received from Government against compulsory acquisition attracts capital gain? […]
