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...
Capital gains is considered as one of the most crucial head of income. Since it is that crucial, everybody needs to be doubly sure at the time of computation of tax liability from capital gains. Many times, we observed that there is always a confusion regarding bifurcation of short term and long term capital asset […]
Under the provisions of section 111A tax on short-term capital gains, in the case of equity shares in a company or units of an equity oriented fund on which Securities Transaction Tax (STT) has been paid, is levied at the rate of 15%. This rate was increased from 10% to 15% vide Finance Act, 2008 with effect from 1.4.2009. However, in the proviso to this section while providing relief, the rate of short-term capital gains tax is still referred to as 10% which needs to be corrected to 15%.
Taxability of Short Term Capital Gain (STCG) to Non-Resident u/s 111A vis-à-vis Non Discrimination Clause of DTAA- Taxation of a Non-Resident is always been a question of ambiguity and litigation for the known fact that none of the country never prefer to lose any potential income in the form of taxes and which many times results into either double taxation or illegitimate levy of tax.
Everyone in India invest in stock market. If people don’t invest then atleast they read about stock market. There are many full time investors and traders also in stock market. People earn, make losses have long term investments in market and many more. This blog comes with the intention of all the taxes applicable on […]
Article explains What is meant by cost of acquisition (Section 55), Cost of Acquisition with Reference to Certain Modes of Acquisition (Section – 49), What is meant by cost of improvement, If the assessee acquires any asset by way of inheritance, partition of HUF or by any other mode specified in sec 49(1) and sec […]
According to section 50 of Income tax act if an assessee has sold a capital asset forming part of block of assets (building, machinery etc) on which the depreciation has been allowed under Income Tax Act, the income arising from such capital asset is treated as short term capital gain.
Amidst the current economic turmoil going on globally on account of the disruption in the supply chain and economic stillness for a period, there are certain inconspicuous benefits in terms of capital gains tax under the income tax provisions which if planned well may benefit to an extent depending on the income profile and the tax brackets of the person.
Rationalization of provisions of section 55 of the Act to compute cost of acquisition The existing provisions of section 55 of the Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains […]
Rationalisation of the provisions of section 49 and clause (42A) of section 2 of the Act in respect of segregated portfolios Section 49 of the Act provides for cost of acquisition for the capital asset which became the property of the assessee under certain situations. Further, clause (42A) of section 2 of the Act provides […]
We know that making investment in securities/shares is one of the common investment avenue available to an individual in addition to making fixed deposits, purchasing land or building etc. In shares, bonus shares are often issued by the company. Bonus shares are used by the company as one of the method of capitalizing their profit […]
