Only when the capital assets is sold off/transferred, capital gain arises. As per section 2(14) of Income Tax Act, 1961, any kind of property held by the assesse, or any kind of securities held by a foreign Institutional Investor who has invested in such securities as per SEBI Guidelines.
Section 22 of the Income tax Act, 1961 is the charging section for head Income from House Property. As per this section, the assessee must be the owner of the property which is subject to income under the head House Property. Property can be any building or land not necessarily residential.
Understand the concept of Previous Year under the Income Tax Act, 1961. Learn about its definition, calculation, and implications for tax payment.
An assessee is subject to taxation on the basis of his/her residential status. Residential Status is not subject to citizenship. For example, a person who has received his income outside India can be subject to taxation in India on the basis of his residential status. Even the taxability of income earned by a foreigner in India depends on his residential Status in India.
INTRODUCTION TDS or Tax Deducted as Source is an indirect method of collecting tax. It aims at collecting the tax at the very source of income. TDS is a pay as you earn scene. It is collected as it is earned. PAYMENTS COVERED UNDER THE SCHEME OF TDS Section 192 to 194 of the Income […]
TAX REVENUE Tax refers to general compulsory contribution of the wealth if a person. It is levied upon natural and corporate person. The main reason behind tax collection is to meet the expense which is incurred in conferring common benefits to the public. The residents of the state are the ones who pay the tax. […]
Understand the concept of agriculture income under Section 10(1) of the Income Tax Act, 1961. Learn how it is exempted from total income calculation.
Today I will discuss how to handle show cause notice u/s 73, 74 & 76 of CGST Act, 2017 in simplified manner- Show cause notice (SCN) – is a document served by department as an opportunity to person to explain with reasons as to why particular course of action should not be taken against him. […]
Chartered accountants are perhaps the most popular course of study and are primarily chosen by Commerce students. Most Commerce candidates choose the CA program after passing their 12th. CA program in India is divided into three levels: CA foundation, CA Intermediate, and CA Final. The CA program consists of CA Certificate and mentoring – a […]
Central Govt provides further relief to taxpayers during these difficult Covid times by extending timelines of certain compliances. Here is a quick look at the list of compliances that have been extended by CBDT Circular No 12/2021, Notification Nos 74/2021 & 75/2021 dt 25.06.2021 EXTENSION OF TIME LIMITS FOR EASE OF TAX COMPLIANCE Compliances related […]
