Long-term capital gains tax rate will be 12.5% for all assets.
In the Union Budget of 2024, FM Nirmala Sitharaman introduced this new section of TDS in the Income Tax Act, 1961 i.e. Section 194T. This section imposes Tax Deducted at Source on certain payments made to partners of a firm, including salary, bonus, commission, interest, or remuneration.
In Budget 2024, FM has simplified the provisions for reopening and reassessment to reduce tax uncertainty and disputes, providing relief to taxpayers.
A BRIEF DISCUSSION ON THE PROPOSED NEW CHAPTER XIV-B IN THE FINANCE BILL
Income tax slabs are the categories of income levels that determine the rate at which income tax is charged for the applicable financial year (FY) and assessment year (AY).
Due date for filing of Income Tax Return for Individuals is 31st July, but still, many people around the nation have not filed their Income Tax Return. What are the implications of not filing the ITR on time?
Filing an income tax return requires a careful and detailed process. But despite of our best efforts, mistakes happen.
Suggestion to permanently change the deadline has been given by the taxpayers as they are facing difficulty in accessing Form 26AS and AIS. Due to technical issues on the Income Tax Portal, there is an increasing demand to extend the ITR filing deadline from July 31, 2024, to August 31, 2024.
![Payment of Tax Liability by Transferee of Transferor in an agreement of amalgamation is of capital nature [Bombay HC]](/img/previewthumb/paidnfree/Feb_6.jpg "Payment of Tax Liability by Transferee of Transferor in an agreement of amalgamation is of capital nature [Bombay HC]")
In the instant case, evidently, the tax liability discharged by the assessee was in pursuance of the agreement with the transferor for taking over the business and was a part of the consideration for the transfer.
What is a Slump Sale?According to Section 2(42C) of the Income Tax Act, 1961, a ‘slump sale’ refers to the transfer of one or more undertakings as a
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