Section 50C was introduced vide Finance Act. 2002 w.e.f. 01.04.2003, and prescribes similar provisions in the case of transfer of land or building or both, held in the nature of ‘Capital Assets’.
As per the Motor Vehicles Act, the registration of a leased motor vehicle should be in the name of the lessee. However, as per the Income Tax Act, the asset must be owned by the person claiming depreciation.
In technical terms, the income which is not disclosed at the time of filing returns is referred to as the income escaping assessment. As such, a valid notice must be served before an assessment or reassessment.
Many of you might not know that you can actually invest in abroad companies through mutual funds. Funds of Funds, Feeder Fund, and Actively Managed Funds are the different channels to invest.
Where the consideration for transfer of the asset is less than the stamp duty value, the value so adopted shall be deemed to be the full value of the consideration, for computing income under PGBP.
If you are pursuing YouTube as your full time profession, you will be taxed under Income from Business or Profession. If it’s a part time earning, the income will be taxable under Income from Other Sources.
Business loan interest is eligible for exemption, however, the principal amount of the loan is not provided with any tax benefit. The interest is usually deducted from gross income.
Investments made under Sukanya Samriddhi Yojana Scheme are eligible for deduction under Section 80C. The interest accrued on the investment is also eligible for tax exemption.
Due to technical glitches on the new Income Tax portal, taxpayers have failed to file Income Tax Return, Audit Report and there is a delay in submission of Financials in the bank for loan purposes.
In this article, the author explains the meaning of liquid mutual funds, their suitability and their advantages.
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