Income Tax Articles
Section 54D - Exemption from Capital Gain on Compulsory Acquisition of Land or Building forming part of Industrial Undertaking
To encourage the assessee to carry the business undertaking, exemption under section 54D of the Income Tax Act, 1961 is provided. Let us understand in detail about section 54D.
How to Determine the Residential Status of a HUF?
Residential Status is to be determined for the taxability of income of a person. This term is coined under the Income Tax Act and has nothing to do with the nationality or citizenship of a person.
Section 44 AE: Profit from the business of carriage of goods for truck owners
To provide relief to persons who are engaged in the business of plying, hiring or leasing goods carriages Section 44 AE of the Income Tax Act was introduced.
Section 194P: Recent Updates - Specified Bank & Form of Declaration
There were a lot of practical difficulties which were faced by individuals and professionals. However, CBDT has published two notifications that give clarity regarding the meaning of a specified bank and form of declaration.
Analysis of the Taxation Laws (Amendment) Bill, 2021
The Bill proposes to provide that no tax demand shall be raised in future on the basis of the retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28.05.2012.
Computation of Period of Holding
Period of holding starts from the day when the asset is acquired by the assessee and ends on the day when it is sold/disposed off/transferred otherwise.
India Withdraws The Infamous Retrospective Amendment In Finance Act, 2012
Vodafone and Cairn, and other taxpayers would be greatly benefitted from this change as they no longer have to battle with the Indian Government and would also get refund of taxes paid (without interest).
Calculation Of Capital Gain In Special Cases
Discussing Calculation Of Capital Gain In Special Cases like Amount received from Insurer, Deemed Transfer, and Transfer of Capital Assets by a person to firm, AOP or body of individuals, etc.
Income Tax Updates: Extension of timelines dated 29th August 2021
CBDT has announced an extension in the electronic filing of various forms under the Income Tax Act on 29th August 2021. Same has been discussed in a tabular format in this article.
Income Tax (CBDT) Due Date Further Extended on 29th August 2021
CBDT, in exercise of its power u/s 119 of the Income-tax Act, 1961 has issued a circular w.r.t. Extension of timelines for electronic filing of various Forms under the Income-tax Act, 1961.
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