We always have a question regarding Gift Tax or tax treatment of gifts received by an individual or HUF. We have divided this topic (Gift Tax) into three parts as below: Part 1 – Features of gift tax rules Part…
Tag: Indian Tax Act
Income from Salary under Income Tax Act, 1961
To understand Income from Salary and its taxability, one need to understand the definition of Salary: If the following amount received by an employee from his employer the amount so received is defined as Salary and taxable under the head…
Income Tax Slabs for FY 2016-17 / AY 2017-18
Income Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year 2017-18 / Financial Year 2016-17 for Individual, HUF, AOP, BOI, Partnership Firms, LLP and Companies. Rates for deduction of income-tax at source from “Salaries”, computation of “advance…
Income Tax Rates Slabs : Assessment Year 2014-15/Financial Year 2013-14
Income Tax Rates I. For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals Total Income Tax Rate Upto Rs. 200,000* Nil 200,001 to 500,000 10% 500,001 to 10,00,000 20% Above Rs. 10,00,000 30% *In…
Assessment Procedure
Inquiry before assessment. [ Section 142] Inquiry : (1) The Assessing Officer has power to make inquiry from any person (a) who has made a return under section 139 or (b) in whose case the time allowed under section 139(1)…
Capital Gains In Case Of Slump Sale
Slump Sale means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. Cost of acquisition and cost of…
Capital gain on sale of goodwill of a business, trademark or brand name, tenancy rights, route permits or loom hours, right to manufacture or right to carry on any business
The following are chargeable to tax as capital gains: (i) Goodwill of a business. There will not arise any capital gain on the goodwill of a profession. (ii) Trademark or brand name associated with the business; …
Capital gains on distribution of assets by companies in liquidation
No capital gain to company on distribution of assets to shareholders on liquidation u/s 46(1) provided the distribution of assets in specie (i.e. in the same form). Where a shareholder on the liquidation of a company, receives any money or…
Capital gain on conversion of debentures into shares
(i) Conversion of debentures into shares is exempted u/s 47(x) (ii) In case of subsequent transfer by the transferee, the holding period in the hands of the transferee u/s 2(42A) shall not include the holding period of the earlier asset.…
Capital gain on transfer by way of compulsory acquisition of an asset
• Chargeability: It is a transfer u/s 2(47) chargeable to tax under the head Capital Gains. • Taxability of Normal/Original Compensation [Section 45(5)(a)] • Normal or original compensation Is taxable in the previous year in which it is first received.…