What is Gift Tax in India
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 –...
Tagged: 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...
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...
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%...
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...
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....
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...
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...
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...
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...