Tagged: Indian Tax Act

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 –...

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...

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 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...