1) The document discusses the taxation of capital gains in India, including the conditions required for a capital gain to be chargeable, the definitions of capital assets and capital gains, and the computation of capital gains.
2) It provides details on the types of capital assets (short term and long term), the meaning of "transfer", and the different types of capital gains (short term and long term).
3) The computation of capital gains involves subtracting the cost of acquisition and cost of improvements from the full value of consideration, with the costs indexed for inflation in the case of long term capital assets.
The document discusses key concepts in Indian income tax law. It defines income tax, describes the two main types of taxes - direct and indirect. It explains key terms like gross total income, total income, and taxable income. It also summarizes the different sources of income and tax rates. The document is presented by Girish M.C., an assistant professor of commerce who provides an overview of concepts to help readers understand India's income tax system at a high level.
Income Tax Assessment Procedures - Section 143, 144 and moreSahil Goel
The document discusses various aspects of the income tax assessment procedure in India. It defines assessment as the procedure for determining a taxpayer's tax liability as per the taxation laws for a particular assessment year. There are different types of assessments - self-assessment, regular assessment, and best judgment assessment. It also discusses provisions around filing original and revised tax returns, notices issued by the assessing officer, and reopening of past assessments if income is found to have escaped assessment.
The document discusses the taxation of income from house property under the Indian Income Tax Act. It provides definitions of key terms like annual value and outlines the process for computing taxable income from a house property. This involves determining the annual rental value, deducting municipal taxes paid, then allowing deductions like a 30% standard deduction and interest paid on loans taken for the property. The summary highlights the essential steps to calculate income from house property for tax purposes in India.
- Salaries received from employment are taxable under the head "income from salaries". This includes basic pay, bonuses, commissions, allowances, perks provided by the employer, and retirement benefits like pension and gratuity (subject to exemptions).
- Certain allowances and benefits are fully or partially tax exempt such as leave travel concession, medical reimbursements, rent free accommodation, interest free loans, etc. as per specified limits and conditions.
- The valuation and tax treatment of various types of non-monetary perquisites like cars, household employees, education, etc. is explained based on factors like employee category, location, and actual usage.
- Common deductions available from salary income include standard deduction,
Capital gains tax is levied on profits arising from the transfer of a capital asset. For gains to be taxed under capital gains, there must be a capital asset that is transferred, resulting in profits. Any profits exempted under sections 54-54G are not taxed. Capital assets include all property except certain exceptions like stock-in-trade. Short term capital gains arise from assets held for 36 months or less, while long term gains are for assets held longer. Indexation of cost is used to arrive at capital gains for long term assets by factoring inflation. Profits are taxed differently based on whether the gain is short term or long term.
The document discusses provisions related to non-residents under Indian law. It defines a non-resident individual as an Indian citizen who stays abroad for employment, business, vacation or uncertain duration. It also considers persons posted in UN organizations and on foreign assignments as non-residents. Further, it discusses tax rates and exemptions applicable to different types of investment and other income earned by non-residents.
1) The document discusses the taxation of capital gains in India, including the conditions required for a capital gain to be chargeable, the definitions of capital assets and capital gains, and the computation of capital gains.
2) It provides details on the types of capital assets (short term and long term), the meaning of "transfer", and the different types of capital gains (short term and long term).
3) The computation of capital gains involves subtracting the cost of acquisition and cost of improvements from the full value of consideration, with the costs indexed for inflation in the case of long term capital assets.
The document discusses key concepts in Indian income tax law. It defines income tax, describes the two main types of taxes - direct and indirect. It explains key terms like gross total income, total income, and taxable income. It also summarizes the different sources of income and tax rates. The document is presented by Girish M.C., an assistant professor of commerce who provides an overview of concepts to help readers understand India's income tax system at a high level.
Income Tax Assessment Procedures - Section 143, 144 and moreSahil Goel
The document discusses various aspects of the income tax assessment procedure in India. It defines assessment as the procedure for determining a taxpayer's tax liability as per the taxation laws for a particular assessment year. There are different types of assessments - self-assessment, regular assessment, and best judgment assessment. It also discusses provisions around filing original and revised tax returns, notices issued by the assessing officer, and reopening of past assessments if income is found to have escaped assessment.
The document discusses the taxation of income from house property under the Indian Income Tax Act. It provides definitions of key terms like annual value and outlines the process for computing taxable income from a house property. This involves determining the annual rental value, deducting municipal taxes paid, then allowing deductions like a 30% standard deduction and interest paid on loans taken for the property. The summary highlights the essential steps to calculate income from house property for tax purposes in India.
- Salaries received from employment are taxable under the head "income from salaries". This includes basic pay, bonuses, commissions, allowances, perks provided by the employer, and retirement benefits like pension and gratuity (subject to exemptions).
- Certain allowances and benefits are fully or partially tax exempt such as leave travel concession, medical reimbursements, rent free accommodation, interest free loans, etc. as per specified limits and conditions.
- The valuation and tax treatment of various types of non-monetary perquisites like cars, household employees, education, etc. is explained based on factors like employee category, location, and actual usage.
- Common deductions available from salary income include standard deduction,
Capital gains tax is levied on profits arising from the transfer of a capital asset. For gains to be taxed under capital gains, there must be a capital asset that is transferred, resulting in profits. Any profits exempted under sections 54-54G are not taxed. Capital assets include all property except certain exceptions like stock-in-trade. Short term capital gains arise from assets held for 36 months or less, while long term gains are for assets held longer. Indexation of cost is used to arrive at capital gains for long term assets by factoring inflation. Profits are taxed differently based on whether the gain is short term or long term.
The document discusses provisions related to non-residents under Indian law. It defines a non-resident individual as an Indian citizen who stays abroad for employment, business, vacation or uncertain duration. It also considers persons posted in UN organizations and on foreign assignments as non-residents. Further, it discusses tax rates and exemptions applicable to different types of investment and other income earned by non-residents.
Acquisition & Transfer of Immovable Property by NRI /OCI FEMA & Income Tax Im...DVSResearchFoundatio
OBJECTIVE:
Get a comprehensive understanding of the income tax implications on Joint Developments Agreements under the provisions of Income Tax Act. Further dwell upon the rules pertaining to FDI on Real Estate Sector under FEMA.
residential status and its effect on tax incidencefaizchhipa
The document discusses the determination of residential status in India for income tax purposes. It defines the different types of residential statuses as ordinary resident, resident but not ordinarily resident, and non-resident. It outlines the basic conditions and additional conditions to determine if an individual, HUF, firm, company, etc. qualifies as a ordinary resident or resident but not ordinarily resident. The control and management of affairs is used to determine residential status for HUF, firm, association of persons, and companies. Income from different sources is taxable in India based on the residential status of the assessee.
Valuation in India - Regulations and StandardsRaman Khanna
The document provides information on valuation needs and reasons for valuation under various laws like the Companies Act, Securities laws, Insolvency laws etc. It lists specific sections of the Companies Act that mandate valuation by a registered valuer for matters like further issue of shares, non-cash transactions with directors, mergers and amalgamations, minority shareholder buyouts etc. It also summarizes relevant provisions of the Insolvency and Bankruptcy Code regarding appointment of registered valuers. The document then provides details on the regulatory framework for valuers including the Companies (Registered Valuers and Valuation) Rules that cover eligibility, qualifications, registration process for valuers and recognized valuers organizations.
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to computation of 'Profits and gains of business or profession' (PGBP). In this Webinar, we shall look at the charging section for PGBP and provisions relating to computation of PGBP, admissible deductions and allowances including Depreciation.
This document provides an overview of bank guarantees, including:
1) It defines a bank guarantee as a contract where the bank guarantees to perform a third party's liability in case of default. The parties involved are the applicant, beneficiary, and guarantor bank.
2) Common purposes of bank guarantees include providing security deposits, mobilizing funds, and ensuring performance or payment on contracts.
3) Guidelines state banks should exercise caution with performance guarantees and generally limit guarantees to 18 months, taking security such as cash margins from applicants.
4) Proper appraisal of guarantees is required similar to loans, examining the applicant's financial strength and purpose of the guarantee.
SHARES - MEANING , DEFINITION , CHARACTERISTICS AND ITS TYPES.KhushiGoyal20
This document defines shares and discusses their key characteristics and types. Shares represent a portion of a company's total share capital and are divided into parts. Each part is called a share. There are two main types of shares: equity shares and preference shares. Equity shares constitute the major portion of a company's shares and holders have voting rights and rights to profits. Preference shares have preferential rights to dividends and repayment of capital over equity shares. Preference shares can be further classified as cumulative, non-cumulative, convertible, redeemable and participating.
The Sodhani Committee made several recommendations to promote NRI investments in India and widen the foreign exchange market:
1) It recommended merging the 40% and 100% schemes for NRI investments and allowing 100% repatriation for more eligible companies without prior permission.
2) It recommended granting banks the power to provide housing loans to NRIs.
3) It recommended allowing unrestricted investments by NRIs in real estate, sick units, and educational institutions.
4) It recommended expanding the foreign exchange market by including more participants like IDBI and ICICI and making RBI interventions more selective.
The RBI accepted most of these recommendations by amending various regulations and
This document discusses residential status under Indian income tax law. It explains that an individual's tax liability depends on their residential status, which can be resident, non-resident, or ordinarily resident. It also discusses how residential status is determined for individuals, HUFs, firms, companies and other persons. Key factors include number of days present in India and control and management of affairs. The document provides examples to illustrate how residential status is assessed and its implications for taxing different types of income received in or outside of India.
The document discusses India's Goods and Services Tax (GST) policies and regulations related to input tax credit. Key points include:
- Under GST, input tax credit is available for goods, services, and capital goods used in the course of business. This is a significant expansion of credit compared to earlier tax systems.
- Credit can be claimed by registered businesses against central GST, state GST, integrated GST, and Union territory tax paid on business purchases.
- Certain documents like tax invoices and bills of entry must be possessed, and payment must be made to the supplier within 180 days, for credit to be claimed.
- There are also time limits, apportionment and reversal
This PPT contains the details regarding Introduction to Income Tax. It will be useful to all the viewers. It Contains the following points, viz., 1. Meaning of Income Tax 2. Five Heads of Income 3. Sources of Income Tax Law 4. Income Tax Act, 1961 5. Income Tax Rules, 1962 6. Circulars by CBDT 7. Judicial Decisions 8. Annual Finance Act 9. Basis of Charge of Income Tax 10. Person 11. Assessee - Definition 12. Types of Assessee 13. Assessment - Definition 14. Assessment Year - Definition 15. Previous Year - Definition 16. Provisions regarding Previous Year 17. Discontinued Business 18. When Previous Year and Assessment Year will be same? 19. Previous Year Vs. Assessment Year 20. Income 21.Features of Income
The document outlines various sections that provide exemptions from capital gains tax in India. Section 54 provides exemption for long-term capital gains reinvested from sale of a residential house into purchase or construction of another house. Section 54B provides exemption for gains from sale of agricultural land reinvested into purchase of other agricultural land. Section 54D provides exemption for gains from compulsory acquisition of an industrial undertaking reinvested into land or building of a new industrial undertaking.
This document discusses tax planning and exemptions for new startups in India. It outlines that startups recognized by the Department of Industrial Policy and Promotion can receive a full tax deduction on profits for three years within their first ten years of incorporation. It provides details on eligibility criteria for startup recognition and the process for registering on the Startup India portal to apply for tax exemptions under Section 80-IAC of the Income Tax Act.
The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, and exempted incomes from house property. The key steps involved in computing income from house property are determining the annual value, calculating the net annual value, and claiming allowed deductions.
This document discusses accounting standards for retirement benefits in financial statements. It outlines different types of retirement benefits including provident funds, superannuation/pension benefits, and gratuity. For superannuation/pension benefits, it describes defined contribution and defined benefit schemes. It states that the cost of retirement benefits should be accounted for during the period the employee renders services, rather than when they leave on a cash basis.
Profit & Gains from Business or Profession.RAJESH JAIN
This document provides an overview of income from business and profession under the Indian Income Tax Act. It defines business and profession, outlines the key points and basis of charge for income from business/profession. It also discusses the computation of income, specific deductions allowed, depreciation rules and amounts that are not deductible. The key information includes definitions of business and profession, income includes profits and losses, relevance of accounting method, and that income from illegal businesses is taxable.
This document summarizes the different types of income tax assessments in India:
1) Self-assessment where taxpayers determine their own tax liability before filing their return.
2) Summary assessment where the tax authority can make minor adjustments to a return without an order.
3) Scrutiny assessment where the authority scrutinizes returns and may request documents from taxpayers.
4) Best judgement assessment done without taxpayer participation where they failed to file or comply with notices.
5) Reassessment allows reopening past assessments if escapement of income is found within 4-6 years.
The document discusses the process of converting a company into a Limited Liability Partnership (LLP). It begins with providing background on LLPs and their key features. Reasons for conversion include fewer compliance requirements for LLPs compared to companies. The conversion process involves 8 steps, including obtaining DIN, passing board resolutions, filing various forms with the ROC, drafting an LLP agreement, and filing final forms. Benefits of conversion include limited liability, fewer statutory records and audit requirements, and no dividend distribution tax for LLPs.
Prednáška "Ja" Najdôležitejší nástroj produktivityvisuin
Visuin v spolupráci s TimeManagement.sk.
Ako sa naučiť viac sebavnímať. Vypnúť autopilota a pracovať uvedomelo a naplno.
U visuin 25.5.2014
Prednášajúci: Andrej Mikula
The document discusses two highly popular film franchises, Harry Potter and Twilight, and their dedicated fan bases. Fans form strong connections with the films they enjoy and experience emotions along with the characters. They demonstrate their passion through actions like getting tattoos or posters related to the films. Both Harry Potter and Twilight achieved massive worldwide fan popularity despite being in different genres - Harry Potter features magic while Twilight is a romantic love story. Fans of both franchises engage in activities showing their devotion, such as dressing up as characters from Harry Potter or traveling to meet the Twilight stars. The popularity of the films is evident from theme parks being built around the Harry Potter world.
Acquisition & Transfer of Immovable Property by NRI /OCI FEMA & Income Tax Im...DVSResearchFoundatio
OBJECTIVE:
Get a comprehensive understanding of the income tax implications on Joint Developments Agreements under the provisions of Income Tax Act. Further dwell upon the rules pertaining to FDI on Real Estate Sector under FEMA.
residential status and its effect on tax incidencefaizchhipa
The document discusses the determination of residential status in India for income tax purposes. It defines the different types of residential statuses as ordinary resident, resident but not ordinarily resident, and non-resident. It outlines the basic conditions and additional conditions to determine if an individual, HUF, firm, company, etc. qualifies as a ordinary resident or resident but not ordinarily resident. The control and management of affairs is used to determine residential status for HUF, firm, association of persons, and companies. Income from different sources is taxable in India based on the residential status of the assessee.
Valuation in India - Regulations and StandardsRaman Khanna
The document provides information on valuation needs and reasons for valuation under various laws like the Companies Act, Securities laws, Insolvency laws etc. It lists specific sections of the Companies Act that mandate valuation by a registered valuer for matters like further issue of shares, non-cash transactions with directors, mergers and amalgamations, minority shareholder buyouts etc. It also summarizes relevant provisions of the Insolvency and Bankruptcy Code regarding appointment of registered valuers. The document then provides details on the regulatory framework for valuers including the Companies (Registered Valuers and Valuation) Rules that cover eligibility, qualifications, registration process for valuers and recognized valuers organizations.
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to computation of 'Profits and gains of business or profession' (PGBP). In this Webinar, we shall look at the charging section for PGBP and provisions relating to computation of PGBP, admissible deductions and allowances including Depreciation.
This document provides an overview of bank guarantees, including:
1) It defines a bank guarantee as a contract where the bank guarantees to perform a third party's liability in case of default. The parties involved are the applicant, beneficiary, and guarantor bank.
2) Common purposes of bank guarantees include providing security deposits, mobilizing funds, and ensuring performance or payment on contracts.
3) Guidelines state banks should exercise caution with performance guarantees and generally limit guarantees to 18 months, taking security such as cash margins from applicants.
4) Proper appraisal of guarantees is required similar to loans, examining the applicant's financial strength and purpose of the guarantee.
SHARES - MEANING , DEFINITION , CHARACTERISTICS AND ITS TYPES.KhushiGoyal20
This document defines shares and discusses their key characteristics and types. Shares represent a portion of a company's total share capital and are divided into parts. Each part is called a share. There are two main types of shares: equity shares and preference shares. Equity shares constitute the major portion of a company's shares and holders have voting rights and rights to profits. Preference shares have preferential rights to dividends and repayment of capital over equity shares. Preference shares can be further classified as cumulative, non-cumulative, convertible, redeemable and participating.
The Sodhani Committee made several recommendations to promote NRI investments in India and widen the foreign exchange market:
1) It recommended merging the 40% and 100% schemes for NRI investments and allowing 100% repatriation for more eligible companies without prior permission.
2) It recommended granting banks the power to provide housing loans to NRIs.
3) It recommended allowing unrestricted investments by NRIs in real estate, sick units, and educational institutions.
4) It recommended expanding the foreign exchange market by including more participants like IDBI and ICICI and making RBI interventions more selective.
The RBI accepted most of these recommendations by amending various regulations and
This document discusses residential status under Indian income tax law. It explains that an individual's tax liability depends on their residential status, which can be resident, non-resident, or ordinarily resident. It also discusses how residential status is determined for individuals, HUFs, firms, companies and other persons. Key factors include number of days present in India and control and management of affairs. The document provides examples to illustrate how residential status is assessed and its implications for taxing different types of income received in or outside of India.
The document discusses India's Goods and Services Tax (GST) policies and regulations related to input tax credit. Key points include:
- Under GST, input tax credit is available for goods, services, and capital goods used in the course of business. This is a significant expansion of credit compared to earlier tax systems.
- Credit can be claimed by registered businesses against central GST, state GST, integrated GST, and Union territory tax paid on business purchases.
- Certain documents like tax invoices and bills of entry must be possessed, and payment must be made to the supplier within 180 days, for credit to be claimed.
- There are also time limits, apportionment and reversal
This PPT contains the details regarding Introduction to Income Tax. It will be useful to all the viewers. It Contains the following points, viz., 1. Meaning of Income Tax 2. Five Heads of Income 3. Sources of Income Tax Law 4. Income Tax Act, 1961 5. Income Tax Rules, 1962 6. Circulars by CBDT 7. Judicial Decisions 8. Annual Finance Act 9. Basis of Charge of Income Tax 10. Person 11. Assessee - Definition 12. Types of Assessee 13. Assessment - Definition 14. Assessment Year - Definition 15. Previous Year - Definition 16. Provisions regarding Previous Year 17. Discontinued Business 18. When Previous Year and Assessment Year will be same? 19. Previous Year Vs. Assessment Year 20. Income 21.Features of Income
The document outlines various sections that provide exemptions from capital gains tax in India. Section 54 provides exemption for long-term capital gains reinvested from sale of a residential house into purchase or construction of another house. Section 54B provides exemption for gains from sale of agricultural land reinvested into purchase of other agricultural land. Section 54D provides exemption for gains from compulsory acquisition of an industrial undertaking reinvested into land or building of a new industrial undertaking.
This document discusses tax planning and exemptions for new startups in India. It outlines that startups recognized by the Department of Industrial Policy and Promotion can receive a full tax deduction on profits for three years within their first ten years of incorporation. It provides details on eligibility criteria for startup recognition and the process for registering on the Startup India portal to apply for tax exemptions under Section 80-IAC of the Income Tax Act.
The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, and exempted incomes from house property. The key steps involved in computing income from house property are determining the annual value, calculating the net annual value, and claiming allowed deductions.
This document discusses accounting standards for retirement benefits in financial statements. It outlines different types of retirement benefits including provident funds, superannuation/pension benefits, and gratuity. For superannuation/pension benefits, it describes defined contribution and defined benefit schemes. It states that the cost of retirement benefits should be accounted for during the period the employee renders services, rather than when they leave on a cash basis.
Profit & Gains from Business or Profession.RAJESH JAIN
This document provides an overview of income from business and profession under the Indian Income Tax Act. It defines business and profession, outlines the key points and basis of charge for income from business/profession. It also discusses the computation of income, specific deductions allowed, depreciation rules and amounts that are not deductible. The key information includes definitions of business and profession, income includes profits and losses, relevance of accounting method, and that income from illegal businesses is taxable.
This document summarizes the different types of income tax assessments in India:
1) Self-assessment where taxpayers determine their own tax liability before filing their return.
2) Summary assessment where the tax authority can make minor adjustments to a return without an order.
3) Scrutiny assessment where the authority scrutinizes returns and may request documents from taxpayers.
4) Best judgement assessment done without taxpayer participation where they failed to file or comply with notices.
5) Reassessment allows reopening past assessments if escapement of income is found within 4-6 years.
The document discusses the process of converting a company into a Limited Liability Partnership (LLP). It begins with providing background on LLPs and their key features. Reasons for conversion include fewer compliance requirements for LLPs compared to companies. The conversion process involves 8 steps, including obtaining DIN, passing board resolutions, filing various forms with the ROC, drafting an LLP agreement, and filing final forms. Benefits of conversion include limited liability, fewer statutory records and audit requirements, and no dividend distribution tax for LLPs.
Prednáška "Ja" Najdôležitejší nástroj produktivityvisuin
Visuin v spolupráci s TimeManagement.sk.
Ako sa naučiť viac sebavnímať. Vypnúť autopilota a pracovať uvedomelo a naplno.
U visuin 25.5.2014
Prednášajúci: Andrej Mikula
The document discusses two highly popular film franchises, Harry Potter and Twilight, and their dedicated fan bases. Fans form strong connections with the films they enjoy and experience emotions along with the characters. They demonstrate their passion through actions like getting tattoos or posters related to the films. Both Harry Potter and Twilight achieved massive worldwide fan popularity despite being in different genres - Harry Potter features magic while Twilight is a romantic love story. Fans of both franchises engage in activities showing their devotion, such as dressing up as characters from Harry Potter or traveling to meet the Twilight stars. The popularity of the films is evident from theme parks being built around the Harry Potter world.
Dokumen tersebut memberikan penjelasan tentang Microsoft PowerPoint 2007. Dokumen tersebut menjelaskan tentang pengertian, cara mengaktifkan, komponen utama antarmuka pengguna seperti ribbon, cara menyisipkan multimedia seperti gambar, suara dan video, serta cara memberikan efek animasi pada objek slide.
Friends are like flowers that add color and fragrance to one's life. They are always there to wipe away tears, make one laugh, and give support during difficult times. True friends see only the good in a person, love them as they are, and fight for them without blame even when help is not given in return. Friends are given a special place in one's heart because they would not feel complete without being near each other.
This document discusses fans of the films Harry Potter and Twilight and how they demonstrate their fandom. It notes that fans form deep connections with films they enjoy and feel like they are part of the story. Big fans of Twilight have tattoos of the characters, while Harry Potter fans dress up in costumes from the films. The document also describes how the film sets of Harry Potter have been constructed as tourist attractions due to the popularity of the films. Both films provide emotional pleasures to fans through their stories but Harry Potter also incorporates intellectual puzzles and visceral thrills. Overall, fans are deeply invested in films and strive to immerse themselves in the worlds created on screen.
Detailed interpretation guidelines for the BRIGHTLIGHTON.net instrument, which provides insight on school class atmosphere - like seeing through the eyes of school students. It is used to support innovative schools in the self-evaluation and decision-making proces.
O documento fornece dicas para o primeiro encontro, enfatizando a importância de causar uma boa primeira impressão, vestir-se de forma casual e conversar sobre os interesses da outra pessoa. Deve-se escolher um local descontraído para o encontro e deixar a outra pessoa à vontade.
Darjeeling is intertwined with that of Sikkim, Nepal, British India, Bhutan and Bengal. Until the early 19th century, the hilly area around Darjeeling was controlled by the kingdom of Sikkim, while the plains around Siliguri were intermittently occupied by the Kingdom of Nepal,with settlement consisting of a few villages of Lepcha and Kirati people.The Chogyal of Sikkim had been engaged in unsuccessful warfare against the Gorkhas of Nepal
The document discusses various sections of the Indian Income Tax Act that provide exemptions on capital gains arising from the transfer of residential house property, agricultural land, and other capital assets. Section 54 provides exemption on long-term capital gains from transfer of a residential house if another house is purchased within 2 years. Section 54B provides similar exemption for transfer of agricultural land. Section 54EC allows exemption if the capital gains are invested in specified bonds within 6 months. The exemptions are subject to conditions like reinvestment of the capital gains amount within the prescribed time periods.
Capital gains can arise from the transfer of capital assets. Under the Income Tax Act, certain capital gains are fully or partially exempt from taxation if the sale proceeds are invested in specified assets within a prescribed time period. Some of the key exemptions include investments made within 2 years under Section 54 in a new residential house, Section 54B for agricultural land, Section 54D/F for shifting/reestablishing an industrial undertaking, and Section 54EC for specified bonds. Failure to invest in the new asset within the specified time period results in the earlier exempted capital gains becoming taxable in the year of transfer of the new asset.
Exemptions from capital gains under sections 54,Aakash Sondur
The document outlines various capital gain tax exemptions available under sections 54, 54B, 54EC, and 54F of the Indian Income Tax Act for long term capital gains reinvested in specified assets within certain time periods. It provides details on who can claim the exemption, eligible assets sold, assets that can be acquired to claim the exemption, applicable time limits, maximum exemption amounts, and whether capital gain deposit schemes can be utilized. The exemptions can be combined if eligibility criteria for multiple sections are met to maximize tax savings from long term capital gains.
Exemptions from capital gains under sections 54,Aakash Sondur
The document outlines various capital gain tax exemptions available under sections 54, 54B, 54EC, and 54F of the Indian Income Tax Act for long term capital gains reinvested in specified assets within certain time periods. It provides details on who can claim the exemption, eligible assets sold, assets that can be acquired to claim the exemption, applicable time limits, maximum exemption amounts, and whether capital gain deposit schemes can be utilized. The exemptions can be combined if eligibility criteria for multiple sections are met to maximize tax savings on long term capital gains.
The document provides details about various exemptions available under the Indian Income Tax Act for capital gains. It discusses sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA and 54GB which provide exemption from capital gains tax if the amount of capital gains is invested in specified assets within prescribed time limits. Key conditions, timelines and consequences of not meeting the conditions are explained for each section. The document also covers capital gains tax rates and provisions for non-residents.
The document outlines the Pakistan WAPDA Rules regulating the grant of advances for the construction or purchase of houses or plots. Some key points:
- The rules apply to regular WAPDA employees with 5+ years of service, government servants on deputation to WAPDA, and electricity department employees transferred to WAPDA.
- Advances can be used to construct or purchase a house or plot for personal occupation in Pakistan. Advances are issued in installments and documentation is required to prove funds were used as intended.
- The amount of advance cannot exceed 36 months of pay or the estimated cost of construction/purchase. Houses must be mortgaged to WAPDA as security. Outstanding balances
The document discusses the tax treatment of advance money received for property transfers, explaining that advance money received after 2014-15 is taxed as income in the year received and cannot be deducted from the cost of acquisition. It also provides an example calculating capital gains where advance money was forfeited after 2014-15. Finally, it outlines various capital gains tax exemptions available under sections 54F, 54G, 54GA, 54GB, and 54H.
What are section 54 and section 54F? How to claim exemption on long-term capital gains? How much exemption can be claimed u/s 54 and 54F? What is a capital gain account scheme?
Capital gains tax exemptions can be claimed under several sections for profits earned from selling capital assets like land, buildings, mutual funds and more. Section 54 provides full exemption for long-term capital gains reinvested in one residential house in India. Section 54B does the same for gains reinvested in purchasing and cultivating agricultural land. Other sections like 54D, 54EC, 54EE, 54F, 54G and 54GA provide exemptions for reinvesting gains in specific bonds or in shifting business from an urban to rural/SEZ area, with time limits for purchase and exemptions capped at Rs. 50 lakh.
This document discusses capital gains tax in India. It defines capital gains as profits arising from the transfer of a capital asset. It outlines the conditions for gains to be classified as capital gains, including that the asset must be transferred. It also defines short-term and long-term capital assets based on the holding period. Several exemptions are provided under sections 54, 54B, 54D, 54EC, 54F, and 54G if the capital gains are reinvested in specified assets within certain time periods.
This document discusses the taxation of capital gains in India under the Income Tax Act of 1961. It defines capital assets and differentiates between short-term and long-term capital assets. Gains from the transfer of short-term capital assets are taxed at normal rates, while long-term capital gains are taxed at concessional rates of 10-20% depending on the type of asset and owner. The document also outlines several exemptions available for capital gains reinvested in residential houses, agricultural land, specified bonds, shifting of business to rural areas, and more.
This document discusses the taxation of capital gains in India under the Income Tax Act of 1961. It defines capital assets and differentiates between short-term and long-term capital assets. Gains from the transfer of short-term capital assets are taxed at normal tax rates, while long-term capital gains are taxed at concessional rates. There are various exemptions available for capital gains reinvested in residential houses, agricultural land, specified bonds, shifting of industrial undertakings, and more. The document provides details on computation of capital gains and applicable tax rates for different types of taxpayers.
Rutuja Nimbalkar presented information on capital gains in India. Capital gain is profit from investments in capital assets like stocks, bonds or real estate, when the selling price exceeds the purchase price. There are three elements of capital gain: capital assets, transfer of capital assets, and computation of capital gain. Capital assets include both movable and immovable property. Gains are classified as short-term or long-term depending on holding period. Various exemptions are available under sections 54, 54B, 54EC and 54F for reinvestment in specified assets within prescribed timelines.
Capital Gain Tax Liability jjljljljljljlBarnabasJoy1
Capital gains tax is levied on profits from the sale of capital assets. There must be a capital asset that is transferred, resulting in a gain. Assets are classified as short-term (held 36 months or less) or long-term. Gains from long-term assets face lower tax rates (20%) than short-term (15%). Some capital gains are exempt, such as from the primary residence if another home is purchased, agricultural land replaced, or compulsory land acquisitions for industry.
1) The document discusses income tax rules regarding income from house property, capital gains, and exemptions.
2) Key points include definitions of gross annual value and net annual value of let out properties, computation of income/loss from house property, and tax treatment of capital gains as short-term or long-term depending on holding period.
3) Exemptions are available under certain sections for reinvesting gains from sale of residential houses, agricultural land, and other assets in similar assets within prescribed time limits.
The document discusses income from house properties under the Indian Income Tax Act. It defines income from house properties as taxable if the property consists of a building or land, the taxpayer owns the property, and it is not used for business purposes. It provides details on computing income by determining gross annual value, deducting expenses like taxes and interest payments, and outlines special provisions for self-occupied properties and rental properties. The document also discusses topics like deemed ownership, treatment of vacant properties, co-owned properties, and the tax treatment of unrealized rent.
The document discusses capital gains tax in India. It defines capital assets and excludes certain assets like stock, consumables, personal effects, and agricultural land from the definition. It distinguishes between short-term capital assets held for less than 36 months and long-term capital assets held for more than 36 months. It also lists certain capital gains that are exempt from tax, such as gifts or distributions during a company liquidation. The computation of short-term and long-term capital gains for tax purposes is also summarized.
This document briefly explains the June compliance calendar 2024 with income tax returns, PF, ESI, and important due dates, forms to be filled out, periods, and who should file them?.
The Future of Criminal Defense Lawyer in India.pdfveteranlegal
https://veteranlegal.in/defense-lawyer-in-india/ | Criminal defense Lawyer in India has always been a vital aspect of the country's legal system. As defenders of justice, criminal Defense Lawyer play a critical role in ensuring that individuals accused of crimes receive a fair trial and that their constitutional rights are protected. As India evolves socially, economically, and technologically, the role and future of criminal Defense Lawyer are also undergoing significant changes. This comprehensive blog explores the current landscape, challenges, technological advancements, and prospects for criminal Defense Lawyer in India.
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
Receivership and liquidation Accounts
Being a Paper Presented at Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Friday, August 18, 2023.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
2. *
Any long term capital gain, arising to an individual or HUF, from the
sale of residential property (whether self occupied or on rent) will
be exempt to the extent such capital gains invested in the,
i. Purchase of another Residential Property within 1 year before
or 2 years after the due date of transfer of the Property sold
and/or
ii. Construction of Residential house Property within a period of 3
years from the date of transfer.
Provided that the new Residential Property purchased or
constructed is not transferred within a period of 3 years from the
date of acquisition.
3. iii. The building is owned by an individual or HUF.
iv. Such property was being used as a residential house.
v. Income of such property is chargeable under the head ‘Income
from house property’.
vi. The house property was held by the tax-payer for a period
exceeding 36 months before transfer.
SOME IMPORTANT POINTS:
In case of allotment of flat under the self-financing scheme of DDA
(or similar scheme of co-operative societies or other institution ) is
treated as construction of house for this purpose.
Exemption is not limited to acquisition of one house property. For
ex. an assessee may purchase two houses, or he can purchase a
House and construct floors of the house so purchased.
4. *
i. If the entire amount of capital gain is equal to or less than the
cost of the new house, then the entire capital gain shall be
exempt
ii. If the amount of Capital Gain is greater than the cost of the
new house, then the cost of the new house shall be allowed as
an exemption
5. If the new house (purchased or constructed) is transferred within a
period of 3 yrs. of its purchase or construction, the exemption
given earlier will be withdrawn.
The old capital gain and new capital gain shall be treated as short-
term capital gain and chargeable to tax in the previous yr. in which
the new residential house is transferred.
6. *
The Amount of Capital Gain which is not utilised by the
Assessee for the purchase or construction of the new house before
the due date of furnishing of the Income Tax Return then it should
be deposited by him under the Capital Gains Account
Scheme,1988, with specified bank authorised by the central govt.
before the due date of furnishing the return to avail exemption.
The proof of such a deposit shall be attached with the Income Tax
Return.
After such deposit he must utilize the deposit for acquiring the
new house within 3 yrs. From the date of transfer of the old
house.
7. *
Any capital gain, arising to an individual or HUF, from the transfer
of agricultural land situated in urban area is exempt subject to the
following conditions :
i. The agricultural land is owned by an individual or HUF.
ii. The agricultural land was being used by an individual or his
parents for agricultural purposes for a period of two years
immediately preceding the date of transfer.
iii. the assessee has purchased within a period of two years from
the date of transfer any other land for agriculture purpose.
8.
9. *
Any capital gain arising, to any assessee, on the transfer ( land and
building used for industrial undertakings ) by way of compulsory
acquisition under any law is exempt subject to the following
conditions :
i. The land or building used by the assessee for the purpose of an
industrial undertaking.
ii. And it has been used for at least 2 years immediately preceding
the date of compulsory acquisition.
iii. The assessee has purchased any other land or building or
constructed any other building , within a period of 3 years after
such transfer, for the purpose of shifting or re-establishing the
industrial undertaking or setting up another industrial
undertaking.
10.
11. *
Any long-term capital gain arising, to any assessee, on the transfer of
any long term capital asset and invested in any long term specified
asset is exempt subject to the following conditions :
i. A long-term asset is transferred by any assessee (whether
individual, firm, HUF, company or any other)
ii. The investment in long-term specified asset should be made
within 6 months from the date of transfer of the capital asset.
12. Long-term specified asset means any bond redeemable after 3
years and issued by (on or after 1.4.2007)
a. The National Highway Authority of India
b. The Rural Electrification corporation Limited
“ The return on bonds is taxable income ”.
13. If the specified asset is transferred (or converted into money or
any loan/advance is taken on the security of specified asset)
within 3 years from the date of their acquisition , the exempted
amount of capital gain shall be chargeable to tax as long-term
capital gain of the previous year in which the new asset is
transferred.