Section 54 – Capital Gain Exemption: A residential home sale is a capital asset sale, and the profit is taxed as a capital gain.
Property of any sort, moveable or immovable, tangible or intangible, owned by the assessee for whatever purpose is included in the definition of capital asset under section 2(14) of the Income Tax […]
Black money is a major threat to the Indian economy. Section 269St was inserted in Income Tax Act,1961 to curb the problems caused by black money.
Black money has been a major threat to our economy. Many taxpayers use only cash transactions in order to evade their tax liabilities and their responsibility towards the country. Cash transactions […]
In sequence to acceptably fund its numerous activities, consequences, and responsibilities, the government of a country imposes income tax on its citizens. The taxation structure for this Income Tax Rebate under Section 87A diverges from country to country.
In India, this structure is developing, which signifies that your income tax liability […]
To ensure that the assessment is carried out in a consistent and well-organized way, each taxpayer is assigned a jurisdictional Assessing Officer based on the address listed in his Permanent Account Number (PAN Card) record and his income. Any communication between the income tax department and the taxpayer, as well […]
Depreciation rate is mentioned in the Income Tax Act for investments made in furniture, plant, and machinery by an assesses during the FY. The concept of depreciation is mainly used for writing off the cost of an asset over its useful life. It is a compulsory deduction either in the Straight-Line method or […]
Income tax is one of the most fundamental taxes any individual/business has to pay to the government on their income/profits. Income tax generated through the taxation system is directly contributed towards infrastructural development as well as towards payment of salaries of the central government employees. In this article, […]
