akhilesh's blog

Chargeability

If the requirements below are met, capital gains will be subject to tax:-

When the capital gain results from the transfer of a capital asset—such as land or a building or any right in land or a building—that is a part of an industrial undertaking owned by the assessee and that, in the two years prior to the date on which the transport took place, was being utilised by the taxpayer for the purposes of the business of the mentioned undertaking by way of compulsory acquisition under any law, and the taxpayer has within three years of that date acquired a

When a capital gain results from the sale of property that was utilised for agricultural purposes by the assessee, who is either an individual, his parent, or a Hindu undivided family, during the two years before to the date on which the transfer occurred, and the taxpayer has acquired any additional land for agricultural use within two years of that date, then, rather than the capital gain being charged to revenue as income of the prior year in which the transfer took place, it s

Any expense that is laid out or spent wholly and exclusively for business or professional purposes (and not of the kind described in sections 30 to 36, nor of the kind that constitutes capital spending or personal expenses of the assessee) is allowed in calculating the income charged under the head "Profits and gains of business or profession."

Despite anything to the contrary in section 2's clause (42A), if the capital asset is an asset that is a part of a block of assets for which depreciation has been permitted under this Act or the Indian Income-tax Act of 1922, (11 of 1922), the following amendments shall apply to sections 48 and 49's provisions:-

When the evaluation received or accumulating as a result of the acquisition by an assessee of a capital asset, such as land or a building or both, is less than the value adopted, assessed, or assessable by any jurisdiction of a State Government (referred to as the "stamp valuation authority" in this section), for the purpose of paying stamp duty in respect of such transfer, for the purposes of Section 48, the value thus adopted, assessed, or assessable shall be understoo

The oldest commercial bank in India is the State Bank of India (SBI). It was established in accordance with the 1955 State Bank of India Act (Act No. 23 Of 1955). With its headquarters in Mumbai, Maharashtra, it is an Indian multinational public service bank and statutory authority for financial services.

Any profits or earnings from the slump sale that was carried out in the prior year are subject to income tax as capital gains resulting from the transport of long-term capital assets and are considered part of the income of the prior year in which the transfer was carried out.

Pay a visit to 80g.

For tax reasons, demerger entails a National Company Law Tribunal (or "NCLT") process, as is usually recognised. It is accomplished by a compromise or arrangement plan in accordance with Sections 230 to 232 of the 2013 Companies Act.