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Within the time frame that may be prescribed by the Securities and Exchange Board of India, all recognised stock exchanges mentioned in section 4A shall submit a corporatization and demutualization plan for approval to the board. It is high time that you shall see notes on section 12a of income tax act.

According to the requirements of the Income Tax Act, capital gains occur when a capital asset is "transferred" during the prior year. No income is subject to taxation under the category "capital gains" if there is no transport of a capital asset.

The Company Law in India defines a holding company as a commercial entity that is registered with the intention of controlling other businesses. Another legal entity may be owned by the holding company through share ownership or managerial control. Under Section 2 (46) of the Companies Act 2013, entrepreneurs who are interested in forming a company in India using this business form may discover a detailed explanation of the word.

The excess amount that a shareholder gets from the liquidated firm over his initial investment in the share capital of that company will be subject to capital gains tax. The shareholder may be subject to tax under the title Capital gains in respect of the cash collected or the market value of other assets paid in specie upon liquidation, as reduced by the amount evaluated as a dividend under section 2(22), according to Section 46(2) of the Income-tax Act, 1961.

With regards to the taxability of distributions of capital assets, stock-in-trade, or money by a partnership business to its partners on its dissolution or reconstitution, the Finance Act of 2021 introduced several substantial adjustments, which have been explored here. One should know about 80g.

The topic of whether gifts are taxable is one that taxpayers ask themselves frequently and on a regular basis. You can learn about various provisions relating to the taxability of gifts received by an individual or a Hindu Undivided Family (HUF) in this section. A gift is any money or property that is given to an individual or a HUF without asking for it or in situations where the property is acquired for too little money.

Despite anything to the contrary stated in sections 28 to 43A, in the case of a taxpayer who is a non-resident, no allowance shall be made in computing the income chargeable under the head "Profits and gains of business or profession" in respect of a significant portion of the expenditure in the nature of main office outlay as is in excess of the amount computed as per the following:-

Despite anything to the contrary provided in sections 28 to 43C, in the event of a taxpayer engaged in the business of civil engineering applications or supply of labour for civil engineering applications, an amount equivalent to 8% of the gross receipts received or due to the assessee for the business in the prior year, or, if applicable, any amount more than the aforementioned amount that the assessee reported in his income tax return will be judged to be the profits and gains o

Advantages

(1) Combating Black Money

The digital signature of the creator or author of the trust must be attached in order to submit an application under section 12a. An application for the establishment of a charitable or religious trust or organisation in accordance with Section 12a may be made using Form 10A. The online submission of the application should be required. The application must be sent to the Commissioner of Income Tax together with all required paperwork.