akhilesh's blog

When an assessee is a company and the income tax on the total income computed under this Act for any prior year relevant to the assessment year beginning on or after the first day of April, 81[2012], is less than 18.5 percent of its book profit, that book profit is deemed to be the assessee's total income, and the tax payable by the taxpayer on such total income is the amount of income tax at the applicable rate.

No deduction for any expense or allowance under any provision of this Act shall be permitted in calculating the investment returns of a non-resident Indian.

A mutual fund is a type of financial intermediation in the capital market that pools collaborative investments from retail and commercial investors in the form of units and manages a portfolio of different schemes that invest those collective investments on behalf of the investors in debt and equity instruments.

If the Board grants the Director-General, Chief Commissioner, or any other Joint Director or Joint Commissioner the necessary authority in this regard and they have grounds to think that:-

When an industrial enterprise located in an urban region relocates to another location, the capital gain from the transfer of a capital asset, such as machinery, plant, a building, land, or any rights in a building or land utilised for the activity of the industrial undertaking, gets implemented and within a period of one year prior to or three years following the date on which the transfer took place, the assessee has made pur

The portion of the capital gain that the assessee does not use to finance the acquisition of a new asset within a year of the date on which the transfer of the prior asset occurred, or which, prior to the date of submitting the return of income, is not used by him for the acquisition or building of the new asset, before submitting such a return, he must deposit that sum into an account at any bank or other institution that may be mentioned in any programme.

The interest payable as stated must be regarded to be the owner's income and not the income of any other person, whether or not it would have been subject to income tax, if the owner of any securities sells or transfers those securities and buys back or reacquires them. It occurs if the outcome of the transaction is that any interest that becomes due on securities is payable to someone other than the owner.

A record date is a date that may be established by a corporation, mutual fund, or unit trust of India for the purposes of determining the right of the holder of the shares or the unit-holder to receive dividend or income, as the case may be. Interest includes a dividend. 

Depending at the kind of income, there are various classes for tax exemptions in India. Agricultural financial gain, pensions, allowances, and alternative varieties of income are among those who are excluded. Deduction of Tax at supply is another choice that's available. The financial exclusion that lowers ratable financial gain could be a tax exemption.

When a person has obtained a right by a transfer, either by itself or in connection with related activities, by virtue of which he has the authority to enjoy, immediately or in the future, any income of a non-resident person that, if it were subject to income tax, would have been chargeable to the first-mentioned person, that income shall be deemed to be the first-mentioned person's income for all purposes of this Act,