2024 Proviso to section 48 of income tax act

Proviso to section 48 of income tax act

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August undefined, 2024

Webbenactment of Income Tax Act, 1962. Thus, the first condition to fall within the scope of proviso to section 13(1)(c)(ii) of the Act is satisfied. 8. As regards second condition i.e. the benefit to be granted to the assessee or the person referred to … Webb14 apr. 2024 · Delhi High Court held that right to use radio frequency spectrum or its subsequent transfer covered under Clause (j) of Section 66E which was effective from 14.05.2016. Accordingly, compensation received during Financial Year 2015-2016 not leviable to service tax. Facts- Mahanagar Telecom Nigam Ltd. (MTNL) – a Government …

Claim Of Non-Residents To Avail Reduced Rate Of Capital Gains

Webb23 feb. 2024 · ‘Slump sale’ meaning, pertinent available Section 50B of the Income Tax Act, considers the following important aspects : – There is a transfer of one instead more undertaking The send may be by any means (for cash consideration or through to exchange of shares/ misc form of consideration) iowa port of entry

Section 48 of Income Tax Act 1961 - Sorting Tax

WebbThe Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. … WebbHere are some of the benefits of the First Proviso to Section 48 of the Income Tax Act in line with Rule 115A: The consideration of sales and expenses in connection with the … Webb29 mars 2024 · Rule – 115A, Rate of exchange for conversion of rupees into foreign currency and reconversion of foreign currency into rupees for the purpose of computation of capital gains under the proviso to clause (a) of sub-section (1) of section 48 of the Income-tax Act, Published by Law@HostBooks at March 29, 2024 115A. iowa pork tenderloin sandwich recipe

LAWS OF MALAYSIA Act 833 - assets.kpmg.com

Section 48 of Income Tax Act: Tax Computation on Capital Gains

WebbIN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI BEFORE SH. H. S. SIDHU, ... that assessee had claimed interest of Rs.1,48,94,552/- of which ... also held that second proviso to Section 40(a)(ia) of the Act to be declaratory and curative and it has retrospective effect from 01.04.2005. Webb8 jan. 2024 · The term “Zero Coupon Bond” has been defined by Section-2 (48) of the Income Tax Act as below: - “Zero Coupon bond” means a bond: - (a) issued by any infrastructure capital company or infrastructure capital fund or public sector company or scheduled bank on or after the 1st day of June, 2005 iowa pork tenderloin sandwich near meWebb3 apr. 2024 · This book covers an in-depth Rule-wise commentary on the Income Tax Rules ... capital gains under 1st proviso to section 48 1434 117B &Recovery by TRO 1436 117C ... Finance Act, 2024 ... iowa pork producers seasoning

"WebbIn section 48 of the Income-tax Act, after the second proviso, the following proviso shall be inserted, namely:— " Provided also that nothing contained in the first and second … " - Proviso to section 48 of income tax act

Proviso to section 48 of income tax act

THE NEW REGIME OF REASSESSMENT PROCEEDINGS UNDER …

WebbSo the tax payable by the individual can be calculated as below- Income excluding LTCG- Rs 7 lakh (Rs 8 lakh – Rs 1 lakh) Tax payable on Rs 7 lakh as per old tax slab rates- Rs 52,500 20% tax on LTCG- Rs 20,000 (20% on Rs 1 lakh) Total tax payable- Rs 72,500 (excluding cess) 2. Webb11 apr. 2024 · This notification to notify the Cost Inflation Index (CII) for FY 2024-24 (AY 2024-25) is notified under clause (v) of the Explanation to section 48 of the Income-tax Act, 1961. The importance of CII or the Cost Inflation Index is that this number is used to arrive at the inflation-adjusted cost price of assets transferred for the purpose of computing …

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Webb17 okt. 2007 · Section 112, read with section 48, of the Income-tax Act, 1961 - Capital gains Tax on long-term capital gains - Whether benefit of proviso to section 112(1) … Webb27 apr. 2024 · Section provision to section 50C(1) provides that the provision of first proviso to section 50C(1) shall apply only in case where the amount of consideration or …

WebbAmendment of section 48. 18. In section 48 of the Income-tax Act, after the second proviso, the following proviso shall be inserted, namely:— "Provided also that nothing contained in the first and second provisos shall apply to the capital gains arising from the transfer of a long-term capital asset being an equity share in a company or a unit of an … WebbReduce the total taxable income by the amount of long-term capital gains (LTCG) and calculate tax on the income so reduced as per the normal applicable tax rates applicable …

WebbSection 48 - Mode of computation - Income-tax Act, 1961; Section 115A - Tax on dividends, royalty and technical service fees in the case of foreign companies - Income-tax Act, 1961 Webb13 sep. 2024 · [Proviso 3 to section 48]. (ii) Transfer of Soverign Gold Bond issued by RBI under the Soverign Gold Bond Scheme,2015. (iii) Transfer of shares in or debentures of an Indian Company by a non-resident assessee [Proviso 2 to section 48]. (iv) Transfer of an undertaking or division (assets etc.) in slump sale [section 50 B].

Webb11 apr. 2024 · Agriculture income is not taxed under any section of the Income Tax Act in India. As per Section 10 (1) of the Income Tax Act, 1961, agriculture income is exempt from income tax. This means that if a person earns income solely from agricultural activities, they do not have to pay income tax on that income. However, it is important to …

Webb10 okt. 2013 · • The proviso to Section 112(1) of the Act does not state that an assessee, who avails benefits of the first proviso to Section 48, is not entitled to benefit of lower rate of tax. • The said benefit cannot be denied because the second proviso to … iowa portable toilet serviceWebbFor section 48 of the Income-tax Act, the following section shall be substituted with effect from with effect from the 1st day of April, 1988, namely:—. Mode of computation and … iowa pork producers pork loinWebb7 juni 2024 · Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You … iowa port authorityWebbFor section 48 of the Income-tax Act, the following section shall be substituted with effect from with effect from the 1st day of April, 1988, namely:— Mode of computation and deductions 48. (1) The income chargeable under the head "Capital gains" shall be … iowa pork tenderloin sandwich recipesWebb11 apr. 2024 · This notification to notify the Cost Inflation Index (CII) for FY 2024-24 (AY 2024-25) is notified under clause (v) of the Explanation to section 48 of the Income-tax … iowa pork tenderloin trailWebb11 apr. 2024 · Also proviso to section 48 i.e. Mode of computation of capital gain states the mode when such cost inflation index needs to be used and when it will not be used as “that where long-term capital gain arises from the transfer of a long-term capital asset, other than capital gain arising to a non-resident from the transfer of shares in, or … iowa post office abbreviationWebb17 sep. 2012 · The First Proviso to s. 201 (1) as inserted by the Finance Act 2012 w.e.f. 1.7.2012 provides that any person, including the principal officer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of this Chapter on the sum paid to a resident or on the sum credited to the account of a resident shall … iowa pork producers recipes