Section 47A - Withdrawal of Exemption (Holding-Subsidiary Transaction) 47A(1)(ii), if the parent company or its nominees ceases to hold the whole of the share capital of the subsidiary company before the expiry of eight years from the date of transfer, the exemption under section 47(iv) would be withdrawn retrospectively. #WithdrawalofExemptionHoldingSubsidiaryTransaction

SPECIAL PROVISIONS RELATING TO COMPANIES Section 46 The Companies Act, 2013 Section No. Section Name 44 Nature of shares or debentures 45 Numbering of shares 46 Certificate of shares 47 Voting rights #SPECIALPROVISIONSRELATINGTOCOMPANIES

Section 45(5A) TRANSFER OF CAPITAL ASSET UNDER JOINT DEVELOPMENT AGREEMENT 45 of Income Tax Act, 1961, a person is liable to capital gains in the year in which transfer takes place, irrespective of receipt of sale consideration. However, a new amendment, Sec. 45(5A) is introduced by Finance Act, 2017, with effect from 01/04/2018, providing great relief to individuals #joindevelopementagreement

Section 45(5) where by reason of the death of the person who made the transfer, or for any other reason, the enhanced compensation or consideration is received by any other person, the amount referred to in clause (b) shall be deemed to be the income, chargeable to tax under the head" Capital gains", of such other person.] #theincometaxact

TRANSFER OF CAPITAL ASSET BY WAY OF COMPULSORY ACQUSITION Compensation against such acquisition is provided to the assessee by the government. On occurrence of such transactions capital gain is to be computed as per the provisions of Income Tax Act. Section 45 of the act deals with situations which are not actual transfer but are deemed to be transfer of capital asset #TRANSFEROFCAPITALASSETBYWAYOFCOMPULSORYACQUSITION

COMPUTATION OF CAPITAL GAINS — SPECIAL CASES Section 45(1A) Section 45 of Income Tax Act, 1961 provides that any profits or gains arising from the transfer of a capital asset effected in the previous year will be chargeable to income-tax under the head 'Capital Gains'. Such capital gains will be deemed to be the income of the previous year in which the transfer took place #COMPUTATIONOFCAPITALGAINS

Section 55 -, COST OF ACQUISITION (‘COA') Cost of Acquisition (COA) means any capital expense at the time of acquiring capital asset under transfer, i.e., to include the purchase price, expenses incurred up to acquiring date in the form of registration, storage etc. expenses incurred on completing transfer #COSTOFACQUISITION

Section 48 MODE OF COMPUTATION OF CAPITAL GAINS Full Value of Consideration (Section 48) in lieu of Capital Asset for Calculating Capital Gain. ... If it is received in kind, then fair market value of such assets is taken as full value of consideration. Full value of consideration does not mean market value of that asset which is transferred #Section48MODEOFCOMPUTATIONOFCAPITALGAINS

Section 2(14) - DEFINITION OF 'CAPITAL ASSET' Search Results Featured snippet from the web According to section 2(14) of the Income-tax Act, the word 'capital asset' means, 'property of any kind held by an assessee'. ... As per the definition of capital assets under section 2(14) of the Act, any kind of property held by an assessee would come within the definition of 'capital asset #DEFINITIONOFCAPITALASSET

GOLD MONETIZATION SCHEME, 2015. Gold Monetisation Scheme (GMS) In Indian households, over 20,000 tonnes of gold is lying idle. ... The scheme was launched by the Prime Minister of India in 2015 with an aim to mobilise gold and facilitate its use for productive purposes, which further will also help in reducing India's dependability on gold imports #GOLDMONETIZATIONSCHEME

SHORT-TERM CAPITAL GAINS v/s LONG-TERM CAPITAL GAINS Key Takeaways. When you sell a capital asset for more than you purchased it, the result is a capital gain. Short-term capital gains result from selling capital assets owned for one year or less. Long-term capital gains result from selling capital assets owned for more than one year #SHORTTERMCAPITALGAINSvsLONGTERMCAPITALGAINS

Section 45(1) CHARGING SECTION FOR CAPITAL GAINS Receipts from insurance parties [Section 45(1A)]:- Where any person receives any money or other assets under any insurance from an insurer, then, any profits or gains arising from receipt of such money or other assets shall be treated as “Capital gains” and shall be deemed to be the income of such person #Section45CHARGINGSECTIONFORCAPITALGAINS

DEEMED PROFIT IN CASE OF CERTAIN BUSINESSES Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than LLP) carrying on any business (other than transportation, agency, brokerage and commission) and having a turnover of Rs 2 crore or less, the profit #DEEMEDPROFITINCASEOFCERTAINBUSINESSES

ACCOUNTS AND AUDIT – SEC. 44AA AND 44AB Sec 44AA & 44AB & 44AD of Income Tax Act, 1961. Prescribed Books1: –In case of Specified Profession2 if Gross Receipts exceed Rs. ... In case of Specified Profession if Gross Receipts are less than 150000/- in any of 3 years immediately preceding previous year then assessee has to maintain books of accounts. #ACCOUNTSANDAUDITSEC44AAAND44AB

SPECIAL PROVISION FOR PERSONS ENGAGED IN SALE/PURCHASE OF LAND OR BUILDING Land fur-bearing or game animals which escape from captivity, unless ... to be wild fur-bearing or game animrals and shall be subject to the provisions of this act. ... in a special book showing the name and address of each person purchasing or ... fees: No person shall buy or sell the skins of fur-bearing animals #SPECIALPROVISIONFORPERSONSENGAGEDINSALEPURCHASEOFLANDORBUILDING

DEEMED PROFITS- CHARGEABLE TO TAX if any amount is subsequently withdrawn from the special reserve, it shall be deemed to be the profits and gains of business or profession and accordingly be chargeable to income-tax as the income of the previous year in which such amount is withdrawn, whether the business is in existence in that previous year or not #DEEMEDPROFITSCHARGEABLETOTAX

Section 40(b) REMUNERATION TO PARTNERS (Eg Salary, Interest on Capital; etc) As per section 40(b) only that salary, remuneration, bonus, commission etc payable to working partners or any payment of interest payable to any partner will be allowed as deduction only if it is authorized by the partnership deed #REMUNERATIONTOPARTNERS

Taxation of Payment to a Resident Each country has its own definition of tax residence, yet: you will usually be considered tax-resident in the country where you spend more than 6 months a year. you will normally remain tax-resident in your home country if you spend less than 6 months a year in another EU country. #TaxationofPaymenttoaResident

Salary Payable Outside India/Payable to Non-Resident MUMBAI: The Authority of Advance Rulings (AAR) has held that the salary income of a nonresident individual for services rendered overseas cannot be taxed in India, even when such salary is paid into a bank account in India #SalaryPayableOutsideIndiaPayabletoNonResident

DEDUCTIBILITY OF EXPENDITURE WHERE TDS HAS NOT BEEN DEDUCTED The Income Tax Act states certain circumstances where if the TDS deductible on payments has not been deducted appropriately, such expenses are expressly disallowed. ... Payment (for other than salaries) outside India or to a non-resident or foreign company (for example payments for interest, royalty, technical fee, etc.)Mar 9, 2020 #DEDUCTIBILITYOFEXPENDITUREWHERETDSHASNOTBEENDEDUCTED

PAYMENTS EXCEEDING Rs 10,000 TO BE MADE BY ACCOUNT PAYEE CHEQUE/DRAFT The income tax rule 6DD which deals with cases and circumstances in which a payment or aggregate of payments exceeding Rs 20,000 may be made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, has been amended #PAYMENTSEXCEEDINGRs10,000TOBEMADEBYACCOUNTPAYEECHEQUEDRAFT

PAYMENT TO -RELATED PERSON Payment made to a related person on account of an unrelated person needs to be mentioned. For example if rent is paid to a relative of a director (related person) for providing accommodation to an employee of company (not a related person), the payment of rent is required to be mentioned. #PAYMENTTORELATEDPERSON