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Foreign Income Disclosure: What You Need to Know About the Department’s Latest Advisory

CA Sunil Arora

Public advisory issued by the department as part of compliance-cum-awareness campaign regarding disclosure of Foreign Income Assets. The taxpayers who have not disclosed their foreign income or for ........ View More

  • 26/11/2024
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  • Visitor's Count: 134

Structure Of The Reassessment Provisions Under The Income Tax Laws

CA Sunil Arora

Section 147. Income escaping assessment After complying with the provisions of Section 148 to 153, the A.O. may assess or reassess income which has escaped assessment. Section 148. Issue of notice ........ View More

  • 24/08/2024
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  • Visitor's Count: 1715

Amendment By Finance Act, 2024 To The Existing Law W.r.t. Reassessment Of Income

CA Sunil Arora

The proposed provisions with respect to reassessment of income have made substantial changes to the existing law contained in section 148, 148A, 149 and Section 151 of the statute. Some of them are br ........ View More

  • 23/08/2024
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  • Visitor's Count: 1730

Reassessment of Income; Finance Act, 2024 by CA Sunil Arora

CA Sunil Arora

Provisions with respect to reassessment of income contained in section 147 to 151 of the Income Tax Act, 1961 were substituted by the Finance Act 2021, with effect from 1st of April 2021. The said sub ........ View More

  • 23/08/2024
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  • Visitor's Count: 1739

Deduction of tax from payment made for acquisition of property (Section 194-IA)

CA Sunil Arora

Section 194-IA of the Income Tax Act, 1961 primarily provides for deduction of tax at the rate of 1% of consideration paid to a resident for acquisition of an immovable property. The said provision ........ View More

  • 02/08/2024
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  • Visitor's Count: 374

Taxation of Premium Received on Issue of Shares Finance bill 2024

CA Sunil Arora

The concept of taxing premium on issue of shares was brought in to the statute by Finance Act, 2012 with effect from 1st of April, 2013 by inserting section 56(2)(viib) in the Income Tax Act, 1961. Th ........ View More

  • 01/08/2024
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  • Visitor's Count: 1898

Taxation of Long Term Capital Gains From Assets other than Financial Assets. Finance Bill, 2024

CA Sunil Arora

Changes proposed by the Finance Bill, 2024 with respect to Taxation of Long Term Capital Gains arising from Assets other than Financial Assets. The Finance Bill, 2024 introduced by the Finance Mini ........ View More

  • 25/07/2024
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  • Visitor's Count: 462

Buy Back of Shares by Company | CA Sunil Arora

CA Sunil Arora

The Finance Bill, 2024 introduced by the Hon’ble Finance Minister in Parliament on 23rd July, 2024 has proposed total revamping of provisions with respect to taxability of buyback of shares by a compa ........ View More

  • 25/07/2024
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  • Visitor's Count: 442

Amendment regarding MSME under Section 43B of Income Tax Act,1961

CA Sunil Arora

MSME units make a major contribution towards the economy and for generation of employment in our country. The legislature brought into the statute Micro-Small and Medium Enterprise Development Act, 20 ........ View More

  • 09/02/2024
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  • Visitor's Count: 444

Ascertaining Indexed Cost of Acquisition where payment has been made in instalments

Ascertaining Indexed Cost of Acquisition where payment has been made in instalments. Acquisition of properties have over the years changed to a format wherein the buyer enters into an agreement to ........ View More

  • 22/07/2023
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  • Visitor's Count: 561

 
     
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