Section 153-Time Limit for Completion of Assessment

Section 153 of the Income Tax Act covers provision related to the time limit for completion of the assessment, reassessment, and recomputation. Section 153(1) of the Income Tax Act As per section 153(1); the assessing officer or income tax authorities shall not pass an order of assessment u/s 143 or 144; after the expiry of 21 months from the end of the AY in which the income was first assessable. For an order of assessment for the AY, beginning on 1st April 2018; no order for an assessment shall be…

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Section 153(9) of the Indian Income Tax Act

Section 153(9) of the income tax act provides that; the provisions of section 153 shall apply to and concerning any order of assessment, reassessment or reassessment; made before 1st June 2016. Section 153(9) of the Income Tax Act In case where a notice u/s 142(1) or 143(2) or 148(2) has been issued before 1st June 2016; and the assessment or reassessment has not been accomplished by such date; such an assessment or reassessment shall be completed as per the provisions of this section; as it stood immediately before its submission…

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Section 47-Transactions not regarded as Transfer

Section 47

Section 47 of the Income Tax Act, does not consider the following transactions as transfer. Thus, any gain arising from such transactions is also not taxable under the head ‘Capital Gains’. Section 47 -Transactions not regarded as Transfer 1. Any distribution of capital assets on the entire or partial partition of a HUF. 2. Any transfer of a capital asset under a will or gift or an irrevocable trust. Exception: This clause shall not apply to the transfer; under an irrevocable trust or a gift of a capital asset being;…

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Section 194LBA of Indian Income Tax Act

section 194LBA

Under section 194LBA of the income tax act, where any distributed income referred to in section 115UA; being of the nature referred as in clause (23FC) of section 10, is payable by a business trust to its unit holder being a resident; the person liable for making payment, shall deduct income tax at 10%; at the time of credit of such payment to the account of the payee; or at the time of payment thereof in cash or by cheque or draft or by any other mode; whichever is earlier.…

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Capital Gains Account Scheme Need To Know About

Capital Gains Account Scheme

What Every Investor Needs to Know About Capital Gains Account Scheme Capital Gains Account Scheme launched in 1988; is an account you can open with an authorized bank and deposit the money from long-term capital gains; which will be utilized for buying or building a house for availing the capital gains tax exemption U/S 54 or 54F of the Income Tax Act. Capital Gains Account Scheme You can avoid tax on long-term capital gains by investing either the profit or sales proceeds in buying or building a residential property. However,…

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