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When we discuss taxation in India, the concept of a "capital asset" plays a pivotal role in determining capital gains taxation. Defined under Capital Asset [Section 2(14)] of the Income…
Agricultural income is a critical aspect of Indian taxation, with its unique definition and exemptions rooted in the Constitution. This blog provides a comprehensive guide to Section 2(1A) of the…
The Indian Income Tax Act, 1961, contains various provisions designed to tackle tax evasion and unaccounted wealth. One such significant provision is Section 69A, which focuses on the taxation of…
When dealing with capital assets, understanding the cost of acquisition is crucial for accurately calculating capital gains tax. Section 49 of the Income Tax Act, 1961, provides detailed guidelines on…
Introduction Transferring a capital asset to a partnership firm, Association of Persons (AOP), or Body of Individuals (BOI) is a significant event that can have important tax implications. Under the…
Section 41 of the Income Tax Act, 1961, plays a crucial role in ensuring that taxpayers do not gain undue benefits from amounts previously allowed as deductions in their tax…