When it comes to the computation of capital gains, understanding the cost of acquisition is crucial. Section 49 of the Income Tax Act, 1961, provides clarity on how the cost…
Capital gains taxation is an essential component of the Income Tax Act, 1961, and its provisions can significantly impact individuals and businesses involved in the transfer of capital assets. Section…
What Was Section 48(2) of the Income Tax Act? Section 48(2) of the Income Tax Act was a provision that allowed taxpayers to claim specific deductions from their long-term capital…
Capital gains taxation is a significant aspect of the Income Tax Act, particularly for individuals and entities engaged in the transfer of capital assets. Section 48 of the Income Tax…
The conversion of a private company or an unlisted public company into a Limited Liability Partnership (LLP) is a common strategy for businesses looking to benefit from the flexibility and…
When it comes to business reorganization, mergers, or demergers, one critical aspect that companies need to understand is the tax implications of transferring capital or intangible assets. Sections 47(xiii) and…
Capital gains taxation is a significant aspect of income tax that impacts anyone involved in the transfer of capital assets. Section 45 of the Income Tax Act, 1961, provides the…
When a company goes into liquidation, it triggers various legal and financial processes that affect both the company and its shareholders. One of the key areas of concern is the…
The Income Tax Act, 1961, has undergone numerous changes to adapt to the evolving economic landscape. One significant amendment brought about by the Finance Act, 2018, impacted Section 55 of…
The government has announced significant changes to the taxation of capital gains, aiming to simplify and rationalize the process. These changes are designed to make the tax system more straightforward…