The Finance Act plays a pivotal role in updating and amending various provisions under the Income Tax Act, 1961 to reflect current economic conditions, policy changes, and government priorities. One of the key areas impacted by amendments in the
Section 54EC of the Income Tax Act, 1961 provides tax relief for taxpayers who face long-term capital gains (LTCG) from the sale of assets like land, property, and securities. By reinvesting the gains in specified bonds, such as those
The taxation of capital gains arising from the sale of shares and securities by non-residents is governed by specific provisions under the Income Tax Act, 1961. Section 115E plays a key role in determining the tax treatment of capital
The Income Tax Act, 1961 provides specific provisions for the taxation of capital gains arising from the compulsory acquisition of assets under Section 45(5A). When a government authority acquires a capital asset (such as land, property, or any other
When taxpayers disagree with an order passed by the Assessing Officer (AO) or other tax authorities, they have the right to challenge the decision by filing an appeal with the Commissioner of Income Tax (Appeals) (CIT(A)). The appeal process
When a taxpayer is aggrieved by an order passed by the Assessing Officer (AO) or other tax authorities under the Income Tax Act, 1961, they have the right to file an appeal to the Commissioner of Income Tax (Appeals)
The taxation of capital gains from the sale of unlisted shares is governed by Section 45 of the Income Tax Act, 1961. Unlike listed shares, which are traded on stock exchanges, unlisted shares are privately held and are not
In the Income Tax Act, 1961, taxpayers have the right to challenge the decisions made by the Assessing Officer (AO) or other tax authorities through appeals. However, there may be circumstances where a taxpayer is unable to file an
Section 54B of the Income Tax Act, 1961 provides special provisions for the taxation of capital gains arising from the sale of agricultural land. The objective of Section 54B is to provide relief to farmers and individuals involved in
When a business entity such as a firm or an Association of Persons (AOP) undergoes dissolution or reconstitution, the treatment of its capital assets becomes a critical area of tax concern. Under Section 45(4) of the Income Tax Act,
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