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What is the complete meaning of “capital asset” under Section 2(14), and which assets are excluded from this definition?

A capital asset is a crucial term in the context of taxation, especially when it comes to the computation of capital gains under the Income Tax Act, 1961. Understanding what qualifies as a capital asset and what does not

How do you distinguish between short-term and long-term capital assets under Section 2(42A) and Section 2(29AA)?

Capital gains taxation under the Income Tax Act is a significant aspect for taxpayers who have investments in capital assets like property, shares, and securities. The classification of capital assets into short-term and long-term is crucial in determining the

What are the complete basic conditions for taxing capital gains under Section 45 of the Income Tax Act?

Capital gains are a vital component of the Indian Income Tax framework. They arise from the transfer of capital assets, and their taxation is governed primarily by Section 45 of the Income Tax Act, 1961. In this blog, we

“GST’s Role in Business Income Taxation: A Complete Guide”

Introduction The Goods and Services Tax (GST) is a significant reform in indirect taxation in India. While GST governs the taxation of goods and services, it has a substantial impact on the computation and taxation of income under the

“What Happens If You Skip a Tax Audit Under Complete Section 44AB?”

Introduction Section 44AB of the Income Tax Act, 1961 mandates a tax audit for businesses and professionals who meet specific turnover or gross receipt thresholds. This provision ensures accurate financial reporting and compliance with tax regulations. Non-compliance with Section

“Who Can Appeal Under Section 248 of the Income Tax Act and What Is Its Scope?” Complete Guide

Section 248 of the Income Tax Act, 1961 provides a mechanism for taxpayers to file an appeal when they have been subjected to an income tax assessment or other decisions by the Assessing Officer (AO). The provision is designed

“Impact of Finance Act 2023 on Appeals to Joint Commissioner (Appeals)” A Complete Guide

The Finance Act, 2023, introduced several significant changes to the Indian tax system, including modifications to the process of filing appeals under the Income Tax Act. One of the key changes was the impact on appeals to the Joint

“Types of Orders Appealable to the CIT (Appeals) ” Complete Guide

In the Income Tax Act, the Commissioner of Income Tax (Appeals) (CIT(A)) is the first appellate authority for taxpayers who are dissatisfied with an order passed by the Assessing Officer (AO) or other tax authorities. The CIT(A) plays a

“Provisions Under Section 246 and 246A for Appeals to the Commissioner (Appeals)” Complete Guide

Section 246 and Section 246A of the Income Tax Act, 1961 play a crucial role in the tax appeal process. They lay down the framework for how taxpayers can challenge the orders of tax authorities and seek redress through

“Difference Between Appeals and Revisions in Income Tax”? Complete Guide

In the context of Income Tax, both appeals and revisions allow taxpayers to challenge or rectify orders passed by tax authorities. While both serve as mechanisms to resolve disputes, they differ significantly in terms of process, authority, and scope.

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