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Tax Exemptions U/S 54GA and 54GB for Capital Gains from Relocation of Industries and New Manufacturing Facilities”

The relocation of industries and the establishment of new manufacturing facilities are essential for promoting industrial growth and economic development. To incentivize such activities, the Income Tax Act, 1961 provides tax exemptions under specific sections, such as Section 54GA,

What tax implications arise when the proceeds from the sale of a capital asset are reinvested in multiple residential properties instead of one under Section 54?

When an individual sells a capital asset, such as a residential property, the capital gains tax liability arises on the difference between the sale price and the cost of acquisition. However, the Income Tax Act, 1961 provides relief to

What Are the Specific Provisions for Taxing Capital Gains Arising from the Sale of Assets in a Slump Sale Under Section 50B?

A slump sale is a method of business transfer in which the entire business or a part of it, including its assets and liabilities, is transferred to another entity for a lump sum consideration. This type of transaction is

What is the Impact of the ‘Fair Market Value’ Method in Determining the Full Value of Consideration in Specific Cases Like the Transfer of Shares Under Section 50C?

When it comes to the transfer of assets, one of the critical components in calculating capital gains is the determination of the full value of consideration (FVC). In certain cases, such as the transfer of shares, the Fair Market

“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

Complete “Penalties and Risks of Non-Compliance with Section 44AB”

Introduction Under Section 44AB of the Income Tax Act, 1961, certain businesses and professionals are required to conduct a tax audit. The purpose of this audit is to ensure accuracy in financial reporting and compliance with tax laws. Failing

“What Happens When Personal Expenses Are Claimed as Business Costs?” A Complete Guide

Introduction Claiming personal expenses as business expenses is a common error or sometimes a deliberate act to reduce tax liability. However, under the Income Tax Act, 1961, such practices can lead to disallowance of expenses, additional tax liability, and

A Complete Discontinued Business Income: Tax Treatment and Compliance”

Introduction Employee welfare is an essential aspect of running a business, and some companies extend this welfare to include family planning expenses for employees. While promoting family planning initiatives is commendable, business owners often wonder whether such expenses are

“How Are Gains from Commodity Trading Taxed?” A Complete

Introduction Commodity trading involves buying and selling goods such as gold, silver, crude oil, agricultural products, and other resources through commodity exchanges. A common question arises: Are the gains or losses from commodity trading classified as speculative income under

“Tax Complete Guide for Non-Speculative Income from Derivatives”

Introduction Derivatives trading has become a common form of investment, but its taxation often raises questions for traders. Under Section 43(5) of the Income Tax Act, 1961, derivatives transactions executed on recognized stock exchanges are classified as non-speculative transactions,

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