CAclubindia Articles

Capital gain valuation (Immovable Property) as per IT Act 1961

Mohammed Ibrahim 02 November 2021 at 09:40

Capital gain is "the amount by which the selling price of an asset exceeds the purchase price; the gain is realized when the asset is sold". (Word web Dictionary).

Set-Off and carry forward of losses

Taxblock 02 November 2021 at 09:22

There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses.

What is new Annual Information Statement (AIS) & Taxpayer Information Summary (TIS) ?

CA RAJAT RAWLANI 02 November 2021 at 09:22

On 1st Nov 2021 Income Tax Department has announced rollout of a new statement - AIS (Annual Information Statement). This (AIS) will give you all details (well almost all!) about YOUR financial transactions during the year.

Notices, Appeal, Revisions, Search & Seizure Under Income Tax

Taxblock 02 November 2021 at 09:22

If any person is receiving notice then they need to act on the notice. Recently CBDT which is known as Central Board of Direct Tax has launched the scheme that is termed as Centralized Communication Scheme, the scheme says that all the communication shall be made in electronic mode.

Minimum Alternate Tax

Taxblock 02 November 2021 at 09:21

Minimum Alternate Tax or MAT is a provision that is in direct tax laws which is for companies, it is the provision for limit the tax exemptions which is availed by the companies.

Whether Registration Of Copyright Is Not Necessary To Sue For Infringement

FCS Deepak Pratap Singh 02 November 2021 at 09:21

For bringing suit for infringement of copyrights it is not necessary that subject matter should be registered with Registrar of Copyrights. But in case of infringement of a trade mark, the registration of trade mark is necessary for bringing any suit for infringement.