In supersession of On-site Post Clearance Audit at Premises of Importer and Exporter Regulations, 2011, Government has notified Customs Audit Regulations, 2018. For this reason, a separate section […]
Guidelines for Taxability of Gifts Received in Cash and Kind
In order to prevent the practice of receiving sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of […]
Stock Transfers Between Branches is Supply under GST
It is a common practice in business to transfer goods transferred amongst different units of same entity, for instance, distribution of samples manufactured in a factory to different […]
Computation of Income through Arm’s Length Price
Income to be computed at arm’s length price [Section 92(1)] Any income arising from an international transaction shall be computed having regard to the arm’s length price. Although […]
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Clubbing of income of a minor child [Section 64(1A)]
In computing the total income of an individual, there shall be included all such income as arises or accrues to his minor child. Therefore, the income of a […]
Analysing Section 54 of the Income Tax Act
Section 54 from the Bare Act According to Section 54, Any long-term capital gain, arising to an individual or HUF, from the transfer of a residential house property […]