Section 194A provides for deduction of tax @10% by any person (other than an individual or a HUF whose total sales, gross receipts or turnover from the business […]
Tax on Casual Income and Winnings from Online Games
Section 115BB This section provides that income by way of winnings from lotteries, crossword puzzles, races including horse races or card games and other games of any sort […]
Exemption on Capital Gains From Compulsory Acquisition of Land
Conditions for Section 54D There must be compulsory acquisition of land and building or any right in land or building forming part of an industrial undertaking. The land […]
Transfer Pricing Officer Under Section 92CA
Where any person, being the assessee, has entered into an international transaction in any previous year, and the Assessing Officer considers it necessary or expedient so to do, […]
Understanding Customs Audit under section 99A
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 […]
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 […]
Capital Gains in Respect of Slump Sale
What is Slump Sale? As per section 50B of the Indian Income Tax Act, Slump sale means transfer of one or more undertakings, by any means, for a […]
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 […]
Tax on distribution of assets by companies in liquidation
Section 46(1) – No capital gain to company on distribution of assets to shareholders on liquidation: Wwhere the assets of a company are distributed to its shareholders on […]