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 […]
Effect of Double Taxation Avoidance Agreement
If an agreement is entered into under this section, the effect of the same shall be as under:- (i) If no tax liability is imposed under the Income-tax […]
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 […]
Taxation of Business Process Outsourcing Units
The provisions containing taxation of IT-enabled business process outsourcing units are not contained in the Income-tax Act, 1961 but are given in Circular No. 5/2004, dated 28-9-2004 issued […]
Bill Hemmer’s Tax Returns Reveal Astounding Income
Bill Hemmer has a net worth of $35 million. Hemmer earns a $6 million salary annually from Fox News for hosting America’s Newsroom. Hemmer’s first job was with […]