Income Tax

Brief: –Finance Act 2006 has inserted a new section 115BBC which provides that anonymous donations received by assessee on behalf of any university or other educations institution or hospital or institution referred to in 10(23C) or trust or institution referred to in section 11 be included in total income and

Chargeability of Capital Gain – Section-45 What Section 45 says ? This article is contributed by Partners of SBS and Company LLP – Chartered Accountant Company. You can be reached at info@sbsandco.com

As per section 45 of ITA, 1961 income from transfer of capital asset is chargeable to tax under the head Capital Gains in the year in which transfer took place. This section is subject to provisions of Section 54/54B/54D/54EC……   Assessee can claim deduction or exemption for capital gain arising

Brief: – Charitable Institutions plays an important role in social welfare. These institutions are engaged in providing various services ranging from education to relief of poor across regions of the country. They operate on non-for-profit motive. The various resources mobilised by these institutions will be used for their objectives for

Finance Act 2017 has introduced Section 45(5A) providing that income arising to individual or HUF from transfer of capital asset, being land or building or both under a specified agreement is chargeable to tax in the previous year in which certificate of completion for the whole or part of the

In the era of digitized information, online advertising has grown leaps and bounds over the decade. In this regard, Google has introduced revolutionary technology called ‘Google AdSense’. The said technology can be broadly classified in two types. One is ‘AdSense for Search’, where the said technology is designed to enable

Finance Act, 2017 has introduced few changes to TDS (‘Tax Deducted at Source’)/TCS (‘Tax Collected at Source’) provisions ranging from introduction of new sections, rate changes and extension of concessional rate TDS. This article summaries the changes which are applicable w.e.f 01-04-2017/01-06-2017.   Section 194IB: – The Section provides that

Scheme of Taxation of Non-Residents:   Section 5 of the Income Tax Act, 1961 provides for taxability of income in the hands of Non-Resident. Total Income of the Non-Resident includes all the income which is received or deemed to be received in India by or on behalf of such person

Brief about Joint Development Agreements:   It is very common that the builder/developers enter a development agreement with the land owners for construction of residential/commercial apartments. This would be a win-win situation both for the land owner and builder/developer since the said arrangement would save huge cash flow for the

History:–   Finance Act (no.2) 2009 has introduced the provisions of section 206AA. It provides that the deductee should furnish his PAN to the person responsible for deducting the tax else the minimum rate of TDS applicable would be 20%.   The requirement to obtain PAN is governed by the