Section 45 of the Income Tax Act, 1961 provides for chargeability of Capital Gain on transfer of a “Capital Asset”. Capital Gain arises only when a capital asset is transferred. If the asset transferred is not a capital asset, it will not be covered under the head “Capital Gains”. The
Alternative Minimum Tax (AMT) Vs Minimum Alternative Tax (MAT) – A Perspective
Alternative Minimum Tax (Sec 115JC to 115JF): Finance Act 2011 has introduced payment of Alternative Minimum Tax (AMT) on Limited Liability Partnership. Finance Act, 2012 has extended the scope of AMT by making applicable it to all persons except companies. It is applicable if any person is claiming deduction U/S
Application of Section 50 and 50C
Is it right in law in applying the section 50C and section 50 (depreciable assets) while computing capital gains on sale of depreciable assets? Assessee is a partnership firm. It has sold the office building used earlier for business purpose during the previous year. The asset was sold for a
Disallowance Of Expenditure Due To Non – Compliance of TDS Provisions
Section 40 of the Income Tax Act, 1961 provides for non-deduction of amount of expenditure specifically mentioned there in. One of the important provisions which merit our attention and faced by many assesses in day to day transactions is 40(a)(ia). Section 40(a)(ia) provides for disallowance of expenditure in relation to