The existing provision of section 54EC provides that capital gain to the extent of Rs. 50 lakhs arising from the transfer of a long-term capital asset shall be exempt if the assessee invests the whole or any part of capital gains in certain specified bonds, within the specified time. Currently, …

The existing provisions of section 55 provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains in respect of an asset acquired before 01.04.1981, the assessee has been …

Under the existing provisions of section 45, capital gain is chargeable to tax in the year in which transfer takes place except in certain cases. The definition of ‘transfer’, inter alia, includes any arrangement or transaction where any rights are handed over in execution of part performance of contract, even …

As per section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2014, the specified compensation received by the landowner in lieu of acquisition of land is exempt from income tax. The Land Pooling Scheme is an alternative form of arrangement made by …

The existing provision of the Act provide for concessional rate of tax and also indexation benefit for taxation of capital gains arising from transfer of long-term capital asset. To qualify for long-term asset, an assessee is required to hold the asset for more than 36 months subject to certain exceptions, …

The existing provisions of section 194-I of the Act, inter alia, provide for deduction of tax at source at the time of credit or payment of rent to the account of the payee beyond a threshold limit. It is further provide that an Individual or a Hindu undivided family who …

Attention !! Service Tax Payers!! Have you updated your Mobile Number and E-mail ID on aces.gov.in? Did you know that the provisional ID for registration in GST Network and the related OTPs(One Time Password) will be sent to the Mobile Number and E-mail ID registered on aces.gov.in  It is important …

You are all aware that Goods and Services Tax law is being implemented all over the country. The Karnataka commercial taxes department has made all preparations to facilitate hassle-free and smooth transition to GST for all dealers registered under VAT, Entertainment Tax and Luxuries Tax in the State. The duration …

Prime Minister Narendra Modi on Friday launched an Aadhaar-based mobile payment application BHIM App at Digi Dhan Mela to promote and make digital transactions easier. Here are 13 things you need to know about the BHIM app for digital payment: What is BHIM: Bharat Interface for Money (BHIM) is an initiative to enable cashless …

MCA has notified new rules i.e. Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 on 27th December 2016 prescribing rule for winding up or closure of private limited company under companies act 2013. Following are the few important rules of such Notified Rules. Removal of name …