2024 Section 10 38 of income tax act 1961

Section 10 38 of income tax act 1961

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August undefined, 2024

Webt. e. The Income Tax Department (also referred to as IT Department or ITD) is a government agency undertaking direct tax collection of the government of India. It functions under the Department of Revenue of the Ministry of Finance. [5] The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT). Web8 Dec 2024 · The long-term capital gains tax under section 112A of 10 percent is only on the gains above Rs 1 lakh. In our example, the tax would be levied on Rs. 2 lakh at 10% and …

Several foreign companies get tax notices on India investments

Web15 Feb 2024 · Presently, any income arising from the transfer of a long term capital asset, being an equity share in a company or a unit of an equity oriented fund is exempt under the provisions section 10 (38) of Income Tax Act, 1961 (ITA) subject to following conditions: Web18 Jun 2024 · In case of adenine domestic company, which has exercised an optional under Section 115BA of the Income-tax Act, 1961 of rate of taxation from 30% to 25%, the depreciation subsidy available Section 32(1)(ii) of the Act in respect of any block of assets right until more than 40 per cent will be restricted to 40 per cents on the write down select ... graphic blazer womens

What Deductions Can Salaried Employees Avail While …

Web1 day ago · This is an appeal preferred by the assessee trust against the order of the Ld. Commissioner of Income Tax (Exemptions) [hereinafter referred to as the “CIT(E)”], Mumbai dated 23.03.2024 for assessment year 2024-18 passed under section 263 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”). Web1 Apr 2024 · According to Section 112A of the Income Tax Act, 1961, long-term capital gains that result from the transfer of a long-term capital asset, such as equity shares in a company, units in a mutual fund that invests in equity, or units in a business trust, are subject to tax at a rate of 10% of the gains. These long-term capital gains, however, will ... WebExplanation 1.-For the removal of doubts, it is hereby declared that for the purposes of this sub-clause, any sum paid on account of any rate or tax levied includes and shall be … graphic black sweatshirt

Section 10 of Income Tax Act, 1961 - iPleaders

Understanding the Presumptive Tax Regime u/s 44AD for eligible …

Web3 Aug 2024 · Before Assessment Year 2024-2024, long-term capital gain (LTCG) tax on transfer of equity share, units of equity oriented funds and units of business trust was exempted as per provisions of section 10 (38). Applicability Below mentioned is the applicability for long term capital gains under section 112A of Income Tax Act 1961: Web25 Feb 2024 · Finance Act, 2024 amended section 10(38) of the Income-tax Act, 1961 (the Act) stating that long term capital gains from transfer of listed equity shares acquired on … graphic blazers mensWeb1 Feb 2024 · The new budget reduced the TDS rate from 30% to 20% and also provides relief to presumptive tax payers. Extending benefits of standard deductions to new tax regime for salaried class and pensioners the new budget allowed standard deduction of 52,500 for Taxpayers having Income of Rs. 15.5 Lakhs. Further section 271 (1) (a) of Income Tax … chip\u0027s 0s

"Web10 Apr 2024 · Top 10 Income Tax Amendments applicable from April 2024. Vishal Punchhi , 10 April 2024. Share. 1. TDS on payment of interest on listed debentures to a resident. Section 193 of the Act provides for TDS on payment of any income to a resident by way of interest on securities. 2. " - Section 10 38 of income tax act 1961

Section 10 38 of income tax act 1961

Section 38 of Income Tax Act: for AY 2024-24 – AUBSP

Web6 Apr 2024 · M - On April 6, 2024 3:00 pm - 2 mins read. The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that complete absence of notice could not be cured by invoking Section 292BB of Income Tax Act 1961. Section 292BB of Income Tax Act states that when a notice was issued under any provision of the act shall be deemed … Web(i) any interest (not being interest on a loan issued for public subscription before the 1st day of April, 1938), royalty, fees for technical services or other sum chargeable under this Act, which is payable,- (A) outside India; or (B) in India to a non-resident, not being a company or to a foreign company,

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Web27 Jan 2024 · A study of Section 68 of the Income Tax Act, 1961 w.r.t Penny Stocks. CA Manisha , 27 January 2024. Share. Advocate Arjun Gupta has discussed the taxability of penny profits in light of the recent changes to Section 68 of the Income Tax Act and the decisions of various courts. He also argued that the law places an unfair burden on … WebTHE INCOME- TAX ACT, 1995 ACT NO. 43 OF 1961 [ date 13- 9- 1961] (Received the assent of the President on 13- 9- 1961) ... 1972, any income falling within clause (3) of section 10 of the Income- tax Act as it stood immediately before the …

WebThe taxable income of SM Energy Pvt. Ltd. computed as per the provisions of Income-tax Act is Rs. 28,40,000. Book profit of the company computed as per the provisions of section 115JB is ... than section 10(38)] section 11 and section 12 XXXXX The amount or amounts of expenditure relatable to, income, being share Web11 Apr 2024 · On 02.06.2003, Income Tax Officer (ITO) vide order under Section 201(1A) of the Act, 1961 levied penal interest of Rs. 4,97,920/ for the period of delay in remittance of TDS. On 09.10.2003, the Additional Commissioner of Income Tax issued a show cause notice proposing to levy penalty under Section 271C of the amount equal to TDS.

Web4.2.3 Stage 3. The value of the developed land and undeveloped land, apportioned in respect of the hospital hereditaments non- domestic use, shall be added in accordance with Appendix 7.. 4.2.4 ... WebThe Finance Act, 2003 provides that any long-term capital gain regarding eligible equity shares in a company and purchased on or after 1-3-2003 but before 1-3-2004 would be exempt from tax. Eligible equity share means (i) any equity share in a company being a constituent of BSE-500 Index of the Stock Exchange, Mumbai as on 1-3-2003 and such ...

Web2 days ago · The Insight portal of the Central Board of Direct Taxes (CBDT) provides information to assessing officers, who then send out notices under Section 148A seeking an explanation. "Increasing number of taxpayers are receiving reassessment notices recently under Section 148 of Income Tax Act, 1961, where department has been issuing show … chip\u0027s 0uWeb2 days ago · On 09.10.2003, the Additional Commissioner of Income Tax issued a show cause notice proposing to levy a penalty under Section 271C of the amount equal to TDS. The High Court vide impugned judgment and order has dismissed the appeal preferred by … chip\u0027s 0whttp://www.bareactslive.com/ACA/ACT607.HTM chip\u0027s 0tWeb16 Jul 2024 · Depreciation allowance is one of the deductions allowed from business or professional income chargeable under section 28 or other income chargeable under section 56 (2) (ii) or 56 (2) (iii) of the Income Tax Act, 1961. As per section 32 of the Income Tax Act, 1961, depreciation is allowed on tangible assets and intangible assets owned, wholly ... chip\u0027s 0vWeb28 Mar 2024 · As per Section 10 (38) Long Term Capital Gains On Sale of Equity shares or Unit of Equity oriented funds Is Exempt if following conditions are satisfied Shares must … graphic blogsWeb1 day ago · According to Section 10 (14) of the 1961 Income Tax Act, special allowances are provided to salaried people in order to help them pay for their children's education costs and housing costs. Children Education Allowance. ₹ 100 per month per child up to a maximum of 2 children. (This gives you a maximum exemption of ₹2,400.) graphic bleached teesWebSection 10 (3) Income received via casual forms up to ₹5000 and up to ₹2500 for occasions like horse-racing. Section 10 (2A) Income received from the profit of being a partner to a company. Section 10 (4) (i) and (ii) Any interest amount paid to a non-resident of India in person or transferred through a bank account. graphic black t shirts