SECTION – 54GA CAPITAL GAINS ON TRANSFER OF ASSET FROM URBAN AREA TO SPECIAL ECONOMIC ZONE   What is the nature of Capital Asset? Section 54GA covers the transfer of industrial undertaking from Urban areas to Special Economic Zones For the purpose of this section, industrial undertakings mean land, building, plant or machinery or right … Continue reading “SECTION – 54GA CAPITAL GAINS ON TRANSFER OF ASSET FROM URBAN AREA TO SPECIAL ECONOMIC ZONE”

Section 54G – Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from Urban area to Non-Urban area   Nature of Transfer covered under Section 54G The section 54G covers the transfer of a capital asset due to shifting from urban areas to a non-urban area. For the purpose … Continue reading “Section 54G – Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from Urban area to Non-Urban area”

SECTION – 54F CAPITAL GAINS ON THE TRANSFER OF CAPITAL ASSET   What is the nature of Capital Asset? If the capital gain arises from any long-term capital asset, not being a residential house, exemption can be claimed under this section.   Who can claim exemption under this section? Any individual or HUF is eligible … Continue reading “SECTION – 54F CAPITAL GAINS ON THE TRANSFER OF CAPITAL ASSET”

Section 54D – Exemption of Capital gain on compulsory acquisition of lands and buildings in certain cases   Nature of Transfer covered under Section 54D This section deals with the capital gain which arises when any land or building or any right in land or building, forming part of an industrial undertaking, stands transferred by … Continue reading “Section 54D – Exemption of Capital gain on compulsory acquisition of lands and buildings in certain cases”

Exemption from Capital Gains – Profit on Sale of Property Used for Residence   Nature of Transfer covered under Section 54 The Section 54 provides for an exemption from the tax where you have transferred a residential house.   Who can claim the benefit of the exemption? The benefit of section 54 is available where … Continue reading “Section 54 – Exemption from Capital Gains – Profit on Sale of Property Used for Residence”

Section 54B – CAPITAL GAINS ON THE TRANSFER OF LAND USED FOR AGRICULTURAL PURPOSE   What is the nature of Capital Asset? If the capital gain arises from the transfer of the land which is used for agricultural purposes for at least 2 years before the date of the transfer by the seller or by … Continue reading “Exemption on Capital gain on transfer of land used for Agricultural purposes – Section 54B”

Return of Income – Various Institutions   Section 139(4A): Charitable & Religious Trust or Institutions Liable to file ROI, if the total income exceeds the maximum amount not chargeable to tax. Here, total income means income before giving exemptions under Section 11 & 12. If the return is filed after the due date specified in … Continue reading “Return of Income – Various Institutions”

What is MSME? On the basis of the size of the enterprises it is classified into three categories i.e. Micro, Small & Medium enterprise, which is Known as MSME. Classification of Enterprises           The enterprises are classified on the basis of turnover & investment in plant & machinery. There are 3 types … Continue reading “MSME Registration”

Who is liable to file return under this section? Every company or a firm or a person other than a company or firm is obligated to file Return of Income under this section. However, a person other than a company or firm is obligated, only if, its total income exceeds maximum amount not chargeable to … Continue reading “Due Dates of Filing Income Tax Returns – Section 139”

What is a Belated return? A belated return is a return of income filed after the due date of filing of Income-tax return as prescribed in the Income-tax law. Although the term ‘Belated Return’ is not defined in the Income-tax law. The law relating to belated return is given under sub-section 4 of section 139 … Continue reading “Belated Return – Filing of Return after due date – Section 139 (4)”