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Section 194 – I: TDS on Rent

Section 194 – I: TDS on Rent   What is the meaning of ‘Rent’ as per Section 194I? Rent means any payment by whatever name called, under any lease, sublease, tenancy, or any other agreement or arrangement for the use of (either separately or together) any, land Building (including factory building) Land appurtenant to a … Continue reading “Section 194 – I: TDS on Rent”

Section 192 – TDS on Salary

Section 192 – TDS on Salary   Who is responsible for deducting TDS under this section? Any person who is responsible for paying any income chargeable under the head “Salaries” is responsible for deducting TDS under section 192.   At what rate TDS is to be deducted under section 192? The income tax is deducted … Continue reading “Section 192 – TDS on Salary”

SECTION – 54GA CAPITAL GAINS ON TRANSFER OF ASSET FROM URBAN AREA TO SPECIAL ECONOMIC ZONE

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

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 54D – Exemption of Capital gain on compulsory acquisition of lands and buildings in certain cases

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”

Section 54 – Exemption from Capital Gains – Profit on Sale of Property Used for Residence

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”

Exemption on Capital gain on transfer of land used for Agricultural purposes – Section 54B

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”

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