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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”

MSME Registration

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”

SECTION 44AD – PRESUMPTIVE TAX SCHEME FOR BUSINESSES

. Who can opt for presumptive taxation scheme under Section 44AD? All the small businesses with total turnover/gross receipts of up to Rs. 200 Lakh (except the business of plying, hiring and leasing goods carriages covered under section 44AE). Resident Individuals, HUF’s and partnership firms (but not LLP) and who has not claim deductions under … Continue reading “SECTION 44AD – PRESUMPTIVE TAX SCHEME FOR BUSINESSES”

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