Section 2 47 of income tax act 1961

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Web5 Nov 2015 · Pinned Tweet. Income Tax India. @IncomeTaxIndia. ·. Apr 3. ️Direct Tax collections (provisional) for FY2024-23 exceed the BE by ₹2.41 lakh crore i.e by 16.97% & RE by 0.69% ️Gross DT collections (provisional) at ₹19.68 lakh crore register a growth of 20.33% ️Net DT collections (provisional) at ₹16.61 lakh crore mark a growth of 17. ... Web3 Mar 2024 · The Indian Income Tax Act, 1961 is a comprehensive piece of legislation that governs the taxation of income earned by individuals, companies, and other entities in India. Section 2 (47) of the Act defines the term “transfer,” which is a crucial concept in the calculation of capital gains tax.

Definition Of Income Under Section 2 (24) Of The Income Tax Act, 1961 …

Web(1) Perquisites which are taxable in the hands of all categories of employees. (2) Perquisites which are taxable only when the employee belongs to a specified group i.e. he is a specified employee. (3) Specified security or sweat equity shares allotted or transferred by the employer to the assessee. WebSection 115A(5) of the Income Tax Act, provides an exemption from filing ITR by NR subject to the condition that income is limited to interest, dividend… kicking while sleeping

Section 2 of Income tax Act for AY 2024-24 – AUBSP

WebCentral Government Act. Section 47A in The Income- Tax Act, 1995. 47A. 4 Withdrawal of exemption in certain cases Where at any time before the expiry of a period of eight years from the date of the transfer of a capital asset referred to in clause (iv) or, as the case may be, clause (v) of section 47,-. such capital asset is converted by the ... WebTransfer of Capital Asset in Table Chat Format [Section 2(47)] Capital gain arises only when there is a transfer of capital asset. If the capital asset is not transferred or if there is any … Web6 Oct 2024 · The Supreme Court had to consider the following substantial questions of law arising from the judgement of the P&H High Court in Commissioner of Income Tax v.Charanjit Singh Atwal 378 ITR 244: “i) Whether the transactions in hand envisage a “transfer” exigible to tax by reference to Section 2(47)(v) of the Income Tax Act, 1961 … kicking while down meme

Understanding Section 2 (47) of the Income Tax Act

Taxation of Real Estate Developers & JDA [Finance Act 2024] by …

WebSection 50 of IT Act 1961-2024 provides for special provision for computation of capital gains in case of depreciable assets. Recently, we have discussed in detail section 49 (cost with reference to certain modes of acquisition) of IT Act 1961. Today, we learn the provisions of section 50 of Income-tax Act 1961 as amended by the Finance Act 2024. WebSection 47 of Income Tax Act 1961 as amended by the Finance Act 2024 and Income-tax Rules, 1962. Transactions not regarded as transfer. Amended and updated notes on … kicking with the brittonsWeb13 Feb 2024 · As per Section 2(14) of the Income Tax Act, shares and securities are Capital Assets. The transfer of a Capital Asset is taxable as Capital Gains. ... Since "Gifts" has been excluded from the definition of Transfer u/s. 2(47) of the Income Tax Act, 1961. Since Capital Gain arise only in case of transfer of Capital Assets as defined u/s. 2(14 ... ismart mobiles

"WebIncome Tax Act; Wealth Tax Act; Expenditure Tax Act; Interest Tax Act; Finance Acts; All Acts; Rules Income Tax Rules; Other Direct Tax Rules; Budget and Bills Finance Acts; … " - Section 2 47 of income tax act 1961

Section 2 47 of income tax act 1961

Section 47A in The Income- Tax Act, 1995 - Indian Kanoon

Web1 Apr 2024 · SECTION 54EC OF THE INCOME TAX ACT, 1961. Security Name PFC Capital Gain Tax Exemption Bonds –Series VII Rating ‘AAA/Stable’ by RISIL, ‘AAA ... 3/31/2024 7:47:45 PM ... Web6 Dec 2024 · Salient Features of Section 45 (2) Investments made by the assessee in capital gain returns are used for computation in the year where such converted asset is sold. The …

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Webhis employer as " Profits in lieu of Salary" under section 17(3)(iii) of Income Tax Act, 1961 as it is a well settled proposition of law that payment made by former ... 47,21,154/- from ex-gratia taken as capital receipt. The ld. A.O taxed the amount u/s 17(3)(iii) of the Act by treating it as additional compensation ... Web1 Apr 2024 · Definition of ‘Slump Sale’: Section 2(42C) Income Tax. As per Section 2(42C) of Income Tax Act, 1961, unless the context otherwise requires, the term “slump sale” means the transfer of one or more undertakings, by any means, for a lump sum consideration without values being assigned to the individual assets and liabilities in such transfer.

WebThe Mumbai bench of Income-tax Appellate Tribunal (Tribunal) denied the applicability of section 79 of the Income-tax Act, 1961 (the Act), where voting power and beneficial ownership effectively remained the same. Furthermore, ... [2016] 66 taxmann.com 47 (Delhi) 2 ITA No. 3914/MUM/2024 . 2 PwC Tax Insights Tribunal’s ruling Web19 Aug 2015 · Section 48 of the Act provides for mode of computation of capital gains. Before delving into the controversy involved in the present case, it would be advantageous to refer to the relevant portion of Section 2(47) of the Act defining ‘transfer’, which reads thus:-Section 2(47) of Income Tax Act, 1961 – Definition of Transfer

Web6 Apr 2024 · Sub: Clarification regarding deduction of TDS under section 192 read with sub-section (IA) of section 115BAC of the Income-tax Act, 1961 – reg. Vide Finance Act, 2024, sub-section (1A) has been inserted in section 115BAC of the Income-tax Act, 1961 (the Act) to provide for a new tax regime with effect from the assessment year beginning on or … Web29 Apr 2024 · The Commissioner of Income-tax (Appeals) relied on the decision of the Karnataka High Court in the case of Syndicate Bank Ltd. v. Addl. CIT [1985] 155 ITR 681/[1986] 29 Taxman 32(Kar.) wherein it was held that “the term capital asset as defined in section 2(14) of the Income-tax Act, 1961 has a wide meaning and includes every kind of …

WebThe following clause (viib) and Explanation thereto shall be inserted after clause (viia) of section 47 by the Finance (No. 2) Act, 2014, w.e.f. 1-4-2015 : ( viib ) any transfer of a …

Web22 Jul 2024 · For Section 2 (47) (vi) to be attracted, the Supreme Court held that the expression ‘enabling the enjoyment of’ would take colour from the previous word ‘transfer’ and hence, where possession is granted for a specific purpose with ownership rights retained, the same would not amount to transfer under Section 2 (47) (vi). kicking with the kovesWeb22 Feb 2024 · 1. Regular and definite. A person can get a fixed income at a regular pace or at regular intervals of time but income can also be irregular or indefinite (non-uniform) or both too. 2. Cash/kind. Income can be in the form of Cash or also in any other form which can be measured in money. 3. kicking while dreamingWeb28 Oct 2024 · Section 2(42C) of the Income Tax Act 1961 : Pre amendment – Finance Act 2024: Post amendment – Finance Act 2024: 2(42C) “slump sale” means the transfer of one or more for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales.Explanation 1.—For the purposes of this clause, “undertaking” … kicking your loveWeb1 day ago · The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has recently held that interest expenditure could not be consider for making disallowance under … ismart motion sensorWebSection 115A(5) of the Income Tax Act, provides an exemption from filing ITR by NR subject to the condition that income is limited to interest, dividend… kicking world kicking campsWeb(2) Where at any time, before the expiry of a period of three years from the date of the transfer of a capital asset referred to in clause (xi) of section 47, any of the shares … i - smart international limitedhttp://taxpage.in/section-247-definition-of-transfer.html kicking your child out at 18