2024 Proviso to section 48 of income tax act

Proviso to section 48 of income tax act

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August undefined, 2024

Webbcost of acquisition of the asset. Whereas in the case of long-term capital gain, the capital gain shall be the excess of the full value of consideration over the aggregate of the following three amounts: Expenses of transfer; Indexed cost of acquisition of the asset; Indexed cost of improvement. From capital gain, computed as above, certain ... WebbTHE NEW REGIME OF REASSESSMENT PROCEEDINGS UNDER SECTION 148A OF THE INCOME-TAX ACT, 1961: A 20-POINT CHECKLIST FOR REPRESENTATION. Table of …

Section 48 of Income Tax Act 1961 - Sorting Tax

Webb3 apr. 2024 · This book covers an in-depth Rule-wise commentary on the Income Tax Rules ... capital gains under 1st proviso to section 48 1434 117B &Recovery by TRO 1436 117C ... Finance Act, 2024 ... Webb(1) Where the total income of an assessee includes any income, arising from the transfer of a long- term capital asset, which is chargeable under the head" Capital gains", the tax payable by the assessee on the total income shall be the aggregate of,- (a)in the case of an individual or a Hindu undivided family6being a resident],- butler longhorn museum league city tx

CBDT Notifies Cost Inflation Index (CII) for FY 2024-24 (AY 2024-25)

WebbSection, act Mar. 14, 1900, ch. 41, §13, ... Effective July 1, 1935, the permanent appropriation provided for in former section 547 of this title was repealed by act June 26, 1934, ch. 756, §2, 48 Stat. 1226, such act authorizing in ... that taxes measured by income or receipts or other "doing business" taxes in states where depositories do ... Webb9 sep. 2024 · Section 48 Mode of computation. The income chargeable under the head “Capital gains” shall be computed, by deducting from the full value of the consideration received or accruing as a result of the … WebbAmendment of section 48. 18. In section 48 of the Income-tax Act, after the second proviso, the following proviso shall be inserted, namely:— "Provided also that nothing contained in the first and second provisos shall apply to the capital gains arising from the transfer of a long-term capital asset being an equity share in a company or a unit of an … cdc sandwell

Short term capital Gain on shares Section 111A - ClearTax

S. 201: No TDS Default If Payee Has Paid Tax: CA Certificate …

Webb11 apr. 2024 · This notification to notify the Cost Inflation Index (CII) for FY 2024-24 (AY 2024-25) is notified under clause (v) of the Explanation to section 48 of the Income-tax Act, 1961. The importance of CII or the Cost Inflation Index is that this number is used to arrive at the inflation-adjusted cost price of assets transferred for the purpose of computing … Webb5 juni 2024 · Section 48 of Income Tax Act 1961 – Example. Alright India issued rupee denominated bonds to Alpha Inc. for Rs 20,000 which were subscribed in USD.Exchange … butler longhornsWebbSo the tax payable by the individual can be calculated as below- Income excluding LTCG- Rs 7 lakh (Rs 8 lakh – Rs 1 lakh) Tax payable on Rs 7 lakh as per old tax slab rates- Rs 52,500 20% tax on LTCG- Rs 20,000 (20% on Rs 1 lakh) Total tax payable- Rs 72,500 (excluding cess) 2. butler longhorn museum website

"WebbSection 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. " - Proviso to section 48 of income tax act

Proviso to section 48 of income tax act

Section 48 of the Income Tax Act - bajajfinservmarkets.in

Webb10 okt. 2013 · • The proviso to Section 112(1) of the Act does not state that an assessee, who avails benefits of the first proviso to Section 48, is not entitled to benefit of lower rate of tax. • The said benefit cannot be denied because the second proviso to … Webb17 sep. 2012 · The First Proviso to s. 201 (1) as inserted by the Finance Act 2012 w.e.f. 1.7.2012 provides that any person, including the principal officer of a company, who fails to deduct the whole or any part of the tax in accordance with the provisions of this Chapter on the sum paid to a resident or on the sum credited to the account of a resident shall …

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WebbThe shares and debentures (whether listed or non-listed) of Indian companies only are covered under this proviso. Indian company shall include Government company. … WebbReduce the total taxable income by the amount of long-term capital gains (LTCG) and calculate tax on the income so reduced as per the normal applicable tax rates applicable …

Webb17 okt. 2007 · The second proviso to section 48 is only a mode of computation of capital gains. The crucial words relied upon by the revenue cannot be construed as the words of exclusion of a category of assessees, i.e., non-residents … WebbSection 48 - Mode of computation - Income-tax Act, 1961; Section 115A - Tax on dividends, royalty and technical service fees in the case of foreign companies - Income-tax Act, 1961

Webb8 jan. 2024 · The term “Zero Coupon Bond” has been defined by Section-2 (48) of the Income Tax Act as below: - “Zero Coupon bond” means a bond: - (a) issued by any infrastructure capital company or infrastructure capital fund or public sector company or scheduled bank on or after the 1st day of June, 2005 Webb1 jan. 2024 · It needs to be determined as there are specific tax treatments for securities falling under section 111A, 112 and 112A of the Income Tax Act, 1961 which have been discussed in detail as under. Nature of security means whether the security is a share, option, debt instrument or any other security by whatever name called.

Webb27 apr. 2024 · Section provision to section 50C(1) provides that the provision of first proviso to section 50C(1) shall apply only in case where the amount of consideration or …

Webb20 juni 2024 · Whether Long term capital loss on listed securities (STT paid on buy & sale both) can be computed by following the section 112 (1) by taking benefit of indexation as given in second proviso to section 48. butler long term disability attorneyWebb11 apr. 2024 · Also proviso to section 48 i.e. Mode of computation of capital gain states the mode when such cost inflation index needs to be used and when it will not be used as “that where long-term capital gain arises from the transfer of a long-term capital asset, other than capital gain arising to a non-resident from the transfer of shares in, or … cdc san antonio texasWebb29 mars 2024 · Rule – 115A, Rate of exchange for conversion of rupees into foreign currency and reconversion of foreign currency into rupees for the purpose of computation of capital gains under the proviso to clause (a) of sub-section (1) of section 48 of the Income-tax Act, Published by Law@HostBooks at March 29, 2024 115A. butler long term disability lawyerWebb(1) The income chargeable under the head" Capital gains" shall be computed,- (a) by deducting from the full value of the consideration received or accruing as a result of the … butler longhorn museum league cityWebbFinance 9 Amendment of section 5 4. The Income Tax Act 1967, which is referred to as the “principal Act” in this Chapter, is amended in subsection 5(1a) by inserting after the words “109d,” the words “109da in respect of a non-resident unit holder other than an individual,”. cdc sanitary roomWebbFor section 48 of the Income-tax Act, the following section shall be substituted with effect from with effect from the 1st day of April, 1988, namely:— Mode of computation and deductions 48. (1) The income chargeable under the head "Capital gains" shall be … cdc sarpy countyWebb5 juni 2024 · As per third proviso to Section 48, the long-term capital gains referred to in Section 112A of Income Tax Act will be computed without giving effect to the first and … butler long term care solutions