Proviso to section 48 of income tax act
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 …
Proviso to section 48 of income tax act
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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],- Webb58 [Provided also that nothing contained in the second proviso shall apply to the long-term capital gain arising from the transfer of a long-term capital asset being bond or …
WebbIn the case of companies (except such domestic companies whose income is chargeable to tax under section 115BAA or 115BAB of the Income -Tax Act) if income exceeds Rs. 1 crore but does not exceed Rs 10 crores, then the tax payable would be increased by a surcharge @ 7% in case of domestic companies and @ 2% in case of foreign companies … Webb23 feb. 2024 · ‘Slump sale’ meaning, pertinent available Section 50B of the Income Tax Act, considers the following important aspects : – There is a transfer of one instead more undertaking The send may be by any means (for cash consideration or through to exchange of shares/ misc form of consideration)
WebbSo 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. Webb29 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.
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 …
WebbThe Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. … sweat science boxingWebb4 dec. 2013 · Further, clause (c) sub-section (iii) section 112 of the Income tax Act provides as follows: The amount of income tax on long term capital gains arising from the transfer of a capital asset, being unlisted securities, calculated at the rate of 10 % on the capital gains in respect of such asset as computed without giving effect to the first and … sweats clothes meaningWebbSection 48 of IT Act 1961-2024 provides for mode of computation. Recently, we have discussed in detail section 47A (withdrawal of exemption in certain cases) of IT Act … skyrim crossbow craftingWebb1 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. skyrim crossbow stanceWebb48. 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 transfer of … skyrim crossbow or bowWebb17 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 … skyrim crosshair missingWebb(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 … skyrim crossbow creation club