How determine cost of Acquisition of Self Generated Assets B.C.Srinivasa Setty (SC) The cost of acquisition of a self generated asset is not determinate, Therefore, capital gains not possible to be computed when a self generated asset is transferred.Hence ,no capital gains will arise on the sale of self generated asset.The amount received will be […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Capital gain on conversion of capital Assets into stock-in-trade-Section 45(2) And Section 2(47) Bai shrinbai k.Kooka(SC) There is no transfer involved When an assesses converts a capital assets into stock in trade of the business carried on by him. This conversion is similar to taking out the money from one pocket to other pocket of […]
Latest amendments to Life insurance policies eligible for deduction Under Section 80C Through life Insurance Policies individuals and HUF can save major tax .Lots of major changes have done in Section 194DA on payment of premiums which can be easily understand through below article.Amendments to section 80C – Tax Effect on Life Insurance Policies:-While claiming […]
Provisions for Deciding factors of residential status and taxability For determining the taxability of the income residential status must be seen first. because the taxability of income depends upon the residential status of person. Following is the situations when the taxability of income depends on the status of person First:- what is the residential status […]
Compulsory scrutiny conditions of Income Tax Returns As Soon as we filed a Income Tax Return to the income tax authorities under section 139 of IT Act,1961 it has to be assessed as correct .The assessment includes verification and scrutiny of income declared by us.but this process not done by income tax authorities in all […]