Converting company to LLP is a transfer,hence taxable, rules I-T Appellate Tribunal A new tax ruling of Converting company to LLP threatens to challenge a strategy that allowed thousands of businesses and professionals to reorganize themselves and attract foreign investors. This involved converting closely held companies into limited liability partnerships (LLPs) — a structure that […]
Tag Archives: Income Tax updates
Section 80CCD – National Pension Scheme There are 770 lakhs registered individual taxpayers as per CBDT (Central Board of Direct Taxes). Individual Taxpayers always in worries about the burden of Direct Taxes. There are numerous provisions under the income tax act 1961 which provide the Tax relief to the different type of assessee whether by […]
Is an end to harassment of Taxpayers? It seems that there is no end of harassment for Taxpayers even though there is a lot of assurance provided by Prime Minister to improve the process.
Save Capital gains tax on selling a shop I recently sold my shop and made capital gains of Rs 33 lakh. How can I save tax on these gains? You will need to pay tax on short-term capital gains at the applicable slab rate,unless you have any capital losses to adjust.If the shop was held […]
Cashback on shopping could be taxable! In festive season, Cash backs offered by e-shopping websites to attract customers. But this year, Mr. Sharma is a little hesitant in buying anything from these websites. Last year, he bought a smartphone, laptop, refrigerator, AC, and TV for his new house from one of the e-commerce websites. He […]