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Capital gains on sale of agricultural land bring the issue whether the said agriculture land is capital asset.If the said agriculture land is not capital asset within the definition section 2(14) of the Income Tax Act , the gain on agriculture land sale shall be exempt from income tax. This article is written with an...
Budget 2012 has the bad news for any one who is dreaming of claiming tax deductions u/s 10 A or 80HH to 80RR or Section 10A and getting away tax free income .This dream is shattered as the section 115C is substituted by Finance Bill 2012 to provide a law which will make you liable [...]
Alternative minimum tax or minimum alternative tax , popularly known as MAT is paid ,if the company has net profit under companies Act , but under income tax , it might have loss or total income less than a fixed % of book profit computed as per MAT section 115JB.Section 115JB of the Income Tax Act provides...
Minimum Alternate Tax (MAT) u/s 115JB of the I T Act is to ensure that companies which have book profits but does not have taxable income , pays a minimum amount of tax.The quantum of tax under MAT is determined by comparing total income as computed under general income tax law with the Book Profit [...]
The tax relief or exemption given to units developing Special Economic Zone or units located in a special economic got a severe beating in this budget 2011-12 which has now made units operating in SEZ units Liable to Minimum Alternate Tax , where as the developer or maintaining and running a SEZ units are made [...]
PAN and TAN applications require you to fill up the the jurisdiction in which the applicant is … [Read More...]
Disability deduction u/s. 80DD of the I.T Act for expenses on maintenance ,nursing or medical … [Read More...]
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