Section 54F of the Income Tax Act, 1961, is a provision that offers relief to taxpayers on the capital gains arising from the transfer of a long-term capital asset other than a residential house. This section is designed to encourage individuals to invest in...
What is Capital Gain Any profit or gain that arises from the sale of a ‘capital asset’ is known ‘income from capital gains’. Such capital gains are taxable in the year in which the transfer of the capital asset takes place. This is called capital gains tax. There are...
What is Advance Tax? Advance Tax is the Income Tax paid in advance for the income earned in a particular financial year. Usually, the tax is to be paid when the income is earned. Still, under the tax provisions of advance tax, the payer has to estimate the income for...
The Finance Act 2023 inserted Clause h to Section 43B to promote timely payments to micro and small enterprises. It provides that any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and...
DPIIT-recognized startups in India have options to avail the tax exemption under section 80 IAC of Income tax act 1961. It is available only to those startups who are registered under DPIIT. Newly established and incorporated startups often face shortage of financial...
Updated return (ITR-U) is a form that allows taxpayers to correct errors or omissions on their ITRs up to two years from the end of the relevant assessment year to update their return. Irrespective of whether the taxpayer has filed an original, belated, or revised ITR...
