Income Tax Slab for Financial Year 2018-19 and 2019-20

Click here for Income Tax Slab for Financial Year 2019-20 (Assessment Year 2020-21) Income Tax Slab for Financial Year 2018-19 (Assessment Year 2019-20) 1. Individual resident below 60 years of age (i.e. born on or after 1st April 1959) or any Non-resident Individual, HUF, AOP, BOI or Artificial Judicial Person

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Receipts without Considerations – Section 56(2)

If an individual or HUF received any money/property without consideration If the amount of money received without consideration exceeds rs. 50,000 any movable property, without consideration the fair market value of which is more than rs. 50,000, then such fair market value any movable property, for a consideration which is

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Meaning of Relative for Section 56(2)

Gift received from a relative is not taxable in hands of the recipient under section 56 of Income Tax Act. The persons who are considered as relatives are In case of an individual Spouse of the individual Brother or sister of the individual Brother or sister of the spouse of

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Mode of Taking or Accepting Loans, Deposits – Section 269SS

A person shall not take any loan or deposit or specified sum from any person otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system if the amount of such loan or deposit or specified sum or the aggregate amount of such

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Alternate Minimum Tax (AMT) on Assesses other Company

Applicability Alternate minimum tax under this section is applicable on all assesses other than company. Also this section doesn’t apply to assesses whose adjusted total income doesn’t exceeds Rs. 20 lakhs. Conditions for payment of Alternate Minimum Tax Where regular income tax payable by an assesse is less than the

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