A number of benefits are given in the Income Tax Act of India to the senior citizens apart from general deductions and benefits. Senior citizen is a resident individual who is of 60 years or more at any time during the previous year.Super senior citizen is a resident individual who
What is Assessment year? Assessment year is the year in which the income of the previous year is to be assessed. In other words assessment year is the succeeding year of the year whose income is to be taxed. For example if we are calculating taxable salary which is received
Eligible Assessee – Individual and HUF Eligible Capital Gain – Capital gain arising from transfer of long term capital asset being buildings or lands attached thereto and being a residential house the income of which is taxable under head “Income from House Property”. Condition for exemption – The assessee has a)
In Budget 2017 new restrictions on cash transactions has been imposed. New section 269ST has been added in this regard and is applicable from 1st April 2017. A person should not receive cash of Rs. 2,00,000 or more in aggregate from a person in a day; or in respect of a
Short term capital gain means capital gain arising from transfer of short term capital asset. No indexation benefit is available for short term capital gains. Short term capital gain is computed as under Short Term Capital Gain/Loss Amount Full value of consideration Less: Expenses incurred wholly and exclusively in connection
Transfer of Capital Assets includes the following the sale, exchange or relinquishment of the asset the extinguishment of any rights therein the compulsory acquisition thereof under any law in a case where the asset is converted by the owner thereof into, or is treated by him as, stock-in-trade of a business carried
The following transactions are not required as transfer in case of capital assets and thus no Capital gain/loss arises. any distribution of capital assetson the total or partial partition of a Hindu undivided family any transfer of a capital asset under a giftor will or an irrevocable trust Provided that this
Long term capital asset means a capital asset held by an assessee for more than 36 months immediately preceding the date of its transfer. However in the following cases, if Capital asset is held for more than 12 months it shall be treated as long term capital asset Equity or
Capital asset means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include— any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession personal effects, that is to say, movable property (including wearing apparel
Audit under section 44AB is required when turnover exceeds Rs. 1 crore. But in case of speculation business, shares trading and futures/options, turnover is determined in the following manner. 1) Speculation Business – The aggregate of both positive and negative differences is to be considered as the turnover. 2) Intra