Simplifying tax, finance, corporate law concepts
Understanding Transfer in Capital Gains Section 2(47) As per section 45 of Income Tax Act, 1961, any profit or gains arise on transfer of capital asset is taxable under the head capital gains. This section emphasizes more on two important terms i.e. capital asset and transfer. Capital asset is defined under section 2(14) and transfer…
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What are capital gains? As per the provisions of Section 45 of Income Tax Act 1961 any profits or gains arising from transfer of a capital asset will be chargeable to income tax under ‘Capital Gains’. Such capital gain will be deemed to be the income of the year in which the transfer took place….
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Introduction Permanent Account Number (PAN) is an alphanumeric identifier consisting of 10 digits. The fourth character of the PAN indicates the cardholder’s status, such as ‘P’ for individuals, ‘C’ for companies, and so on. It is not permissible for one person to hold two PAN cards. The government, through the Income Tax Department, utilizes PAN…
Introduction Tax is a mandatory charges levied or imposed by the government on individuals, corporates, Hindu undivided family, Partnership Firms and various other entities. The revenue generated from these taxes is utilized by the government to finance public services, infrastructure project and government operations, ensuring the welfare and development of the country. Understanding the tax…