Day: October 14, 2020

Capital gains

136 ViewsCapital gains Section – 45, Income-tax Act, 1961 45. (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H, be chargeable to income-tax under the head “Capital gains”, and shall be deemed to be the income of the previous year …

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Special provision for computing deductions in the case of business reorganization of co-operative banks

100 ViewsSpecial provision for computing deductions in the case of business reorganization of co-operative banks Section – 44DB, Income-tax Act, 1961 44DB. (1) The deduction under section 32, section 35D, section 35DD or section 35DDA shall, in a case where business reorganisation of a co-operative bank has taken place during the financial year, be allowed in accordance with the provisions of this …

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Special provision for computing income by way of royalties, etc., in case of non-residents

116 ViewsSpecial provision for computing income by way of royalties, etc., in case of non-residents. Section – 44DA, Income-tax Act, 1961 44DA. (1) The income by way of royalty or fees for technical services received from Government or an Indian concern in pursuance of an agreement made by a non-resident (not being a company) or a …

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Special provisions for computing income by way of royalties, etc., in the case of foreign companies

107 ViewsSpecial provisions for computing income by way of royalties, etc., in the case of foreign companies Section – 44D, Income-tax Act, 1961 44D. Notwithstanding anything to the contrary contained in sections 28 to 44C, in the case of an assessee, being a foreign company,— (a)  the deductions admissible under the said sections in computing the income by way …

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Deduction of head office expenditure in the case of non-residents

107 ViewsDeduction of head office expenditure in the case of non-resident Section – 44C, Income-tax Act, 1961 44C. Notwithstanding anything to the contrary contained in sections 28 to 43A, in the case of an assessee, being a non-resident, no allowance shall be made, in computing the income chargeable under the head “Profits and gains of business or profession”, in …

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