Income Tax Act

Transactions not regarded as transfer

83 ViewsTransactions not regarded as transfer Section – 47, Income-tax Act, 1961 47. Nothing contained in section 45 shall apply to the following transfers :— (i)   any distribution of capital assets on the total or partial partition of a Hindu undivided family; (ii)  [***] (iii) any transfer of a capital asset under a gift or will or an …

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Capital gains on purchase by company of its own shares or other specified securities

54 ViewsCapital gains on purchase by company of its own shares or other specified securities Section – 46A, Income-tax Act, 1961 46A. Where a shareholder or a holder of other specified securities receives any consideration from any company for purchase of its own shares or other specified securities held by such shareholder or holder of other …

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Capital gains on distribution of assets by companies in liquidation

108 ViewsCapital gains on distribution of assets by companies in liquidation Section – 46, Income-tax Act, 1961 46. (1) Notwithstanding anything contained in section 45, where the assets of a company are distributed to its shareholders on its liquidation, such distribution shall not be regarded as a transfer by the company for the purposes of section 45. (2) …

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Capital gains

116 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

83 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

102 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

89 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

92 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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Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects.

102 ViewsSpecial provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects. Section – 44BBB, Income-tax Act, 1961 44BBB. (1) Notwithstanding anything to the contrary contained in sections 28 to 44AA, in the case of an assessee, being a foreign company, engaged in the business of civil …

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