Archives April 2021

Capital Gain Tax on a Specified Entity at “Dissolution or Reconstitution” under Section 9B and 45(4) of Income Tax Act

Provision under Section 9B of Income Tax Act: Where a specified person receives any “capital asset or stock in trade or both” from a specified entity during the previous year in connection with the “dissolution or reconstitution” of such specified entity then the specified entity shall be deemed to have transferred such capital asset or […]

Changes in “Tax on Maturity Proceeds of ULIP” as per Finance Act 2021

What Is a Unit Linked Insurance Plan (ULIP)? ULIP is a product issued by Insurance Companies. It’s a product combination of insurance coverage and investment exposure. Like all other insurance policy, Policyholder requires to pay the regular premium. There are many different ULIP plans available (Equity / Debts) in the market like life insurance, retirement income, […]

Key Changes in ITR-1 for AY 2021-22

The Central Board of Direct Taxes (CBDT) was issued Notification No. 21/2021, dated 31-03-2021and notify the changes in ITR Forms for the Assessment Year 2021-22.  First understand what is ITR-1?  ITR-1 (Sahaj), A simpler forms and filed by the small and medium individual taxpayer having income up to Rs 50 lakh and who receives income […]

Sovereign Gold Bond (SGB) Scheme

About Sovereign Gold Bonds (SGBs): Sovereign Gold Bonds (SGBs) are the alternative to investment in physical gold. These bonds are risk-free as issued by the Government of India. The Government launched this scheme in 2015 under Gold Monetisation Scheme. These bonds are backed with policies and procedures notified by RBI.   Features: A Person resident […]

Offer for Sale (OFS)

What is Offer for Sale (OFS)? An Offer for Sale is a method in which promoters of listed companies can sell their shares through the bidding platform for the Exchanges and transparently reduce their holdings. It’s an easier process for the promoter to dilute their stake with minimum compliance. OFS was introduced in 2012 by […]

How to Get Instant PAN through AADHAAR

How to Get Instant PAN through AADHAAR Step 1-Go to website You found an option in left side in Quick Links called “Instant PAN through Aadhaar” as marked in below picture. Step-2 Click on link “Get New PAN” Step-3 Fill in your Aadhaar number in the provided apace, Enter captcha and confirm. Step-4 Applicant […]