SEBI has been notified as the regulator of gold exchanges in the country. SEBI has come up with the ‘Framework for operationalizing the Gold Exchange in India’ vide Circular dated January 10, 2022 and has also declared the instrument for trading in Gold Exchange ,i.e., EGRs as ‘securities’ under Section 2(h)(iia) of the Securities Contracts […]
WHAT IS A BUSINESS TRUST? Section 2(13A) of Income Tax Act defines Business Trust as below: “Business trust” means a trust registered as, — (i) an Infrastructure Investment Trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of […]
SECTION 54 OF INCOME TAX ACT, 1961 Section 54 gives exemption to a taxpayer who sells his residential house and acquires another residential house property from the sale proceeds. Only an Individual/HUF can avail this benefit under this section. Section 54 provides the exemption which will be the lower of the following: Exemption is available […]
WHAT IS ADVANCE TAX? Advance tax means income tax should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments as per due dates provided by the income tax department. Total estimation is used for […]
Step 1: Go to the website https://www.protean-tinpan.com/ Step 2: Click on “Challan Status Inquiry” under the ‘Services‘ tab. Step 3: We can view the challans either by providing the CIN number or the TAN number. Step 4: In case of Tan Based View, fill in the details by entering the TAN number of the assessee […]
DEFINITION OF BUSINESS According to section 2(13) of the Income Tax Act, the term “business” is defined as any trade, commerce, or manufacture or any adventure or concern in the nature of trade, commerce or manufacture.” The term `Business’ means an activity being carried on continuously and systematically by a person with the application of […]
SECTION 115BBH – TAX ON INCOME FROM VIRTUAL DIGITAL ASSETS As per Section 115BBH, virtual digital assets (cryptocurrencies and non-fungible tokens) would be taxed at a flat rate of 30% on profits. This section will be effective from 1st April, 2023 and will accordingly apply in relation to the assessment year 2023-24 (Financial Year 2022-23) […]
Section 194R of the Income Tax Act has been inserted in the Finance Act 2022 which is applicable from 1st July 2022. Government has introduced section 194R keep a check on tax leakage. This section requires for deducting tax at source (TDS) in respect of business or profession on Benefits or Perquisites. Benefit/Perquisite can be […]
WHAT IS BUYBACK OF SHARES? Buyback of Shares is also known as Share Repurchase. The name itself suggests that buyback refers to the buying back of shares by the company from the shareholders in the open market at a premium. The repurchased shares are cancelled by the company and hence, reduce the outstanding shares in […]
WHAT IS F&O TURNOVER? Computing the turnover on Futures and Options is significant for the purpose of tax filing and F&O trading is mostly reported as business income while filing tax returns. Yet, one needs to analyze their total income, which can be positive or negative value (profit or loss). Expenses like office rent, telephone […]