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 […]

How to Get Instant PAN through AADHAAR

How to Get Instant PAN through AADHAAR Step 1-Go to website https://www.incometaxindiaefiling.gov.in/home. 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 […]

Tax on Dividend Income

What is Dividend? If you buy shares of any listed company then you are the shareholder in that company and out of the surplus/ profit and retained earnings share of profit pay out to the shareholder is called Dividend. The value of dividend is determined on per share basis and approved by Board of directors. […]