Section 10 38 of income tax act 1961

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Web6 Jun 2024 · Income of Investor Protection Fund set by a depository [Section 10 (23ED)] Any income, by way of contributions received from a depository, of notified Investor Protection … Webt. e. The Income Tax Department (also referred to as IT Department or ITD) is a government agency undertaking direct tax collection of the government of India. It functions under the Department of Revenue of the Ministry of Finance. [5] The Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT).

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Web11 Apr 2024 · On 02.06.2003, Income Tax Officer (ITO) vide order under Section 201(1A) of the Act, 1961 levied penal interest of Rs. 4,97,920/ for the period of delay in remittance of … Web11 Jan 2024 · Section 10 of the Income Tax Act maximum limit is of Rs.2.50 lakhs for people below 60 years of age and Rs.3 lakhs for individuals above 60 below 80 years and … rome the singer death

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Websection 37 general income tax act 1961 2024. Products. Products. Clear Library. Income Tax. GST. ... Search. Income Tax . E-File Income Tax for FREE. e-File Now. Home - Clear Library. Income Tax. income tax acts. No Data. No Data. Have a query? [email protected]. Support. Company ... Section 80 savings. House property. File TDS. Guide on ... WebSection 10(38) of the Income-tax Act, 1961 (‘the Act’), prior to its amendment by Finance Act, 2024, provided that the income arising by way of a transfer of long term capital asset, … Web6 Apr 2024 · M - On April 6, 2024 3:00 pm - 2 mins read. The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has recently held that complete absence of notice could not be cured by invoking Section 292BB of Income Tax Act 1961. Section 292BB of Income Tax Act states that when a notice was issued under any provision of the act shall be deemed … rome the ultimate empire answer key

A Complete Guide about Section 10 of the Income Tax Act - Digit …

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Web8 Dec 2024 · The long-term capital gains tax under section 112A of 10 percent is only on the gains above Rs 1 lakh. In our example, the tax would be levied on Rs. 2 lakh at 10% and … Web4.2.3 Stage 3. The value of the developed land and undeveloped land, apportioned in respect of the hospital hereditaments non- domestic use, shall be added in accordance with Appendix 7.. 4.2.4 ... rome the movie hboWebF. No. 500/05/2024-FT&TR-III .—In exercise of the powers conferred by section 285BA of the Income-tax Act, 1961 read with sub-clause (ii) of clause (D) of the Explanation to clause (6) ... 38 GHANA 39 GIBRALTAR 40 GREECE 41 GREENLAND 42 GRENADA 43 GUERNSEY 44 HONG KONG (CHINA) 45 HUNGARY 46 ICELAND 47 INDONESIA 48 IRELAND ... rome the republic

"Web16 Jul 2024 · Depreciation allowance is one of the deductions allowed from business or professional income chargeable under section 28 or other income chargeable under section 56 (2) (ii) or 56 (2) (iii) of the Income Tax Act, 1961. As per section 32 of the Income Tax Act, 1961, depreciation is allowed on tangible assets and intangible assets owned, wholly ... " - Section 10 38 of income tax act 1961

Section 10 38 of income tax act 1961

Several foreign companies get tax notices on India investments

Web11 Apr 2024 · On 02.06.2003, Income Tax Officer (ITO) vide order under Section 201(1A) of the Act, 1961 levied penal interest of Rs. 4,97,920/ for the period of delay in remittance of TDS. On 09.10.2003, the Additional Commissioner of Income Tax issued a show cause notice proposing to levy penalty under Section 271C of the amount equal to TDS. WebSection - 10, Income-tax Act, 1961 - 2015 CHAPTER III INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME Incomes not included in total income. 10. In computing the …

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Web11 Jun 2024 · The Finance Act, 2024 has withdrawn the exemption under section 10 (38) of the Income-tax Act, 1961 and has introduced a new section 112A in order to levy long … WebProcedure in respect of application under section 256(1) 38. Who may be joined as a respondent in an application by the assessee; 39. Who may be joined as a respondent in an application by the Commissioner ... This Act may be called The Income-tax Act, 1961. (2) It extends to the whole of . (3) Save as otherwise provided in this Act, it shall ...

Web2 days ago · The Insight portal of the Central Board of Direct Taxes (CBDT) provides information to assessing officers, who then send out notices under Section 148A seeking … WebExplanation 1.-For the removal of doubts, it is hereby declared that for the purposes of this sub-clause, any sum paid on account of any rate or tax levied includes and shall be …

Web2 days ago · On 09.10.2003, the Additional Commissioner of Income Tax issued a show cause notice proposing to levy a penalty under Section 271C of the amount equal to TDS. The High Court vide impugned judgment and order has dismissed the appeal preferred by … Web30 Nov 2024 · SCOPE OF SDDCTION 112A OF THE INCOME TAX ACT 1961. ... capital gains emerging on the offer of value offers and value connected units of shared assets stood absolved under section 10(38) of the personal duty act. This had changed with the presentation of grandfathering provisos in spending plan 2024 which permitted the gains …

Web10 Mar 2024 · Section 10 (38) of the Income Tax Act, 1961 provides for the exemption of long-term capital gains arising from the transfer of equity shares or units of equity …

Web5 Nov 2015 · Pinned Tweet. Income Tax India. @IncomeTaxIndia. ·. Apr 3. ️Direct Tax collections (provisional) for FY2024-23 exceed the BE by ₹2.41 lakh crore i.e by 16.97% & RE by 0.69% ️Gross DT collections (provisional) at ₹19.68 lakh crore register a growth of 20.33% ️Net DT collections (provisional) at ₹16.61 lakh crore mark a growth of 17. ... rome the ultimate empireWeb5 Apr 2024 · Final Word. Section 112A of the Income Tax Act, 1961 relates to the sale of listed equity shares, units of a business trust, and equity-oriented mutual funds, and taxes long-term capital gains over Rs. 1 lakh at 10%. The provision became effective from the financial year 2024-19 and lays down exceptions for mutual funds, NRIs, capital assets ... rome themed musicWebunder section 10(23C)(iv) of the Income-tax Act, 1961 (in short ‘the Act’). 2. Briefly the facts, as culled out from the records are, the ... to 38.62% of the total expenses of various projects. Whereas, the assessee failed to furnish the scope of work ... section 10(23C)(iv) of the Act, that too, with retrospective effect. Undisputedly ... rome the singerWeb11 Apr 2024 · We hold that on the profit earned from DEPB / Duty Drawback Schemes, the assessee is not entitled to deduction under Section 80-IB of the Act, 1961. Any contrary decision of any High Court is held to be not good law. Present appeal deserves to be dismissed and is accordingly dismissed. rome the storeWebTax Provision Amendments on Long-term Capital Gains. In Budget 2024, Section 10 (38) of the Income Tax Act, 1961 was revoked. It removed exemption on long term capital gains tax on equity shares arising out of the sale of equity shares and equity-oriented mutual funds. The section was introduced in the Finance Act, 2004 by the Kelkar Committee. rome the ultimate empire videoWebThe Finance Act, 2003 provides that any long-term capital gain regarding eligible equity shares in a company and purchased on or after 1-3-2003 but before 1-3-2004 would be exempt from tax. Eligible equity share means (i) any equity share in a company being a constituent of BSE-500 Index of the Stock Exchange, Mumbai as on 1-3-2003 and such ... rome themed gamesWeb1 day ago · This is an appeal preferred by the assessee trust against the order of the Ld. Commissioner of Income Tax (Exemptions) [hereinafter referred to as the “CIT(E)”], Mumbai dated 23.03.2024 for assessment year 2024-18 passed under section 263 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”). rome the stolen eagle