In addition to a distinct basic tax exemption of Rs. 2.50 lakh and a separate tax exemption for each of its members, a HUF is recognised as a separate tax entity (normally available to individuals). Whether the HUF is a resident or not...
The full value of the evaluation for the transfer shall, with the prior approval of the Examining Assistant Commissioner, be taken to be the fair market price of the capital asset where the person purchasing a capital asset from an ass...
Tax or tariff credit carried forward either under applicable statute or on items that were in stock on the designated day -
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When the net result of the computation under the heading "Profits and gains of business or profession" is a loss to the taxpayer for any assessment year, other than a loss incurred in speculation business, and such loss canno...
Where there's been a blending of:-
(a) a business that co-owns a ship, an industrial project, or a ...
A contract for the sale and purchase of a specified number of shares at a specified price is known as a share sale and purchase agreement. Shareholders who sell their shares are the sellers, while those who purchase them are the buyers...
The amount of loss incurred by an assessee in the activity of maintaining and owning race horses in any evaluation year shall not be set off against income, if any, from any origin other than the activity of maintaining and owning race...
Subject to the other requirements of this Chapter, a loss that results from the computation under the title "Capital gains" for any assessment year should be handled as follows:-
...Subject to the provisions of this Chapter, the assessee shall be entitled to have the quantity of such loss set off against his revenue, if any, assessable for that evaluation year under any other head when the net result of the c...
To start, the term "unexplained income" refers to any income for which the assessee cannot offer a satisfactory explanation of its type or origin or the evaluating officer does not accept the assessee's answer. Sections 6...