Daily Archives: September 17, 2015

Capital Gain and Income Tax Provisions

By | September 17, 2015

 Income Tax Provisions for Capital Gain ​What incomes are charged to tax under the head “Capital Gains”? Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head “Capital Gains”.​ ​What is the meaning of capital asset? Capital asset is defined to include: a) Any kind… Read More »

Gift and Income Tax Provisions

By | September 17, 2015

Provisions of Income Tax on GIFT Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable? If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*): Sum of money… Read More »

Presumptive taxation scheme of Income Tax

By | September 17, 2015

Presumptive taxation scheme of Income Tax 1961 What is the meaning of presumptive taxation scheme?  As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed… Read More »