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All about reopening of assessment

All about reopening of assessment

Reassessment is one of the vital weapons in the hands of the Income Tax Department which empowers the Assessing Officer to reassess the income, turnover etc., of an assessee which has escaped assessment. Various issues have cropped up during the reassessment proceedings some of which have been dealt with hereunder. The provisions of section 147 of the Income Tax Act: ... Read More »

Higher Tax deduction rate for Short term capital gains

The section 111A of the income tax act 1961, lays down the provision for deduction of tax for short term capital gains. Definition of short term capital gains: If a person yields profit resulting out of transactions of capital assets within 36 months or shares and securities within one year of their respective possession, then such gains are termed as ... Read More »

Save tax on your capital gains

Save tax on your capital gains

The profits arising from the sale of a ‘capital asset’ are known as a capital gains. This gain is subject to income tax in the financial year in which the capital asset is transferred. No capital gains tax is applicable when an asset has been inherited by an assessee as there is no ‘sale’ but merely a transfer. However if ... Read More »