February 28, 2018

Section 59 of Income Tax: Profits Chargeable to Tax

Section 59 of income Tax Act 1961 is applicable while computing Income under head Proft and Gains of Business or profession specifying that when certain assets are sold, discarded, demolished, […]
February 28, 2018

Section – 58 : Amounts not deductible

58. (1) Notwithstanding anything to the contrary contained in section 57, the following amounts shall not be deductible in computing the income chargeable under the head “Income from other sources”, […]
February 28, 2018

Section – 57 : Deductions

57. The income chargeable under the head “Income from other sources” shall be computed after making the following deductions, namely:— (i) in the case of dividends, other than dividends referred […]
February 28, 2018

Section – 56 : Income from other sources

56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other […]
February 28, 2018

Section – 55A : Reference to Valuation Officer

55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the Assessing Officer may refer the valuation of capital asset […]
February 28, 2018

Section – 55 : Meaning of “adjusted”, “cost of improvement” and “cost of acquisition”

55. (1) For the purposes of sections 48 and 49,— (a) [***] (b) “cost of any improvement”,— (1) in relation to a capital asset being goodwill of a business or […]
February 28, 2018

Section – 54H : Extension of time for acquiring new asset or depositing or investing amount of capital gain

54H. Notwithstanding anything contained in sections 54, 54B, 54D, 54EC and 54F, where the transfer of the original asset is by way of compulsory acquisition under any law and the […]
February 28, 2018

Section – 54GB : Capital gain on transfer of residential property not to be charged in certain cases

54GB. (1) Where,— (i) the capital gain arises from the transfer of a long-term capital asset, being a residential property (a house or a plot of land), owned by the […]
February 28, 2018

Section – 54G : Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area

54G. (1) Subject to the provisions of sub-section (2), where the capital gain arises from the transfer of a capital asset, being machinery or plant or building or land or […]

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