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Pensions are fixed sums of money that individuals receive at regular intervals after retirement. They are essentially a source of income and are subject to tax as salaried income under the Income Tax Act. However, the taxability of pensions may vary depending on the type of pension that individuals choose to receive after retirement. Types […]

Employee Stock Option Plan (ESOP) has gained popularity as a tool for employee retention, especially in startups that may not be able to offer hefty pay packages. ESOPs provide employees with an opportunity to become equity shareholders of the company over a period of time. However, the taxability of ESOPs can be complex. In this

An Association of Persons (AOP), whether incorporated or not, is treated as a `person` under section 2(31)​ of the Income-tax Act, 1961. Hence, AOP is treated as a separate entity for the purpose of assessment under the Income-tax Act. Here it is important to note that an AOP shall be deemed to be a person, whether

In order to monitor high-value transactions conducted by taxpayers, a significant regulatory measure was introduced with the inception of Form 61A under Section 285BA, effective from April 1, 2004, as per Notification No. 182/2005 dated July 11, 2005. This provision mandated reporting persons to furnish Annual Information Return (AIR) concerning specific financial transactions recorded or registered by them starting from

Introduction Section 54B of the Income Tax Act, 1961, provides an exemption on capital gains arising from the transfer/sale of agricultural land. This exemption is available to individuals and Hindu Undivided Families (HUFs) who sell a piece of agricultural land and invest the proceeds in another agricultural land. Basic Conditions To claim the benefit of section 54B, the

Introduction Agricultural land is a significant asset in India, providing employment to many people and producing food to feed the nation. From an income tax perspective, agricultural land is classified into two types: Rural Agricultural Land and Urban Agricultural Land. Rural Agricultural Land Rural Agricultural Land in India is not considered a capital asset. Therefore, any gains

The authority vested in officers for search and seizure is a crucial aspect of upholding tax laws and ensuring compliance within a jurisdiction. Understanding the framework of this authority, who wields it, and under what circumstances it is invoked is essential for both tax authorities and taxpayers. In this article, we delve into the intricacies