It provides a solid foundation for a knowledge base on taxation, covering both theoretical and practical elements.
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 […]
Taxation of ESOPs (Employee Stock Option Plan) in India and Abroad Read More »
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
Taxation of Association of Persons (AOP) Read More »
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
Statement of Financial Transactions (SFT)-An In-depth Analysis Read More »
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
Exemption on Sale of Agricultural Land Under Section 54B Read More »
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
Capital Gains on Sale of Agricultural Land Read More »
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
Section 132: Search And Seizure Under Income Tax Act, 1961. Read More »
1. What is PAN? PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card). Given below is an illustrative PAN: ALWPG5809L 2. What is the utility of PAN? PAN enables
FAQs on ‘Permanent Account Number’ (PAN) Read More »
1. Documents Required to Apply for NRI PAN Card As a Non-Resident Indian (NRI), obtaining a Permanent Account Number (PAN) card is essential if you wish to conduct financial transactions in India. A PAN card is a unique 10-digit alphanumeric identification number issued by the Indian Income Tax Department. It serves as proof of identity
1. Making changes or Correction in PAN data Suppose an applicant needs to change or correct a data on their PAN card. They will need to follow a process to get it done. Mentioned below are the steps that the applicant needs to follow: First, they will have to visit www.myutiitsl.com and click on the
PAN Card Correction / Modification Read More »
1. Individual and HUF Applicants who are Citizens of India and Located Within and Outside India at the time of Application for PAN Sl.No Types of Applicant Form No. Documents as Proof of Identity, Address and Date of Birth 1 Individual who is a Citizen of India 49A A. Proof of identity— i. Copy of,─
