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Capital gain tax includes short-term capital gains and long-term capital gains. Larger assets can be properties or securities. There is a tax exemption in the short term. The creation of assets is hard work in itself, involving time and effort but the results are often worth the effort and sweat.…

No filing or late filing of TDS/TCS returns can get you into trouble. As tax laws suggest, taxpayers fall under two penalties in the event of non-fulfillment of TDS refunds or statements. The first penalty that the taxpayer will have to face comes from under section 234E (Payment for failure…

In the Union Budget of 2019, the government announced an offer to buy an electric car. In a budget speech, the finance minister said improvements to batteries and e-vehicles registered under the scheme would be developed. A new section 80EEB has been introduced that allows for deductions from interest on…

  The Income-Tax Act, of 1961 does not provide for the exemption of a senior citizen or a very senior citizen from completing a refund of income. However, to provide relief for the elderly (75 years of age or older) and to reduce the burden of compliance on them, the…

The Joint Development Agreement (‘JDA’) is the most common and most popular method of arrangement to construct buildings in our country. It is a preferred form for both the Developer and the Owner of the Land. However, there are issues relating to the JDA's taxation under the Income Tax Act,…

Futures & Options (F&O) traders often enter large-scale operations but the profits they make from such purchases are very small. As the volume and number of transactions are very high, the ITR and computation of Turnover methodology for Tax Audit purposes are slightly different compared to other businesses. This article…

A Company Director is a person appointed by shareholders to manage company affairs following MOA and AOA. Since the company is an artificial person it can only do that through a natural person agency. Thus, the director must be a living person and the company’s management must be supervised by…

The transferability of a company's shares is a crucial feature. Moveable property includes shares and debentures. They can be transferred in the ways specified by the company's articles, particularly the shares of any member of a public company. Any agreement or contract between two or more people has the potential to…

The implementation of the new GST tax system has resulted in significant tax reform in the country. The new system combines several state and central taxes into a single, fungible tax. This much-needed change improved transparency and reduced administrative burdens in the tax collecting structure. Since its inception, the new…

The Ministry of Corporate Affairs (MCA) has approved the holding of the Annual General Meeting (AGM) in electronic mode until 31 December 2022. This relaxation includes the freedom to send hard copies of annual reports. But the question arises as to whether the listed organizations are exempt from sending hard…