November 2024

Capital Gains Income

capital gains income

Capital gain is denoted as the net profit that an investor makes after selling a capital asset exceeding the price of purchase. The entire value earned from selling a capital asset is considered as taxable income. To be eligible for taxation during a financial year, the transfer of a capital asset should take place in the […]

Minimum Wages in India

Minimum Wages in India

The minimum wages act, 1948, is the minimum amount that an organisation has to pay a particular employee (skilled or unskilled) for a specific job at a particular time that any contract agreement or collective agreement cannot reduce. The Minimum Wage Act was first implemented in 1948 and took effect on 15 March. The Act

Section 50 – Finance Acts

Amendment of section 192 In section 192 of the Income-tax Act, with effect from the 1st day of October, 2024,— (I)   in sub-section (1C), for the words, brackets and figures “clause (vi) of sub-section (2)”, the words, brackets and figures “sub-clause (vi) of clause (2)” shall be substituted; (II)   in sub-section (2A), the

Section 49 – Finance Acts

Substitution of new Chapter for Chapter XIV-B 158B. Definitions.—In this Chapter, unless the context otherwise requires,— (a)   “block period” means the period comprising previous years relevant to six assessment years preceding the previous year in which the search was initiated under section 132 or any requisition was made under section 132A and also includes the

Section 48 – Finance Acts

Amendment of section 153 In section 153 of the Income-tax Act, with effect from the 1st day of October, 2024,— (I)   after sub-section (1A), the following sub-section shall be inserted, namely:—     “(1B) Notwithstanding anything in sub-section (1), where a return is furnished in consequence of an order under clause (b) of sub-section

Section 47 – Finance Acts

Amendment of section 152 In section 152 of the Income-tax Act, after sub-section (2), the following sub-sections shall be inserted with effect from the 1st day of September, 2024, namely:— “(3) Where a search has been initiated under section 132 or requisition is made under section 132A, or a survey is conducted under section 133A

Section 46 – Finance Acts

Substitution of new section for section 151  For section 151 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of September, 2024, namely:— “151. Sanction for issue of notice. – Specified authority for the purposes of sections 148 and 148A shall be the Additional Commissioner or the Additional Director or

Section 45 – Finance Acts

Substitution of new section for section 149 For section 149 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of September, 2024, namely:— “149. Time limit for notices under sections 148 and 148A. – (1) No notice under section 148 shall be issued for the relevant assessment year,— (a)   if

LEI for Non-individual Borrowers

LEI for Non-individual Borrowers

LEI, a unique global identifier for legal entities participating in financial transactions, is designed to create a global reference data system that uniquely identifies every legal entity, in any jurisdiction, that is party to a financial transaction. It is a unique 20-character code to identify legally distinct entities that engage in financial transactions. Legal Entity

Section 44 – Finance Acts

Substitution of new sections for sections 148 and 148A For sections 148 and 148A of the Income-tax Act, the following sections shall be substituted with effect from the 1st day of September, 2024, namely:— ‘148. Issue of notice where income has escaped assessment.— (1) Before making the assessment, reassessment or recomputation under section 147, the Assessing