Amendment of section 115AB In section 115AB of the Income-tax Act, in sub-section (1), in the long-line, for clause (ii), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— “(ii) the amount of income-tax calculated on the income by way […]
Amendment of section 113 In section 113 of the Income-tax Act, with effect from the 1st day of September, 2024,— (a) the word “undisclosed” shall be omitted; (b) in the proviso, the words, figures and letters beginning with “and applicable” and ending with “under section 132A” shall be omitted.
Amendment of section 112A In section 112A of the Income-tax Act, in sub-section (2), for clause (i), the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— “(i) the amount of income-tax calculated on such long-term capital gains exceeding one lakh
The Union Cabinet on Wednesday approved the PM-Vidyalaxmi scheme to provide monetary support to meritorious students so that financial constraints do not prevent them from pursuing quality higher education, Union Minister Ashwini Vaishnaw said. The Union Cabinet has approved the PM-Vidyalaxmi scheme for financial assistance to students applying for higher education. The scheme will get
RBI is an institution of national importance and the pillar of the surging Indian economy. It is a member of the International Monetary Fund (IMF). The concept of the Reserve Bank of India was based on the strategies formulated by Dr. Ambedkar in his book named “The Problem of the Rupee – Its Origin and Its
The historical attacks on India’s cultural and religious heritage and highlighted that many such sites have been destroyed by the invaders. However, he complimented Prime Minister Narendra Modi for his efforts in protecting and developing these cultural centres. By taking inspiration from PM Modi’s initiatives, the Rajasthan government is concentrating on developing faith centres and planning pilgrimage
The land of cultures, cuisines, & captivating sceneries- West Bengal is a State like no other. Needless to say, inheriting a property in a prime State like this will include a lot of paperwork involving the legal transfer of property ownership. While buying a property or inheriting one as a gift can be a thrilling
Every LLP is formed to carry on a specific business activity with a motive to earn profit. At the time of incorporation of an LLP, partners have to provide the main object of an LLP. Such object must be mentioned in brief in the LLP agreement. An LLP cannot carry on any business activities which are not mentioned
Section 54 of the Income Tax Act provides exemption on long term capital gains from the sale of residential property if the proceeds from such sale are reinvested in purchasing or constructing another residential property within a specified time frame. Section 54F exemption is allowed only on long-term capital gains. Budget 2024 Updates Key changes
nvestments in Mutual Funds can be broadly classified into two types- lumpsum and SIP. A lumpsum investment is when the depositor invests a significant sum of money on a particular mutual fund scheme. SIP or Systematic Investment Plan, on the other hand, entails the investment of smaller amounts on a monthly basis. Both these type of mutual fund
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