Webb28 apr. 2024 · 1 Finance Act, 2024 has amended relevant provisions of the IT Act to treat goodwill as non-depreciable asset. Hence, with effect from 1 April 2024, depreciation on goodwill is not available. 2 DCIT vs. M/s Ozone India Ltd., ITA No. 2081/Ahd/2024 - Ahmedabad Tax Tribunal. 3 Explanatory Memorandum to Finance Bill, 2012; Webb27 aug. 2024 · The provisions of section 56(2)(vii) were introduced as a counter evasion mechanism to prevent laundering of unaccounted income under the garb of gifts, …
Section 56(2)(vii) applicable to ‘property’ in the nature of capital ...
Webb7 mars 2024 · In this blog post, we will explore section 56(2) of the ITA 2024 in detail, discussing its purpose, scope, and key provisions. Purpose of Section 56(2) The purpose of section 56(2) of the ITA 2024 is to tax any gift that is received by an individual or entity that exceeds a certain monetary threshold. Webb6 juni 2024 · Provisions of section 56(2)(vii) have application to ‘property’ which is in nature of a capital asset of recipient and, thus, where assessee purchased a piece of … rich discontented ex-athlete
Income from Other Sources - Section 56 to 59 with Problems
Webb19 feb. 2024 · Eligible startups only have to file a duly signed self-declaration by with DPIIT for availing tax exemption An entity shall be considered as startup if its turnover for any of the financial year... WebbProvisions of Section 56(2)(vii)(c) are not applicable to the issue of bonus shares 2024 Background The Delhi Tribunal in the case of Smt. Mamta Bhandari1(the taxpayer) held that provisions of Section 56(2)(vii)(c) of the Income-tax Act, 1961 (the Act) are not applicable to the issue of bonus shares. Webb20 juni 2013 · It is important to note that provision of section 56 (2) (vii) applicable in case of transferee of immovable property covers only Individual or HUF, whereas provisions … red oled display