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Where a capital asset is acquired by the Government under any law or where consideration for transfer of capital asset is determined or approved by the Government or RBI, the capital gains shall be chargeable to tax in the previous year in which initial compensation (or part thereof) is received.
The income taxable in the hands of a HUF and tax liability thereon shall be computed according to its residential status. The income taxable in the hands of an HUF is computed under four heads of income and tax thereon shall be computed as per the tax rates applicable for that previous year. The normal income of HUF is taxable as per slab rates provided under the Finance Act or under the new tax regime under Section 115BAC.
Certain assessees are allowed to opt for a lower tax rate regime subject to the fulfilment of certain conditions. These alternate tax regimes offer a lower tax rate, but certain deductions and exemptions have to be given up by the assessee.
Section 194R provides that person responsible for providing to a resident, any benefit or perquisite, arising from business or exercise of a profession by such resident, shall ensure that, before providing such benefit or perquisite, tax is deducted from the value of such benefit or perquisite. The tax shall be deducted at the rate of 10% of the value of such benefit or perquisite.
Section 194S provides that any person who is responsible for paying to any resident any sum by way of consideration for the transfer of a virtual digital asset shall deduct tax from such sum. The tax shall be deducted at the rate of 1% of such sum.
Section 194Q provides that every buyer who is responsible for paying any sum to any resident seller for the purchase of any goods is required to deduct tax at source. The tax shall be deducted if the aggregate value of goods purchased from the seller in the previous year exceeds Rs. 50 lakh. The tax shall be deducted at the rate of 0.1% of the sum exceeding Rs. 50 lakh.
Section 194-IB provides that every Individual and HUF, whose turnover or gross receipt from business or profession doesn't exceed Rs. 1 crore in case of business and Rs. 50 lakhs in case of a profession in the immediately preceding financial year, shall deduct tax from the payment of rent for use of any land or building or both. The tax shall be deducted at the rate of 5% if the rent paid or payable exceeds Rs. 50,000 per month or part of the month.
Section 194-IA provides that any person buying an immovable property (other than rural agricultural land) from a resident seller shall deduct tax at the rate of 1% from the sales consideration or the stamp duty value of such property, whichever is higher. The tax shall be deducted if the amount of sales consideration or stamp duty value is Rs. 50 lakhs or more.
If unquoted shares are issued at premium by a closely held company, the excess of premium over the fair market value of the shares shall be taxable as income from other sources in the hands of the company. However, where listed or unlisted shares are issued or sold at discount, the excess of fair market value of such shares over the issue or selling price shall be taxable in the hands of the shareholders.
Joint Development Agreement means a registered agreement in which a person owning land or building agrees to allow another person to develop a real estate project on such land or building, in consideration of a share in such project, whether with or without payment of part of the consideration in cash or by a cheque or draft or by any other mode.
Advisory: Information relates to the law prevailing in the year of publication/ as indicated . Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.
