May 2024

Redevelopment projects are the real estate projects where old construction is destroyed on the grounds of the same being of obsolete and probably of risk to the members of the society. In such situations builders approaches members of the society…

Transfer of shares by way of GiftsCapital gain taxes are levied upon transfer of capital assets. Transfer in general sense means sale of such capital assets when capital assets in question are shares of a company. However, there are certain…

A charitable trust is a non-profit organization which is established for the purpose of betterment of society in general or to support a specific section of the society. Upliftment of such sections of the society is general motive of the…

In income tax act, capital gains are taxed upon transfer of capital assets. Capital assets are defined in Section 2(14) of Income Tax Act, 1961. The concept of transfer is discussed in definition of transfer under section 2(47). Capital gains…

Many pharmaceutical companies have a strategy to distribute their promotional materials to various medical practitioners. These include small quantities of medications given to doctors by pharmaceutical companies to be provided to patients, branded pens, notepads, calendars, or other office supplies…

While computing income for the source of income from business and profession, certain expenses are allowed as deduction from such incomes or receipts. While doing accounting of such businesses expenses are recorded on accrual or receipts whichever is earlier. Income…