Is Section 115 O still applicable?
Is Section 115 O still applicable?
Remember, section 115-O or DDT is applicable up to 31-03–2020 while dividend income is taxable in the hands of investors from 01-04-2020. Hence, if any company declares any dividend on 30th March 2020 it has to pay DDT.
What is dividend under section 115BBDA?
Section 115BBDA provides for taxability of dividend over Rs. 10 Lakhs in the hands of the shareholders. Since from A.Y. 2021-22, the entire amount of dividend income is taxable in the hands of the shareholders, the threshold limit of Rs.
What is specified asset under section 115E?
Specified assets for the purpose of Section 115E are shares in Indian companies; debentures issued by an Indian company other than a private company; Deposits with an Indian company other than a private company; any security of the central govt.
Is depreciation allowed under 115bab?
no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the installation of machinery or plant by the person.
What is Mat tax in India?
MAT or Minimum Alternate Tax is a provision in Direct tax laws to limit tax exemptions availed by companies, so that they pay at least a minimum amount of corporate tax to the government. The key reason for introduction of MAT is to ensure minimum levels of taxation for all domestic and foreign companies in India.
What is the limit of dividend exempt?
The dividends received from any Indian Company upto Rs. 10 Lakhs are tax free in the hands of the investors under Section 10(34). However, the dividends received from any Mutual Fund Company are fully exempt without any maximum limit under Section 10(35).
At what limit dividend is tax free?
Rs 10,00,000
As per existing tax provisions, income from dividends is tax free in the hands of the investor up to Rs 10,00,000 and beyond than tax is levied @10 percent beyond Rs 10,00,000.
What is the TDS rate for NRI for sale of property?
20%
If an NRI is selling property in India, the buyer is required to deduct TDS at the rate of 20% in case of long-term capital gains. However, if the property is sold before two years, TDS shall be deducted at the rate of 30% as a short-term capital gains tax.
What is Section 112 of Income Tax Act?
The taxation of long-term capital gains is divided under two provisions, i.e. Section 112 and Section 112A of the Income Tax Act….Section 112 of Income Tax Act: How to calculate income tax on long-term capital gains.
| Type of asset | Long-term capital gains |
|---|---|
| Immovable Property | 20% with indexation |
Can loss be carried forward under section 115BAA?
There is no provision which restricts set-off of current year loss or carried forward loss with the income determined under section 115BAA. The only prohibition is that the loss which is related to the restricted deductions are not allowed to be set-off under the concessional tax regime u/s 115BAA.
What is Section 80JJAA?
Section 80JJAA is a facility for claiming a deduction for the recruitment of new or additional employees. The section has been made available in the Income Tax Act to encourage employers to recruit fresh employees on a periodic basis.
What is section 115A of the Income Tax Act 1961?
Chapter XII (Sections 110 to 115BBG) of the Income Tax Act 1961 deals with the provisions related to determination of tax in certain special cases. Section 115A of IT Act 1961-2020 provides for tax on dividends, royalty and technical service fees in the case of foreign companies.
What is Chapter XII of the Income Tax Act 1961?
Detail discussion on provisions and rules related to tax on dividends, royalty and technical service fees in the case of foreign companies. Chapter XII (Sections 110 to 115BBG) of the Income Tax Act 1961 deals with the provisions related to determination of tax in certain special cases.
What is the unit trust of India Act 1963?
(d) “ Unit Trust of India ” means the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963). Download all sections of the Income Tax Act 1961 amended by the Finance Act 2021 in PDF format or buy Income Tax Bare Act.
