INCOME-TAX ACT (FIRST AMENDMENT) RULES, 2009 – IN SECTION OF RULE 40EAEJAZ AHMEDEmail thisPrint this
So, the parameters for the eligibility of this rebate under section 87A of the Income Tax Act 1961 are mentioned below in steps? Step 1: To begin with, the income to be taken into consideration for the access to a rebate under section 87A is arrived at after setting off the ‘brought...
Sub: Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10BB for Assessment Year 2016-17 and subsequent years - Reg. Under the provisions of section 10(23C) of...
The amount furnished in the deposit account or some specified account to utilize the amount for the particular period is permitted as a deduction under section 33AB. Beneath section 33AB of the Income Tax Act, the deduction is open to taxpayers who are engaged in businesses in India like ...
If the claim for credit or refund relates to an overpayment of tax imposed by subtitle A on account of the recapture, under section 4045 of the Employee Retirement Income Security Act of 1974, of amounts included in income for a prior taxable year, the 3-year period of limitation ...
Property Transaction Taxation: 12% – 22% – The differences between the taxations of a business and the taxations of an individual will be tested with subjects like an alternative minimum tax (AMT) and the importance of gross income inclusion, along with the taxations of transactions involving...
A Section 179 expense is a business asset that can be written off for tax purposes right away rather than being depreciated over time.
An unrecaptured 1250 gain is a gain addressed by Section 1250 of the U.S. Internal Revenue Code. This provision directs that previously recognized depreciation be recaptured as income when a gain is realized on the sale of depreciable real estate property. Such gains are taxed at a maximum 2...
Please note, however, that this document is to be used only as a basic introduction. It should not be considered a complete guide to the Section 42 low-income housing tax credit program. In addition, different properties under the program may be subject to different expectations depending on ...
The tax must be paid on any “boot” in the year ofthe 1031 exchange. A boot is an addition to the swap agreement that is not real estate, such as cash. Once the business or investment real estate is sold, like-kind real estate must be identified within 45 days and acquired within ...