#deduction #investment #equity #savings #scheme The section states that: (1) Where an assessee, being a resident individual, has, in a previous year, acquired listed equity shares or listed units of an equity oriented fund in accordance with a scheme, as may be notified by the Central Government in this behalf, he shall, subject to the provisions of sub-section (3), be allowed a deduction, in the computation of his total income of the assessment year relevant to such previous

#IncomeTaxAct1961, #Section54EA, #capitalgain, #transfer, #longterm, #capitalassets, #investment, #securities, About Section 54EA Capital gain on the transfer of long-term capital assets is not to be charged in the case of investment in specified bunds or debentures.—(1) Where the capital gain arises from the transfer of a long-term capital asset (the capital asset so transferred being hereafter in this section referred to as the original asset) and the assessee has, at any t

#section54ed #capital #capitalgain #securities #income #investment #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. (1) Before 1 April 2006, if the capital gain arises out from the transfer of a long-term asset which is being listed securities or units and the assessee invested the whole or any part of the capital gain in acquiring equity shares fo

#section54a #investment #capital #assets #capitalgain #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. The sale of any Long-Term Asset other than residential property to an individual or Hindu undivided family will be exempt in full if the entire net sales consideration is invested in- Purchase of one residential house within 1 year before

#capitalgain #section54ee #investment #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. Section 54EE talks about the long-term capital gain exempted when invested in long-term assets. One can claim this exemption by following a few conditions. There is no exemption on the transfer of a short-term asset. It is available for the transfer of a

#Incometaxact1961, #Section54EC, #capitalgain, #investment, #bonds, #rules, #sections, #law Introduction Section 54EC allows for tax deductions of capital gains after the transfer of original or long-term capital assets. There is a specific set of criteria that has to be met in order to be eligible for the deductions and benefits of Section 54EC. Taxpayers or assesses who acquire capital gains can avail of tax deductions under Section 54EC of the Income Tax Act 1961. This sec

#Section32AC #IncomeTax #Investment #Plant #Machinery (1) If a company that is an assessee purchases and installs new equipment after March 31, 2013, but before April 1, 2015, and the total actual cost of those new assets exceeds one hundred crore rupees, the company will be eligible for the following deductions: (a) if the total actual cost of all new assets acquired and installed after the 31st of March 2013 but before the first day of April 2014 exceeds one hundred crore r

#Section32AB #IncomeTax #Investment #Deposit According to sub-section (1) of section 32AB of income tax Act, 1961 Subject to the other provisions of this section, an taxpayer whose total income includes income chargeable to tax under the head "Profits and gains of business or profession" has, out of such income, - (a) Deposited any amount in an account (hereafter referred to in this section as deposit account) maintained by him with the Development Bank before the expiry of s

#Section32A #Investment #Allowance #IncomeTax (1) In accordance with and subject to the provisions of this section, a deduction shall be allowed with respect to a ship, aircraft, machinery, or plant specified in subsection (2) that is owned by the assessee and is used exclusively for the purposes of the business that is carried on by him, with respect to the prior year in which the ship, aircraft, machinery, or plant was acquired, installed, or, if the ship, aircraft, machi