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Income tax on transfer of unquoted equity shares at less than Fair Market Value (FMV)
Income Tax
CA. Kavit Vijay

Income tax on transfer of unquoted equity shares at less than Fair Market Value (FMV)

Transfer of shares of listed entities is quite a simple and fair process as the price of shares are available on the stock exchange and shareholders have no option to transfer shares at value other than price available on stock exchange. However, what about the unquoted or unlisted equity shares. Whether shareholders can transfer such shares at any price or is there any mechanism specified for the same?

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Key takeaways from Interim Budget, 2024
Finance Budget
CA. Kavit Vijay

Key takeaways from Interim Budget, 2024

During the year of the Central Election, Our present government has come up with an Interim Budget for FY 2024-25. All the financial schemes or Plans proposed in the Interim Budget are temporary until the final budget is presented by the new Government post elections.

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Dividend Income
Income Tax
CA. Kavit Vijay

Companies are entitled to claim credit of Tax payable in Thailand on Dividend Income even if no taxes are paid

The Assessee earned dividend income from its subsidiary company based in Thailand. Assessee was liable to pay Income Tax @ 10% on such dividend income in Thailand. However, tax was exempted due to the statutory regime obtained in Thailand. While filing ITR in India, Assessee disclosed such income and claimed the credit of tax @ 10% which was payable in Thailand but not paid due to exemptions. 

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Income Tax/ Capital gains on sale of inherited property
Income Tax
CA. Kavit Vijay

Income Tax/ Capital gains on sale of inherited property

Inheritance of property is a very common scenario and these properties are sold subsequently as well. In India, the sale of inherited property can have potential tax implications, particularly regarding capital gains. Capital gains tax is levied on the profit earned from the sale of an asset, including inherited property.

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Union Budget-2023-24| Changes for Salaried Assessee
Finance Budget
CA. Vipin Tyagi

Union Budget-2023-24| Changes for Salaried Assessee

This budget focused toward capex expenditure wherein priority was given to building roads, railways and highways. This budget also brought relief for the middle class in form of higher exemption slabs, more clarity on the new regime and the old regime. Also, the highest slab of surcharge has been reduced from 37% to 25% thereby reducing the maximum rate of income tax from 42.744% to 39%. Also, some products were made more economical and some were made more expensive.

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Union Budget-2023-24| Income Tax Amendments
Finance Budget
CA. Shilpi Goyal

Union Budget-2023-24| Income Tax Amendments

Union budget 2023-24 has proposed various amendments in the Income tax act such as Change in slab rates, extended benefits to MSME Enterprises, relaxation in tax audits threshold limits, Relaxations for cooperative societies etc.

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