Author name: Pioneer One

1. What is section 54GA of Income-tax Act? Section 54GA of Income-tax Act provides exemption of capital gains on transfer of assets of industrial undertaking from urban area to special economic zone. 2. Can I claim exemption under section 54GA in respect of short term capital gain? Yes, exemption under section 54G can be claimed […]

1. What is section 54G of Income-tax Act? Section 54G of Income-tax Act provides exemption in respect of capital gains arising from transfer of assets of industrial undertaking from urban area to any area other than an urban area. 2. Can I claim exemption under section 54G in respect of short term capital gain? Yes,

1. What is section 54EC of Income-tax Act? Section 54EC of Income-tax Act provides exemption in respect of long term capital gain which arises during sale/transfer of Land or building or both. 2. Can I claim exemption under section 54EC in respect of short term capital gain? No, exemption under section 54EC can be claimed only in

1. What is section 54D of Income-tax Act? Section 54D of Income-tax Act provides exemption in respect of capital gain which arises during the compulsory acquisition of land or building forming part of an industrial undertaking. 2. Can I claim exemption under section 54D in respect of short term capital gain? Yes, exemption under section

1. What is section 54F of Income-tax Act? Section 54F of Income-tax Act provides exemption of long term capital gain on sale of any capital asset (other than a residential house property). 2. Who can claim exemption under section 54F? Only Individual / HUF can claim exemption under section 54F. 3. Whether exemption under section 54F can

1. What is section 54B of Income-tax Act? Section 54B of Income-tax Act provides exemption in respect of capital gain arising on sale of urban agricultural land. 2. What kind of asset should be transferred to claim exemption under Section 54B? The capital asset transferred should be an urban agricultural land. 3. In what type of

1. What is section 54 of Income-tax Act? Section 54 of Income-tax Act provides exemption in respect of long term capital gain which arises during sale/transfer of residential house property. 2. Can I claim exemption under section 54 in respect of short term capital gain? No, exemption under section 54 can be claimed only on

1. What is tax audit? 2. Who are required to get their books of accounts audited under section 44AB? 3. Am I required to get my accounts audited under income tax law if it is already audited under any other law? 4. What are Form Nos. 3CA/3CB and 3CD? 5. What is the due date

1. What are the five heads of income? Different heads of income as per section 14 are, 2. What are the means of collecting taxes by the Government? Taxes are collected through the following means: 3. When should income tax be paid? Income tax can be paid only after the completion of the previous year.

1. What is an Income Tax returns (ITR)? It is mandatory for every taxpayer to intimate the details of his income to the Income-tax Department. These details are communicated to the IT department through forms known as Income tax returns (or) return of income. 2. What are all the notified income tax return forms? 3.