Profits earned by transferring capital assets in India will be liable to capital gain tax under income tax act, 1961. The difference between your sale price and cost of acquisition will be treated as capital gain. Computation of capital gain depends upon the nature of capital asset transferred. Capital asset can be of two types; Long term Short term If the capital … [Read more...] about What is capital gain tax in India
Archives for September 2013
Section 54- Exemption of Capital gain tax on transfer of house property
Any long term capital gain arises to an individual or HUF from transfer of residential house property (income from which is chargeable under the head income from house property) shall be exempt to the extent of such capital gain as invested in the purchase or construction of another residential house property. Such new residential house property should have been purchased … [Read more...] about Section 54- Exemption of Capital gain tax on transfer of house property
Capital asset – As defined under section 2(14) of income tax act, 1961
Section 2(14) defines capital asset in IT act. As per this section, capital asset means property of any kind held by an assessee whether or not connected with his business or profession but does not include; Stock in trade, raw material or consumable stores held for the purpose of business or profession ( surplus arises out of these are taxed under the head profits and … [Read more...] about Capital asset – As defined under section 2(14) of income tax act, 1961
How to delete or change material master record
To change material master we have to use transaction code MM02. One can also use following path to reach to change it in sap. SAP Menu > Logistics > Material Management > Material Master > Material > Change > Immediately In the initial screen you need to enter the material number than you want to change. For every change to it, sap will update the log … [Read more...] about How to delete or change material master record
Indian baggage rule for tourists
Tourist means A person who is not a resident of India A person who enters India for stay not more than 6 months in the course of twelve month period A person comes legitimate non-immigrant purpose like for touring, recreation, sport, health, family reasons, study, religious pilgrimages or business … [Read more...] about Indian baggage rule for tourists
Indian Baggage rule for persons transferring his residence to India
Any person transferring his residence to India is eligible to bring used personal and household articles without duty under the Indian baggage rule. This provision is applicable to following persons; Foreigners transferring there residence to India. Indian resident coming back to India after 2 years of stay in abroad (transferring his residence to India). Following … [Read more...] about Indian Baggage rule for persons transferring his residence to India
Baggage rule for Indian resident or foreigner residing in India
In India, Baggage rule depends on the country of your residence, period of stay in abroad and duration of stay in the home country (India). Baggage rule as explained below is applicable to following types of persons; A person holding Indian passport and residing in India has traveled abroad for a short visit Foreign citizen holding a passport of a foreign country but … [Read more...] about Baggage rule for Indian resident or foreigner residing in India
Capital Gain Account Scheme – CGAS to save capital gain tax
Different sections are specified under Indian income tax act to provide certain exemption on long term capital gain. These exemptions are available if specified conditions under those sections are fulfilled. One of such condition is to invest the capital gain or net consideration in certain specified investments. If such investments are not possible prior to the due date of … [Read more...] about Capital Gain Account Scheme – CGAS to save capital gain tax
Section 194J – TDS on Professional Fees or Technical Services
As per section 194J of Income tax act 1961, a person is required to deduct TDS @ 10% on following payments paid to a resident in excess of Rs. 30,000 during a financial year; Fees for professional services; or Fees for technical services; or Royalty; or Non-compete fee as referred under section 28(VA) of income tax act. Threshold limit of Rs. 30, 000 as specified … [Read more...] about Section 194J – TDS on Professional Fees or Technical Services
SAP FICO Interview Questions Part 13
What is dunning level? Dunning levels are defined at the time of creating of our dunning procedure. Dunning level in sap means how often we will be notifying our business partner about their overdue outstanding balance. Dunning can be done up to a maximum 9 level (including one legal dunning level). Dunning levels can be differentiated with there text. It defines the … [Read more...] about SAP FICO Interview Questions Part 13