Section 54F of the Income Tax Act, 1961, is a provision that offers relief to taxpayers on the capital gains arising from the transfer of a long-term capital asset other than a residential house. This section is designed to encourage individuals to invest in...
What is Capital Gain Any profit or gain that arises from the sale of a ‘capital asset’ is known ‘income from capital gains’. Such capital gains are taxable in the year in which the transfer of the capital asset takes place. This is called capital gains tax. There are...
What is Advance Tax? Advance Tax is the Income Tax paid in advance for the income earned in a particular financial year. Usually, the tax is to be paid when the income is earned. Still, under the tax provisions of advance tax, the payer has to estimate the income for...