TaxTMI Login
🎉 Festive Offer: Flat 15% off on all plans! →⚡ Don’t Miss Out: Limited-Time Offer →
TaxTMI 
Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Income-tax Act: Forfeited Advance for Capital Asset Transfer Now Taxed as Income from Other Sources, Section 56(2)(ix).</h1> Clause 25 of the Finance (No. 2) Bill, 2014 amends section 56 of the Income-tax Act by adding clause (ix) to sub-section (2). This amendment stipulates that any sum of money received as an advance during negotiations for the transfer of a capital asset, which is forfeited if the transfer does not occur, will be taxed as 'income from other sources.' This provision applies from April 1, 2015, affecting the assessment year 2015-16 and onwards.
TaxTMI 
