Chapter XIX exclusion applies to payments received by the International Rice Research Institute, subject to specified privileges and immunities condit...
Statutory GST notice and personal hearing remain essential before adverse reverse-charge demands, while unnotified catering cannot trigger reverse cha...
Brought-forward business losses may be verified at the set-off stage through departmental records of return filing and eligibility, but their quantum and character remain those determined in the year of loss and cannot be recomputed. Set-off follows where the losses are verified as available. Section 50's deeming fiction treats gains on depreciable assets as short-term only for capital-gains computation; it does not change the asset's long-term character when determining the applicable tax rate. Gains from depreciable immovable property satisfying the prescribed holding period are therefore taxable under section 112, subject to verification of that condition.
Brought-forward business losses may be verified at the set-off stage through departmental records of return filing and eligibility, but their quantum and character remain those determined in the year of loss and cannot be recomputed. Set-off follows where the losses are verified as available. Section 50's deeming fiction treats gains on depreciable assets as short-term only for capital-gains computation; it does not change the asset's long-term character when determining the applicable tax rate. Gains from depreciable immovable property satisfying the prescribed holding period are therefore taxable under section 112, subject to verification of that condition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
