Businesses/professionals exceeding turnover limits must audit accounts before the due date. Exemptions apply. Audit report submission is mandatory.

Businesses with turnover over ₹50 crore must provide prescribed electronic payment options alongside existing digital payment methods.

Deductions for co-operative banks undergoing business reorganization, including amalgamation, demerger, or conversion. The deduction amount is split between predecessor and successor banks based on a formula. Successor banks inherit deductions from the predecessor.

Definitions of key financial and legal terms under Sections 26-66, covering agreements, banking, finance, taxation, corporate structures, and services.

Capital gains are taxable in the year of transfer. Exceptions include insurance proceeds, asset conversion, firm contributions, and real estate agreements. Enhanced compensation and repurchased units also attract capital gains tax.

Capital gains apply to shareholders on liquidation; distributions aren’t company transfers. Tax is on received value minus assessed dividends per Sec 68(2).

Capital gains arise when a company buys back its own shares. The gain is the difference between the acquisition cost and consideration received. Buyback consideration may be deemed nil.

Transactions u/s 70(1) of the Income Tax Act 2025 are not considered transfers for tax purposes. These include asset distributions in family partitions, gifts, mergers, demergers, reverse mortgages, conversions, and securities transactions.

Profits from capital asset transfers not taxed under Sec 67 become taxable as “Capital Gains” if conditions in Sec 70 & 71 aren’t met within 8 years.

Capital gains are computed by deducting acquisition cost & expenses from consideration. Non-residents get forex conversion benefits. Indexed cost applies in cases.

The cost of acquisition for specific capital assets under Section 73(1) of the Income Tax Act 2025 is determined based on the mode of acquisition, such as inheritance, mergers, or conversions. The table outlines cost determinations for various asset types, including shares, mutual funds, demergers, and electronic gold receipts. Section 73(2) clarifies key definitions and…

Section 74 of the Income Tax Act 2025 defines capital gains for depreciable assets. If sale proceeds exceed costs and WDV, it’s short-term capital gains. If all assets in a block are sold, the gain is also short-term.