Slump sale section income tax
Webb4 juni 2024 · Under the Income Tax Act, 1961. 1. Sections deal with Slump sale. 180(1)(a) 2(42C) & 50B. 2. Definition. Slump sale is not defined under the Companies Act, 2013. Though, it is defined under the Income Tax Act, 1961.-The transfer of one or more undertakings - as a result of the sale - for a lump sum consideration Webb9 feb. 2024 · Section 47 of the Income Tax Act covers certain transactions that are not regarded as “transfer” and, accordingly, gains arising from such transactions are not liable to capital gain tax. The rational for such an exemption is that these transactions do not result in any taxable income in the hands of the transferor. Meaning of transfer.
Slump sale section income tax
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Webb22 aug. 2024 · The assessee claimed this transaction as a slump sale u/s 50B of the Income-tax Act, 1961 (hereinafter called “the Act”) and audit report u/s 50B (3) was filed along with the return of income. In the audit report the net worth of the undertaking was quantified at a negative sum of Rs.157.19 crore. Webb7 mars 2024 · Slump Sale meaning as per Income Tax Act, 1961 How is Capital gains computed in case of Slump Sale – Section 50B of the Income Tax Act Computation of Net Worth Whether Capital gains computed is long-term or short -term What is the rate of tax on Capital gains Whether GST is payable on Slump Sale Agreement ?
Webb18 nov. 2024 · Apex court judgments on Slump Sale classification: Reference in such respect may be drawn to the decision of the Hon’ble Supreme Court of India in the case … Webb23 feb. 2024 · Slump Sale meaning as per Income Tax Act, 1961 Section 2 (42C) defines a “slump sale” as “the transfer of one or more undertakings as a result of the sale for a …
WebbThe below-listed conditions qualify a slump sale: It must involve one or more undertakings. A transfer must be the result of a sale. Sales must occur for consideration. The value … Webb9 apr. 2003 · The term slump sale is defined in sec. 2 (42C) as under:- Slump sale means the transfer of one or more undertaking... Late Sri.M.P.Bhaskaran Thirumupad (rep by L/hrSmt. Sulochana, Palakkad v. ACIT, Calicut 7 Court: Income Tax Appellate Tribunal Date: Oct 12, 2012 Cited By: 0
Webb14 sep. 2024 · Provisions of the Income Tax Act, 1961 (“the Act”): For a transfer of undertaking to qualify as ‘ slump sale’ under section 50B read with section 2 (42C) of the Act, the following...
Webb10 aug. 2024 · While the taxability of slump sale in the hands of a seller is clearly spelt out by the provisions of section 50B of the Income-tax Act, 1961, the law seems to be … ravenswood mexican restaurantWebb10 jan. 2024 · Slump sale remains a popular form of reorganization, by which assets are transferred from one taxpayer to another. In cases other than a demerger or share transfer, an “undertaking” is transferred via slump sale. ravenswood middle school addressWebbSale of business on a 'going concern' basis is a 'slump sale' and not a sale of depreciable asset under Section 50(2) of the Income-tax Act – Supreme Court 20 April 2024 … simpkins texasWebb14 maj 2024 · To overcome such type of tax planning, the definition of Sump Sale in section 2(42C) is proposed to be amended. The scope of the definition of the term ―slump sale by amending the provision of clause (42C) of section 2 of the Act so that all types of ―transfer as defined in clause (47) of section 2 of the Act are included within its scope. ravenswood mews body corporateWebb16 juni 2024 · However, a recent retrospective amendment to the Income Tax Act, 1961 (“IT Act”), by way of the Finance Act, 2024, may change things for such transactions. Firstly, … simpkins swim center pool guardsWebb19 maj 2024 · Slump Sale means sale of any undertaking as a going concern, where consideration is considered in lump sum and individual values are not taken into … simpkins swim center scheduleWebb1 juni 2024 · The Central Board of Direct Taxes vide its Notification dated 24 th May, 2024 has notified a new rule i.e., Rule 11UAE of the Income Tax Rules 1962, for computation … simpkins swim center rentals