What is Section 47 of the income tax Act?

47Business gifts: exceptions (1)The prohibition in section 45 on deducting expenses incurred in providing gifts does not apply in any of cases A, B, C and D. (b)the item is given away in the ordinary course of the trade in order to advertise to the public generally.

What is the exemption under Section 47?

Section 47 of the Income Tax Act is a necessary provision that exempts certain transactions from being classified as transfers. This is important as under the Act, any profit or gain arising from transferring a capital asset shall be chargeable to capital gains tax.

How do I respond to income tax demand notice?

Log in to e-Filing portal and click Pending Actions > Response to Outstanding Demand and you will be taken to Response to outstanding demand page. If there are demands outstanding against your PAN, the current status against each of the past / existing outstanding demands will be updated as Pending payment / Response.

What is the amendment to Section 47?

Amendment of section 47. Amendment of section 47. (f) no amount is paid, either directly or indirectly, to any partner out of balance of accumulated profit standing in the accounts of the company on the date of conversion for a period of three years from the date of conversion.

Who can stop an income tax raid in India?

An aggrieved person can file a writ petition before the High Court challenging the raid, if he feels that the action of the department was unfair. He can also challenge the assessment and file an appeal before the Commissioner of Income Tax (Appeal).

Taxation of Scholarships In Pakistan | Section 47 Of the Income Tax Ordinance, 2001

What is the penalty for income tax raid in India?

Indian tax rules impose severe penalties for tax evasion, which is a big problem. For instance, deliberate tax evasion is punishable by up to seven years in prison and a fine under Section 276C of the Income Tax Act. The maximum penalty is seven years in prison if the amount of tax avoided exceeds ₹25 lakh.

What happens during a raid?

A police raid is an unexpected visit by police or other law enforcement officers, which aims to use the element of surprise to seize evidence or arrest suspects believed to be likely to hide evidence, resist arrest, endanger the public or officers if approached through other means, or simply be elsewhere at another ...

What is section 47?

A Section 47 Enquiry is initiated to decide whether, and what type of, action is required to safeguard and promote the welfare of a child who is suspected of, or likely to be, suffering significant harm.

What is Section 47 of the Act?

Section 47 of the Income Tax Act is a necessary provision that exempts certain transactions from being classified as transfers. This is important as under the Act, any profit or gain arising from transferring a capital asset shall be chargeable to capital gains tax.

Is share transfer taxable in India?

Taxation-wise, the resident seller is liable for capital gains tax on the transfer. If the shares are unlisted, long-term capital gains (held >24 months) are taxed at 20% with indexation. Short-term gains are taxed at the applicable slab rate.

What happens if I don't reply to an income tax notice?

What would happen if you do not respond to Income tax notice? Consequences on not responding to Tax notice is that your return will be considered invalid, if not responded within stipulated time. Hefty penalty, interest may be charged.

How to solve demand notice?

What happens if I don't respond to the notice within 30 days?

You may have to pay a penalty of upto Rs. 10,000 under Section 272A for each failure to respond. The case might be closed by the assessment office on the basis of the information it has under section 144. A higher taxable income can result in a higher penalty payable by them.

What is Section 47 discretionary relief?

5.1 Section 47 of the Local Government Finance Act 1988 allows the authority to grant discretionary relief where the property is not an excepted one (see 5.3 below) and all or part of it is occupied for the purposes of one or more institutions or other organisations, none of which is established or conducted for profit ...

What is Section 47 of the Indian Registration Act?

Time from which registered document operates. - A registered document shall operate from the time from which it would have commenced to operate if no registration thereof had been required or made, and not from the time of its registration.

What is the minimum exemption limit of income?

What is the time limit for Section 47?

The assessment will have commenced at the point of referral and must continue whenever the criteria for Section 47 Enquiries are satisfied. The timescale within which the assessment must be completed is no longer than 45 working days from the point of referral into local authority children's social care.

What is petition under section 47?

According to Section 47, once a suit has been adjudicated and a decree has been passed, then all the questions related to the execution of the decree must be taken up and determined by the executing court. It further bars the filing of a separate suit for this purpose. In the case of Harnandrai Badridas v.

What is the punishment for section 47?

The maximum sentence for a Section 47 ABH assault is five years. If the offence is racially or religiously aggravated, the maximum sentence is 7 years. In deciding on the sentence for Section 47 assault, the court will look at the level of culpability and the level of harm.

What are the conditions for Section 47?

Section 47 of the Income Tax Act also exempts shareholders of a demerged company from paying capital gains tax when they transfer shares of the demerged company to the resulting company. The resulting company must be an Indian Company to qualify for this exemption.

How to get a section 47?

If you are concerned that a child may be abused or seriously neglected then you can contact your local Children's Services Department, the NSPCC, the police, or a health professional or teacher can make a referral to social services on your behalf.

What is the scope of Section 47?

(1) "All questions arising between the parties to the suit in which the decree was passed, or their representatives, and relating to the execution, discharge or satisfaction of the decree shall be determined by the Court executing the decree and not by a separate suit....

What to do if you get raided?

Immediately contact your lawyer. During an FBI raid and any criminal investigation that follows, you have a constitutional right to counsel. You can request that the FBI agents wait until your lawyer arrives if the wait does not unreasonably delay the search.

How do you win a RAID?

To maximize your damage output, choose Pokémon with attacks that are super effective against the Raid Boss' type(s). Swiping left or right to dodge the Raid Boss' Charged Attacks will decrease the damage your Pokémon takes, allowing them to stay in the battle longer.

How many times can police search your house?

Search warrants

A search warrant authorises the police to enter premises on one occasion only. If the police have a search warrant they can, if necessary, use reasonable force to enter and search the premises.