Thursday, March 12, 2015

‘Assessment’ in “Special Cases”

‘Assessment’ in “Special Cases

[A]       Tax On Capital Gains :
                        A2.      Long Term Capital Gain [Section 112]

1.         Computation of total income of a non-resident [Section 115D ]
2.         Tax on investment income and long-term capital gains [Sect/on 115E ]
3.         No tax on capital gain on transfer of foreign exchange assets [Section 115F]
4.         Return of income not to be filed [Section 115G ]
5.         Continuance of benefit even after becoming Resident [Section 115H]
6.         Option to assessee [Section 115-I]

            C1.      Tax on distributed profits of companies
C2.      Responsibility to deposit tax
C3.      Final payment
C4.      No deduction
C5.      Interest on non-payment of tax [Section 115P ]
C6.      Tax on distributed income of Mutual Funds [Section 115R]