Friday, 26 August 2011

Clarification regarding non-inclusion of audits conducted under sections 44AD, 44AE and 44AF in the “specified number of tax audit assignments” - (23-08-2011)

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Share sale by Passive Shareholder taxable as Long-Term Capital Gains and not Business Income irrespective of non-compete clause in the SPA

  As per Income Tax Laws, any sum received or receivable in cash or kind under an agreement for not carrying business or profession is treat...