Monday, 20 February 2012

Salaried Assessees With Income Upto Rs. 5 Lakhs Exempt From ROI For AY 2012-13


The Central Government has issued an important Notification dated 17.02.2012 exempting Individuals with salary not exceeding Rs. 5 lakhs from the obligation to file a Return of Income for AY 2012-13 subject to certain conditions.

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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

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