Important One-liners for Income tax for competitive exams

Capital Gains is taxable under section 45 (1) Section 54 relates with the capital gain exemption on sales of a house. Movable assets like car,refrigerator television etc are exempted from capital gains tax Rural agricultural land is not regarded as capital asset. Rural land if  10,000 – 1,00,000        =          2 KM 1,00,000 – 10,00,000    =          6 KM 10,00,000- Above Read More …

Company Law MCQs Part-2

Shelf Prospectus section 31, Red herring prospectus section 32. Oral Invitation is not a prospectus. Information memorandum+ shelf prospectus =Prospectus. Untrue statement in the prospectus will result in imprisonment of 10 years A company proposing to issue red herring prospectus shall file it with the registrar at least 3 days prior to the opening of the subscription list and the Read More …