Mamtora & Associates
Chartered Accountants

Section 54F of income tax act provides the following conditions to get exemption on sale of certain long-term capital assets: Assessee should be either an INDIVIDUAL or HUF The asset transferred should be a long-term capital asset other than a residential house property (Let us call it "original asset") The amount of net consideration (#1) on sale of original asset should be invested into purchase / construction of ONE NEW RESIDENTIAL house (Let us call it "new house") New house can be purchased either 1 year before the date of sale or 2 years after the date of sale of original asset. In case where new residential house is being constructed, the construction should be completed within 3 years from the date of sale of original asset. New house purchased / constructed should not be located outside India. The assessee should not own more than one residential house, other than new house, on the date of transfer of original asset.  The income from new house, should not

What is NPA (Non-Performing Asset)? For banks, advances given to their customers are assets. An asset, including a leased asset, becomes non-performing when it ceases to generate income for the bank. Categories of NPA Banks are required to classify non-performing assets into different categories based on duration of their non-performance as under: NPA Category Description Sub-standard Asset An asset which has remained NPA for less than or equal to 12 months Doubtful Asset An asset which has remained in sub-standard category for 12 months Loss Asset An asset which is considered uncollectible and where loss has been identified by the bank or its auditors or RBI but the amount has not been written off wholly Facility-wise NPA classification Norms as per RBI Master Circular on IRAC Norms dated 02-04-2024: Facility Type NPA Classification Norms Term Loan Interest and/or Principal remains overdue (01) for more than 90 days Overdraft / Cash Credit Ac

Section 115BAC(1A) provides rate of tax applicable to New Tax Regime w.e.f 01-04-2024 i.e. FY 2023-24 (AY 2024-25). Below table compares the tax rates between New Tax Regime & Old Tax Regime:  New Tax Regime u/s 115BAC(1A) Old Tax Regime Total Income Tax Rate Total Income Tax Rate Upto 3 Lacs 0% Upto 2.5 Lacs 0% Above 3 Lacs - Upto 6 Lacs 5% Above 2.5 Lacs - Upto 5 Lacs 5% Above 6 Lacs - Upto 9 Lacs 10% Above 5 Lacs - Upto 10 Lacs 20% Above 9 Lacs - Upto 12 Lacs 15% Above 10 Lacs 30% Above 12 Lacs - Upto 15 Lacs 20% Above 15 Lacs 30% List of deductions not available under New Tax Regime: Leave Travel Allowance u/s 10(5) House Rent Allowance u/s 10(13A) Prescribed Allowances u/s 10(14) with few exceptions Allowances to MP/MLA u/s 10(17) Deduction u/s 10(32) of Rs. 1,500/- in respect of Minor's Income Deductions to SEZ units u/s 10AA Entertainment Allowance to Gove