This article analyses the applicability of ‘Doctrine of Noscitur a Sociis’ as a rule of construction in the interpretation of Income tax statute in India. This has been explained with the help of provisions contained under clause (e), sub section 22 of section 2 of the Indian Income Tax Act, 1961 .i.e. Deemed dividend.
When Does A Tax Liability Accrue? Article 265 of the Constitution of India provides that no tax shall be levied or collected except by the authority of law. Such tax does not depend upon an assessment to be made by the assessing officer. Section 4 of the Indian Income Tax Act, 1961, which is the charging section, charges tax on income at the rate or rates prescribed under the Act.
INTRODUCTION: Under the Central Goods and Services Tax Act, 2017 normally, the refund provisions under Section 54 of the Act applies in the following cases :- 1. Zero Rated Supplies (Exports to a country outside India & Supplies to SEZ). 2. Inverted Tax Rate Structure. “Inverted Tax Rate Structure” means a situation when there is […]
