Section 194C : Applicability Analysis Main Ingredient of Section 194 C are – (A). Any Person responsible for making payment, (B) Payment has to be made to resident, (C). Payment has to be for work, (D). Payment is in pursuance of a Contract with specified person (E). At the time of credit or payment which […]
Normally Income Tax Act 1961 guides each and every dealing with Income Tax Department. Constitution is the source of whole legal and administrative framework in India. All the pillars of Indian system it be Legal System, Legislative Assembly or the administration – find their existence, working mechanism and defined boundaries in constitution. There can be […]
I. What Is Risk :- The term risk usually refers to “ The probability of loss of a valuable resource because of uncertainty”. We gamble on possibility of earning in order to gain possible positive outcome. Risk can also be considered “The chance that an outcome other than ‘expected outcome’ will occur.” There are two […]
Financial auditing is the process of examining an organization’s (or individual’s) financial records to determine if they are accurate and in accordance with any applicable rules (including accepted accounting standards), regulations, and laws. This process of auditing is carried out with different objectives, if objective of auditor is establish fairness of the financial result it […]
Uncover the unexplored provisions of Section 132(13) & 131(1)(a) of Income Tax. Learn about the significance of these provisions and their connection to Search and Seizure under CRPC.
Resjudicata and Income Tax Act, 1961 :- The rationale for res judicata is that there must be an end to litigation. Basically, the purpose of the principle of res judicata is to support the good administration of justice in the interests of both the public and the litigants, by preventing abusive and duplicative litigation. In CIT […]
There are some provisions of The Indian Partnership Act, 1932 that should be born in mind while we prepare partnership deed. Importance of these provisions can not be undermined since partners often want to enter into enforceable legal relationship. On analyzing these provisions we can conclude that these can be classified in this way – […]
Currency and it’s value :- In short, currency is money, in the form of paper or coins, usually issued by a government and generally accepted at its face value as a method of payment. In a closed economy value of a currency is determined by the demand (Generated because of goods available in the market) […]
Hindu Undivided Family (HUF) : An entity that emerges as a result of customary Law There are different entities which have separate legal existence some of them emerges naturally (like Humans), some of them emerges as a result of incorporation or in simple words registration under any statue (like Companies and Registered Firms) but there […]
In this write up I have tried to compile – provisions related with PAN under Income Tax Act, 1961 (Section 139A & 139AA and 272B), Income Tax Rules (Rule 114) and FAQs on PAN issued by Income Tax Department. For further clarity on the topic these are the references. Why PAN PAN is the need […]
