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Substantive Vs. Procedural Law- Which one is Superior Law?

May 22, 2021 65505 Views 0 comment Print

What Is Substantive Law ? What Is Procedural Law ? And Which Of The Two Is Superior Law ? Substantive law refers to how facts of each case are handled and how to penalize or ascertain damages in each case. Whereas, Procedural law refers to the different processes through which a case proceeds. Substantive laws […]

Section 147 proceedings not identical to section 143(2) proceedings

May 22, 2021 11064 Views 0 comment Print

Understanding the differences between section 147 and section 143(2) proceedings. Learn about the nuances of these tax-related legal processes.

Section 154 of Income Tax Act – Rectification of mistake

May 19, 2021 17520 Views 2 comments Print

Section 154 of the Income Tax Act is a very important Section and as per this section the assessee or department has a right to rectify any arithmetical error in an assessment order or assessment intimation. Section 154(1A) authorizes the Assessing Officer to give appeal effect. The assessee can file an application to CPC in […]

Taxability of Gifts Received From Persons other than Relatives | Section 56(2)(X)

May 18, 2021 1887 Views 0 comment Print

Under Section 56(2)(x) Gifts from persons other than those covered in the definition of relatives are taxable  under the Head Income from other sources. Now a question arises that is it sufficient to offer a Gift from a person other than relatives as Income from Other Sources and pay tax ?  In my humble opinion […]

Section 23 | Notional Rent Addition | Property Remained Vacant

May 17, 2021 38376 Views 1 comment Print

Article On Section 23 In Case The Owner of Property Is Not Able To Find A Tenant And Property Remains Vacant, Can Addition On Account Of Notional Rent Be Made Or Not ? Here we are discussing Section 23 of Income Tax Act 1961 which provides how to determine annual value of a property for […]

Reopening of Assessment Beyond the Period of Four Years

May 16, 2021 14346 Views 0 comment Print

Article on Reopening of Assessment Beyond Period of Four Years when Assessment Already Finalised Under Section 143(3) and All Material Facts Disclosed During Assessment Proceedings It is a trite law that when a statute provides a particular thing to be done in particular manner then the same has to be done in that manner only […]

Cash Deposit Out of Cash Sales treated as Undisclosed Income Under Section 68 & 69A

May 15, 2021 16626 Views 0 comment Print

Cash Deposit Out of Cash Sales treated as Undisclosed Income Under Section 68 & 69A of Income Tax Act, 1961 On the night of 8th November 2016 the honorable Prime Minister of India announced that Rs. 500.00 and Rs. 1000.00 notes will no longer be legal tender. No fresh transaction could be done using these […]

Date of Sale for of Claiming Exemption under Section 54

May 13, 2021 6612 Views 1 comment Print

DATE WHICH IS RELEVENT FOR THE PURPOSE OF CLAIMING EXEMPTION UNDER SECTION 54 OF INCOME TAX ACT 1961 For claiming Exemption under section 54 of Income Tax Act 1961 following conditions are required to be fulfilled: 1. The assessee has sold a residential house property. 2. He has purchased another house property before one year […]

Taxability of Awards U/S 10(17A) & Awards to Non Professional Sportsman

May 13, 2021 22956 Views 1 comment Print

Section 10(17A) Taxability of Awards, Taxability in case of Professional and Non-professional Sports persons (Circular No.447 dated 22nd January, 1986) Section 10(17A ) states that any payment made, whether in cash or in kind,- (i)  in pursuance of any award instituted in the public interest by the Central Government or any State Government or instituted […]

Income Tax Points to keep In Mind while Selling & Buying a Property

May 13, 2021 18639 Views 3 comments Print

Important income tax points to consider when buying or selling a property. Learn how Section 50C can affect the calculation of capital gains.

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