Section 2(5) of the Income Tax Act, 1961 defines an ‘approved gratuity fund’ as ‘a gratuity fund which has been and continues to be approved by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner in accordance with the rules contained in Part C of the Fourth Schedule’. In order to get the […]
Revision under section 263 by the Principal Commissioner or Commissioner against void-ab-initio order or against a non-existent entity If an order is passed by the Assessing Officer against a non-existent entity, e.g. against an Amalgamating Company or against a Dissolved Firm, such an order is void-ab-initio and no revision can be made under section 263 against such […]
In the light of the various judicial decisions of the higher authorities as mentioned below, it is observed that Top of Form Income received by widow of deceased person who died while in Government service) as Monthly Financial Assistance from Government is not chargeable to tax whether it is received on monthly basis or lumps […]
Find out how the Income Tax Settlement Commission (ITSC) can help settle tax liabilities and avoid lengthy litigation.
NPS is a government-sponsored pension scheme. It was launched in January 2004 for government employees. However, in 2009, it was opened to all sections. The scheme allows subscribers to contribute regularly in a pension account during their working life. On retirement, subscribers can withdraw a part of the corpus in a lump sum and use the remaining […]
As per Income Tax Act, 1961, the definition of income do not specifically define compensation received as income. The question is whether the provisions of the Income Tax Act 1961, and more specifically, whether the compensation awarded by the Motor Accident Claims Tribunal to the victim can be classified as a taxable income under the […]
In India, a binding decision of the Supreme Court or High Court can be reviewed in Review Petition. The parties aggrieved on any order of the Supreme Court or High Court on any apparent error can file a review petition. Taking into consideration the principle of stare decisis, courts generally do not unsettle a decision, […]
Section 14A was enacted vide Finance Act, 2001 w.r.e.f. 01.04.1962, so that net taxable income is actually taxed and no deduction is allowed against taxable income for expenditure incurred in earning exempt income. Further, it was enacted to overcome the Supreme Court decision in the case of Rajasthan State Warehousing Corporation v. CIT (2000) 242 ITR […]
Guide to staying demand proceedings before the Income-tax Appellate Tribunal. Learn how to apply for a stay and the conditions for extension.
Capital Gains & Interest on compensation received on Compulsory acquisition of urban agricultural land Section 10(37) inserted by the Finance Act, 2004, with effect from 01.04.2005 (from assessment year 2005-06). Under Section 10(37) of the Income Tax Act, Capital Gains on compensation received on compulsory acquisition of urban agricultural land is exempt from tax. Background With a view to mitigate the […]
