Income Tax : Learn about various types of income tax assessments under Sections 143, 144, and 147, their procedures, time limits, and taxpayer ...
Income Tax : Explore how India's tax reassessment laws shifted after Finance Act 2021, focusing on the difference between change of opinion and...
Income Tax : Explore FAQs on filing income tax returns including required documents, taxes on business income, capital gains, gifts, crypto tra...
Income Tax : Linking of Aadhaar with PAN (Permanent Account Number) is a mandatory requirement under Income Tax Act 1961. If a person fails to ...
Income Tax : The budget 2021 brings major changes in taxability of provident fund. Earlier income from provident fund i.e. contribution from em...
Income Tax : The Terms of Reference (ToR) of the Committee shall be as follows: i) To study and identify the provisions/phrases in the Act whic...
Income Tax : Under company law, a director of a company is not personally liable for the company’s debts unless a court of competent jurisdic...
Income Tax : Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in incom...
Income Tax : Uttar Pradesh chief minister Mayawati’s income for the financial year 2001-02 will be reassessed by the income tax departmen...
Discover why tax practitioners are essential and how they can help relieve the burden of tax compliance, reduce costs, and prevent legal issues.
Applicability of Act (Sec 1) – Every factory wherein 10 or more persons are employed with the aid of power or An establishment In which 20 or more persons are employed without the aid of power on any day during an accounting year. Establishment : Establishment includes departments, undertakings and branches, etc.
Telecom industry in India is suffering from the tussle between the odds of two interpretations. In recent time’s payments for various types of technology-related transactions has been a subject matter of disagreement between taxpayer and income tax d
Factories, Business Processing Units and software development firms inside Special Economic Zones (SEZ) will lose all income tax benefits—the most crucial incentive for the tax free industrial enclaves— if the direct taxes code replaces the Income Tax Act of 1961 without any change. The proposed norms also talk of tightening tax incentives to developers […]
The Centre has changed the definition of ‘income’ under the Income-Tax law to ward off litigation on a Budget proposal on taxation of property passed on as gifts. The gifting route was hitherto used to escape the tax net, but this Budget sought to plug this loophole by bringing to tax, at the hands of […]
Under company law, a director of a company is not personally liable for the company’s debts unless a court of competent jurisdiction finds him guilty of misfeasance. Company law proceeds on the basic principle of jurisprudence that a director is presumed to be innocent unless he is proved to be otherwise. These salient principles of […]
Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in income. Certain activities may cause losses too. It would be unfair to tax a person on his income, while ignoring the loss. In recognition of this principle, there are elaborate […]
Uttar Pradesh chief minister Mayawati’s income for the financial year 2001-02 will be reassessed by the income tax department as the Delhi HC has allowed it a relook, while hearing a plea that she had allegedly not declared full details. A bench of Justices Vikramajit Sen and Rajiv Shakdher dismissed the BSP chief ‘s plea […]
If the assessing officer is going to make good an omission on the part of the assessee, he must be expressly authorised by law to do so lest he is hauled over coals for cosying up to the assessee. The recent Supreme Court verdict in Goetz (India) Ltd vs CIT (284 ITR 323), tersely dismissing the appeal of the assessee against the order of the assessing officer (AO) not allowing a deduction which it was admittedly entitled to under Chapter VI-A of the Income-tax Act, 1961 but which it had not claimed by even filing the revised return, is unexceptionable though it has come in for criticism from some quarters.
The Government has come to the rescue of high net worth individuals on the borderline from an additional tax liability that goes beyond the income in excess of Rs 10 lakh. By way of a rule of thumb, the financial world condescends to grant the hallowed status of high net worth (HNW) individuals on those with assets of Rs 5 crore and more. The income-tax law on this touchstone ought to have imposed surcharge of 10 per cent on those having income of Rs 1 crore or more assuming 20 per cent return on wealth to be normal as a rule of thumb.
