Income Tax : Clubbing of income rules (Sections 60-64) in tax law prevent income diversion. Covers transfer of income without asset, revocable ...
CA, CS, CMA : Overview of India’s taxation system under the Constitution, covering direct and indirect taxes, GST, powers of Union and States,...
Income Tax : Explore non-tax revenue, its sources, and how it supports government finances, reducing reliance on taxes and funding public servi...
Income Tax : A provision does not become an exemption provision merely because the marginal notes to the section or the heading of the section ...
CA, CS, CMA, Income Tax : Understanding the tax implications of life insurance policy maturity. Learn about the exceptions and conditions for tax-free amoun...
Income Tax : Is Tarun Tahiliani, one of India’s leading fashion designers, an artiste? Those who admire his creations might think so, but not...
Income Tax : Income Tax department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax. So...
Income Tax : Your tax burden has just gone up, with the government today issuing the new guidelines for taxation of perquisities. In fact, it c...
Income Tax : NEW DELHI: The I-T authorities have slapped a tax liability of Rs 300-400 crore on realty leader DLF over what they called underst...
Income Tax : Stockbrokers who have been taking advantage of the ambiguity in the Income Tax Act rules to reduce their tax payouts could be in f...
Income Tax : Unfortunately, for the appellant NBFCs. are not covered by Section 36(l)(viia) of the I.T Act and so much so, explanation to secti...
Income Tax : Section 271(1)(c) of the Income-tax Act, 1961 (“the Act”) empowers the Assessing Officer (“AO”) to levy penalty if he is s...
Income Tax : The assessee, a share broker, purchased shares on behalf of its client and paid for them. The brokerage on the said transaction wa...
Income Tax : Section 153A(1) contains non-obstante clause and hence provisions of this section will over-ride the provisions of section 139, se...
Income Tax : The assessee made payments to a foreign company for purchase of ‘shrink-wrapped’/ready-made software without deduction of tax ...
Clubbing of income rules (Sections 60-64) in tax law prevent income diversion. Covers transfer of income without asset, revocable transfers, spouse/minor child income, and assets transferred to spouse/daughter-in-law without adequate consideration.
Overview of India’s taxation system under the Constitution, covering direct and indirect taxes, GST, powers of Union and States, and key constitutional provisions.
Explore non-tax revenue, its sources, and how it supports government finances, reducing reliance on taxes and funding public services.
A provision does not become an exemption provision merely because the marginal notes to the section or the heading of the section call it so.Tax law contains chapters dealing with incomes which do not form part of total income. There are chapters dealing with deductions and allowances. Chapter III refers to various incomes which are exempt from tax. It excludes certain types of income from the ambit of ‘total income’ as defined under the Income-Tax Act, 1961.
Understanding the tax implications of life insurance policy maturity. Learn about the exceptions and conditions for tax-free amounts received.
Mutual Funds are like a department store where many products are on display and every one can get product suitable to his needs, risk appetite, investment horizon. From product for parking your overnight funds to investing for decades, mutual funds can cater to needs to all investors. As the products offered by mutual fund houses […]
In this article we are going to discuss about the residential status of a person as per Income Tax Act, 1961 which determines which income of an individual is taxable as per Indian Laws. Residential Status of any individual (Section 6) Basic Conditions (1) (2) (3) In case of an Indian Citizen who leaves India […]
In brief my family was met with an major accident in 2010 and my pretty daughter (minor) got 70% permanent disabilities., literally we have lost everything in that accident even my well established business also. Now the court has given my wife ( guardian and claimant of minor) accident compensation amount ( without deduction of any tax as it was recovered by the court thru attachment order because insurance people never came to deposit the amount by themselves) inclusive interest of last 7 years ( 2010 to 2017). Enhancement amount is 35 lacs and interest amount is 15 lacs. The amount was received in august 2011 in which 75% of the amount i.e. 40 Lacs has been fixed by the court in the name of disable minor for next 15 years. Court has given us one facility to take quarterly interes
One should not keep any unaccounted or undisclosed money, property or income popularly known as black money. If such a disclosure is made before its detection by the Income Tax Department, the chances of being trapped in a tax raid are minimized. A tax raid may also be conducted against a person in possession of undisclosed income or property not belonging to him but to someone else. It is therefore important for a person who is in possession or in custody of someone else’s jewellery or other valuables, etc. to ensure that they are duly accounted for.
This Article Helps you to understand the Provision of Income Tax Act i.r.t. Derivatives like Meaning, Income Consideration, Books of Accounts Requirement, Meaning of Turnover, Audit Requirements, Adjustments of Losses etc
