This article simplifies important terms like assessee, assessment year, advance tax, and capital asset—essential for anyone learning how India’s tax system works.
Explaining the criteria for Resident (ROR/RNOR) and Non-Resident status for Individuals, HUFs, and Companies under the Income-tax Act, including special rules for NRIs/PIOs.
Analysis of Capital Gains Exemptions (Sec 54, 54B, 54EC, 54F, etc.) for individuals and businesses, covering reinvestment in property, agricultural land, specified bonds, and industrial relocation, including judicial view on compliance requirements.
Summary of Income Computation and Disclosure Standards (ICDS) and their mandatory reconciliation with Accounting Standards for calculating taxable income under the Income-tax Act.
Analysis of tax rates for Individuals, Companies, and Firms across 10 assessment years. Covers the shift to the default 115BAC regime, corporate tax concessions, and changes to Surcharge and HEC.
PGBP governs the computation of business and professional income. It defines chargeable income (Sec. 28, 41) including statutory and deemed receipts, and allows detailed deductions (Sec. 30-37) for operational costs, depreciation, scientific research (Sec. 35), and capital expenditures for specified businesses (Sec. 35AD).
Summary of statutory deadlines for issuing income tax notices (Sec 143, 147) and completing assessments, reassessments, and appeal effect orders.
Form 3CD requires mandatory reporting on taxpayer identity, business status, accounting methods (ICDS), depreciation, inadmissible expenditures (Sec. 40A/14A), payment/receipt compliance (Sec. 269SS/T/ST), TDS/TCS, and GST expenditure break-up, ensuring comprehensive tax compliance verification under Section 44AB.
Understand the three core processes of Indian Income Tax: Rectification of mistakes (Sec 154), the four types of Assessment (Summary, Scrutiny, Best Judgment, and Reassessment), and the Appeal mechanism to CIT(A)/ITAT against adverse orders.
Summary of special compensatory and field allowances available to armed forces personnel and salaried employees under Section 10(14) of the Income-tax Act, detailing fixed monthly exemption limits for working in difficult, remote, or high-altitude areas.
