Articles
Section 143(1) of the Income Tax Act, 1961, being part of Chapter XIV titled as “Procedure For Assessment”, permits Central Processing Centre (‘CPC’ in short) to make...
Finance Bill, 2022 through clause no. 56 has sought to amend section 194IA as under: “56. In section 194-IA of the Income-tax Act,–– (i) in sub-section (1), after the words “one per cent...
Sub section (5A) to section 45 has been inserted under the Income Tax Act, 1961 to provide taxability of capital gains arising to the land owner being Individual or HUF, in case of transfer of land or...
In order to claim the benefit that its income is not included in total income, Charitable & Religious Trusts and Institutions are required to obtain registration under section 12AA of the Income...
Income Tax Act, 1961 (hereinafter called ‘ITA’) seeks inter alia to tax global income of a resident-taxpayer and also provides for the levy of penalty in case of concealment, under...
Section 270A has been inserted under the Income Tax Act, 1961 to take effect from 1.4.2017 i.e. from assessment year 2017-18, to provide for the levy of penalty on the ‘under-reported...
Legislature had introduced section 50C under the Income Tax Act, 1961 by the Finance Act, 2002 making it applicable with effect from 1.4.2003. Section 50C prescribes deeming provision to substitute...
Present time may not be the best time to discuss a recently introduced depressing attempt & regressive amendment made to section 254(2A) of the Income Tax Act, 1961 by the Legislature, given an...
The Government has introduced a scheme “Income Declaration Scheme, 2016” which has come into force from 1st June, 2016. The scheme provides an opportunity to persons who have not paid due...
The Government has introduced Income Declaration Scheme, 2016 which has come into force from 1st June, 2016. The scheme provides an opportunity to persons who have not paid full taxes in the past to...
Recently, reversing the decision of the Special Bench of the ITAT in the case of Topman Exports v. ITO 124 ITD 1 (Mum.), the Bombay High Court in the case of CIT v. Kalpataru Colours &...
Introduction 1. Finance Act, 2013 has inserted Explanation 2 to section 132B which reads as under:-“For the removal of doubts, it is thereby declared that the ‘existing liability’...