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 adjustments by way of disallowance and addition to the total income or loss in terms of sub clauses (i) to (vi) to clause (a) of sub section (1) of…
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. of such sum”, the words “or the stamp duty value of such property, whichever is higher,” shall be inserted; (ii) in sub-section (2), for…
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 building or both to the developer under a joint development agreement which is in the nature of ‘specified agreement’. In…
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 Tax Act, 1961 (hereinafter called ‘Act’). Prior to section 12AA coming into force, such trusts were required to obtain registration under section 12A. Recent amendments…
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 reporting or misreporting of such income. If foreign sourced income chargeable to tax including any income in relation to any foreign asset has gone untaxed, such income can…
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 income’. Hon’ble Finance Minister while presenting the Finance Bill, 2016 mentioned about his resolve to reduce the litigation and provide certainty in taxation including in the matter…
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 value of sale consideration in certain situation, in the case of sale/transfer of land or Building or both held in the nature of ‘capital asset’….
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 all pervading state of despondency due to the spread of COVID -19 pandemic. The spanner thrown by the legislature this time &…
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 taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all to 45% of…
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 come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all to 45% of such undisclosed…
