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Powers of Arrest and detention of defaulter in prison (civil) under the provisions of Income Tax Act, 1961
Powers of Arrest and detention of defaulter in prison (civil) under the provisions of Income Tax Act, 1961All developed economies of the world strive to move towards voluntary compliance of tax payment. However, a few as...
Treatment of Unregistered Trust under the Income Tax Act, 1961
Treatment of Unregistered Trust under the Income Tax Act, 1961Section 12A is applicable only on public charitable trusts, while issue of share of members being determinate or indeterminate comes forth for private trusts....
Transfer of income where there is no transfer of assets [Section 60]
Transfer of income where there is no transfer of assets [Section 60]Provisions of section 60 are contained in Chapter - V of the Act, which deals with “Income of other persons, included in assessee’s total income.”...
PARTITION OF HUF (HINDU UNDIVIDED FAMILY)
PARTITION OF HUF (HINDU UNDIVIDED FAMILY)Section 171 of the Income Tax Act, 1961 defines the partition of HUF and deals with the provisions of assessment after its partition. The income tax laws require that pa...
Payments made to Non-Residents from their Indian Bank Accounts & requirement to furnish Form 15CA/15CB
Payments made to Non-Residents from their Indian Bank Accounts & requirement to furnish Form 15CA/15CBAs per Section 195 of the Income Tax Act, 1961, tax is required to be deducted for any sum which is taxable under ...
Power to transfer cases under section 127 of the Income Tax Act, 1961
Power to transfer cases under section 127 of the Income Tax Act, 1961Section 127(1) confers powers, inter alia, on the Commissioner after giving the assessee a reasonable opportunity of being heard in the matter, wheneve...
Expenses disallowed under Section 40A(3) and Section 40A(3A) of the Income Tax Act, 1961
Expenses disallowed under Section 40A(3) and Section 40A(3A) of the Income Tax Act, 1961 Section 40A(3) was introduced as a provision designed to counter evasion of tax through claims for expenditure shown to have b...
Deduction in respect of expenditure incurred on setting up of a specified business [Section 35AD]
Deduction in respect of expenditure incurred on setting up of a specified business [Section 35AD]Section 35AD was inserted by the Finance (No. 2) Act, 2009, with effect from 01.04.2010 i.e. from assessment year 2010-11. ...
Prohibition on repayment of loans or deposits in cash [Section 269T]
Prohibition on repayment of loans or deposits in cash [Section 269T]Section 269SS of the Act prohibits acceptance of loan, deposits, advances or any other specified sums of Rs. 20,000/- or more otherwise than through acc...
Attachment and Sale of Movable Property under the provisions of Income Tax Law
Attachment and Sale of Movable Property under the provisions of Income Tax LawAfter elapse of 15 days notice period as given in ITCP 1 or extended time granted by Tax Recovery Officer (TRO), coercive measures under secti...