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Estimate of value of assets by Valuation Officer [Section 142A]
Estimate of value of assets by Valuation Officer [Section
142A]Section 142A of the Income Tax Act, 1961 was initially
inserted by the Finance (No. 2) Act, 2004, with retrospective effect from
15.11.1972. It was amende...
Concept of Diversion of Income by Overriding Title
Concept of Diversion of Income by Overriding Title
One of the fundamental principles of taxation is to tax
income accruing or deemed to accrue in favour of the assessee. The concept of
diversion of income and applic...
Refusal of Registration under Section 12AA – Whether Educational Activities Constitute Charitable Purpose?
Refusal of
Registration under Section 12AA – Whether Educational Activities Constitute
Charitable Purpose? CIT, Patiala v.
Yadvindra Public School Association, Patiala, ITA-253-2011 (O&M), decided
on 09 Se...
CBDT Notification No. 161/2025, Capital Gains Accounts Scheme (Second Amendment), 2025
Summary of CBDT Notification No. 161/2025
Notification No. 161/2025, dated 19 November 2025, issued under Section 54GA(2) of the Income-tax Act, 1961, introduces the Capital Gains Accounts Scheme (Second Amendment...
CBDT launches 2nd NUDGE initiative to strengthen voluntary compliance in respect of Foreign Assets
Ministry of FinanceCBDT launches 2nd NUDGE initiative to strengthen voluntary compliance in respect of Foreign AssetsUnder the 2nd NUDGE initiative, CBDT will send SMSs and emails from 28th November 2025 to identified ta...
Applicability of Section 54F Where Assessee Holds a Jointly-Owned Residential Property
Applicability of Section 54F Where Assessee Holds a Jointly-Owned Residential Property1. Introduction:-Section 54F of the Income-tax Act, 1961 grants exemption on long-term capital gains arising from the transfer of any ...
Enhancing Tax Transparency on Foreign Assets & Income: Understanding CRS & FATCA
Enhancing Tax Transparency on Foreign Assets & Income: Understanding CRS & FATCA A.
Purpose of CRS and FATCAIn this global...
Main Features of the Four Labour Codes
Main Features of the Four Labour Codes India has consolidated 29 central labour laws into 4 Labour
Codes to simplify compliance, improve ease of doing business, and enhance
worker protection.The four Codes are:&nb...
DTAA Rate vs. Section 206AA – Whether 206AA Overrides a Treaty Rate When Non-Resident Has No PAN
DTAA Rate
vs. Section 206AA – Whether 206AA Overrides a Treaty Rate When Non-Resident Has
No PAN ?(Delhi High Court: CIT (Intl. Tax)-1 v. Air India Ltd., [2023] 456 ITR
117)** Core Issue: Whether
in the ...
Scope of Total Income [Section 5]
Scope of Total Income [Section 5]The Scope of Total Income is defined by the residential
status of a taxpayer. Based on whether an individual or entity is a resident,
RNOR, or non-resident, different types of income wi...