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Time limit for completion of Block Assessment of Search cases [Section 158BE of the Income Tax Act, 1961]
Time limit for completion of Block Assessment of Search cases [Section 158BE of the Income Tax Act, 1961]Section 158BE of the Income tax Act, 1961 provides the time-limit for completion of block assessment as 12 months f...
Tax on Income Referred to in Section 68 or Section 69 or Section 69A or Section 69B or Section 69C or Section 69D [Section 115BBE]
Tax on Income Referred to in Section 68 or Section 69 or Section 69A or Section 69B or Section 69C or Section 69D [Section 115BBE]Section 115BBE has been introduced with effect from 01.04.2013 (i.e. from Assessment year ...
Concept of Diversion of Income by Overriding Title
Concept of Diversion of Income by Overriding TitleOne 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 application ...
Section 145B : Taxability of certain income
Section 145B : Taxability of certain income Section 145B : Taxability of certain incomeSection 145B of the Income Tax Act, 1961 has been inserted in the Income-tax Act to provide that—(1) Interest...
Procedure for levy of Penalty, Drafting of Order & Body Sequence - Important points to remember
Procedure for levy of Penalty, Drafting of Order & Body Sequence - Important points to rememberThe main object of penal provisions in the Act is to enforce compliance of law and also act as a deterrence against defau...
Estimation of value of assets by Valuation Officer [Section 142A of the Income Tax Act, 1961]
Estimation of value of assets by Valuation Officer [Section 142A of the Income Tax Act, 1961]Section 142A of the Income Tax Act, 1961 was initially inserted by the Finance (No. 2) Act, 2004, with retrospective effect fro...
Bogus capital gains from penny stocks
Bogus capital gains from penny stocksWhat are penny stocks?Penny stocks is not defined under the Income-tax Act or for that matter in any of the statute books. The term penny stock as defined in Black’s Law Dictionary ...
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 amended b...
Who is eligible to claim depreciation in a lease transaction - Whether the lessor (person who hires or leases the asset for a consideration) or the lessee (who hires for business use) ?
Who is eligible to claim depreciation in a lease transaction - Whether the lessor (person who hires or leases the asset for a consideration) or the lessee (who hires for business use) ?As per income tax Act, 1961, I...
Limitation on Interest Deduction in certain cases [Section 94B of the Income Tax Act, 1961]
Limitation on Interest Deduction in certain cases [Section 94B of the Income Tax Act, 1961]Section 94B was enacted by the Finance Act, 2017, with effect from 01.04.2018 in order to mitigate the impact of interest expendi...