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Taxability of Income of nursery growing and selling flowers, flowers pants
Taxability of Income of nursery growing and selling flowers, flowers pantsThere are two type of operations are generally carried out in nursery or greenhouse operations. In the case where soil is removed from t...
Condonation of delay under section 119(2)(b) of the Income Tax Act, 1961 in filing of Return of Income
Condonation of delay under section 119(2)(b) of the Income Tax Act, 1961 in filing of Return of IncomeIf assessee does not file the return before due date then Belated Income Tax Return under section 139(4) can be filed ...
Power of joint commissioner/Additional Commissioner to issue directions in certain cases [Section 144A]
Power of joint commissioner/Additional Commissioner to issue directions in certain cases [Section 144A] A Joint Commissioner/Additional Commissioner may:(a) on his own motion; or(b) ...
Interest Chargeable under the Income-tax Act 1961
Interest Chargeable under the Income-tax Act 1961The Income-tax Act 1961 provides for the charging of interest from the assessee for various defaults committed by him if there is a delay in the payment of amount due.&nbs...
Salary of foreign employees in India - Taxability
Salary of foreign employees in India - TaxabilityAn Individual who is not citizen of India or a person of Indian origin may become resident in India only in one of the following situations: -(i) if he st...
Powers of Assessing Officer to grant stay of demand
Powers of Assessing Officer to grant stay of demandSection 220(6) of the Act gives discretionary power to the Assessing Officer to stay the demand and reads as under: “Where an assessee has presented an appeal und...
Leave Travel Allowance or Leave Travel Concession received by an individual from his employer [Section 10(5)]
Leave Travel Allowance or Leave Travel Concession received by an individual from his employer [Section 10(5)]Leave Travel Assistance (LTA)/ Leave Travel Concession (LTC) received from employer to proceed on leave to any ...
Basics of Reading Income Tax Act, 1961
Basics of Reading Income Tax Act, 1961Every Tax Officials and professionals goes through various laws and are supposed to have a sound knowledge of various kinds of laws (Taxation laws, Commercial and Mercantile Laws, La...
Scope of the power of the Commissioner (Appeals) to “Enhance the Assessment”
Scope of the power of the Commissioner (Appeals) to “Enhance the Assessment”Section 251 of the Act, as apparent from its title namely ‘Powers of the Commissioner (Appeals)’ empowers the Commissione...
Definitions under Section 2 of the Income Tax Act, 1961
Definitions under Section 2 of the Income Tax Act, 1961The Income Tax Act is a self-contained Act. Sections 2 and 3 define the terms/expressions used in the Income Tax Act. The word ‘means’, ‘includes’ are used i...