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EXEMPTION FOR ACCUMULATION OF INCOME IN EXCESS OF SPECIFIED LIMIT [SECTION 11(2)]
EXEMPTION FOR ACCUMULATION OF INCOME IN EXCESS OF SPECIFIED LIMIT [SECTION 11(2)]According to section 11(2) of Income Tax Act 1961, if 85% of income of a charitable or religious trust is not utilised in the previous year...
ALLOWABILITY OF PROVISION FOR PRIOR PERIOD EXPENSES UNDER INCOME TAX
ALLOWABILITY OF PROVISION FOR PRIOR PERIOD EXPENSES UNDER INCOME TAXMeaning of prior period expensesPrior period expense are generally those expenses which are relating to the current year in the sense they are crystalis...
PREMIUM PAID ON KEYMAN INSURANCE POLICY - TAX TREATMENT UNDER INCOME TAX ACT
PREMIUM PAID ON KEYMAN INSURANCE POLICY - TAX TREATMENT UNDER INCOME TAX ACTA Keyman insurance Policy, of the Life Insurance Corporation of India, etc. provides for an insurance policy taken by a business organisation or...
COST INFLATION INDEX [EXPLANATION (v) TO SECTION 48]
COST INFLATION INDEX [EXPLANATION (v) TO SECTION 48]
BACKGROUND
The intention of
the legislature is to tax the real gain on transfer of the capital asset not
the profit due to inflation. In order to ach...
Warrant of Authorisation for Income Tax Search
Warrant of Authorisation for Income Tax SearchA warrant of authorization is the key document and stepping stone for commencement of actual search. It is the main foundation of entire proceedings of search and seizure. A ...
Provisions related to Religious Trusts under Income Tax Law
Provisions related to Religious Trusts under Income Tax LawThe Income Tax Act makes a distinction between Trusts for charitable purposes and those for religious purposes, though both are entitled to exemption under secti...
PENALTIES IN SEARCH CASES
PENALTIES IN SEARCH CASESDefault in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. There are three modes...
Art of Drafting of “Statement of Facts” and “Grounds of Appeal” for filing of Appeal before Commissioner of Income-tax (Appeals)
Art of Drafting of “Statement of Facts” and “Grounds of Appeal” for filing of Appeal before Commissioner of Income-tax (Appeals)Statement of Facts and Grounds of Appeal are most important, but it observed that th...
Analysis of judgement of Supreme Court delivered on 15.12.2025 in the case of Director of Income Tax, Mumbai v. M/s American Express Bank Ltd., on the issue of Deduction of head office expenditure in the case of non-residents under section 44C of the Income Tax Act, 1961
Analysis of judgement of Supreme Court delivered on 15.12.2025 in the case of Director of Income Tax, Mumbai v. M/s American Express Bank Ltd., on the issue of Deduction of head office expenditure in the case of non-resi...
Compliance Calendar May 2026
Link of Compliance Calendar May 2026https://mytaxexpert.co.in/uploads/1778156433_ComplianceCalendarMay2026.xlsx
Date
Act/Category
Form
Obligation
01 May 2026,
Fri
Goods and Servi...