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Assessments in respect of Search actions carried out on or after 01.04.2021
Assessments in respect of Search actions carried out on or after 01.04.2021The Finance Act, 2021, with effect from 01.04.2021 has done away with the legal framework for assessments to be made in cases of search, survey a...
Section 53A of Transfer of Property Act, 1882 - Scope of deemed transfer under section 2(47)(v) of the Income Tax Act, 1961 for taxing capital gains
Section 53A of Transfer of Property Act, 1882 - Scope of deemed transfer under section 2(47)(v) of the Income Tax Act, 1961 for taxing capital gainsSection 2(47)(v) defines transfer to include any transaction involving t...
Scope and limitation of Prohibitory Orders under Section 132(3) of the Income Tax Act, 1961 where seizure of asset is not possible
Scope and limitation of Prohibitory Orders under Section 132(3) of the Income Tax Act, 1961 where seizure of asset is not possibleSection 132(3) empowers the authorised officer to issue a prohibitory order on a person in...
Exemption from income-tax in the case of regimental funds, non-public funds, etc., set up by armed forces [Section 10(23AA)]
Exemption from income-tax in the case of regimental funds, non-public funds, etc., set up by armed forces [Section 10(23AA)]As per Section 10(23AA), any income received by any person on behalf of any Regimental Fund or N...
Interest paid on borrowing for acquiring house deductible under section 24(b) & under section 48 as altogether covered by different heads of income i.e. income from ‘house property’ and ‘capital gains’
Interest paid on borrowing for acquiring house deductible under section 24(b) & under section 48 as altogether covered by different heads of income i.e. income from ‘house property’ and ‘capital gains’It is a...
Presumptions as to Assets, Books of Account, etc. - Scope and applicability of Section 132(4A) of the Income Tax Act, 1961
Presumptions as to Assets, Books of Account, etc. - Scope and applicability of Section 132(4A) of the Income Tax Act, 1961Sub-section (4A) was inserted by Taxation Laws (Amendment) Act, 1975 with effect from 01.10.1075 t...
Theory of the Test of Human Probabilities and sorrounding circumstances and its applicability to the provisions of Income Tax Act 1961
Theory of the Test of Human Probabilities and sorrounding circumstances and its applicability to the provisions of Income Tax Act 1961The purpose of this article is to provide a focus on various decisions and judgments o...
Art of Recording of Statement of Assessees/ Witnesses under the provisions of Income Tax Act, 1961
Art of Recording of Statement of Assessees/ Witnesses under the provisions of Income Tax Act, 1961The recording of statement is an art and the skill of the Officer taking statement, will determine the extent to which he ...
Tests to Determine Agricultural Income
Tests to Determine Agricultural IncomeWhat is agricultural IncomeThe term “agriculture” has not been defined under the Income Tax Act. In the Advanced Learners’ Dictionary of Current English (Second Edition) printe...
Allowable expenses incurred under the heads rent, rates, taxes, repairs and insurance for premises, used for the purposes of the business or profession of an assessee
Allowable expenses incurred under the heads rent, rates, taxes, repairs and insurance for premises, used for the purposes of the business or profession of an assesseeSection 30 deals with allowable expenses incurred unde...