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Power to transfer cases under section 127 of the Income Tax Act, 1961
Power to transfer cases under section 127 of the Income Tax Act, 1961Section 127(1) confers powers, inter alia, on the Commissioner after giving the assessee a reasonable opportunity of being heard in the matter, wheneve...
Expenses disallowed under Section 40A(3) and Section 40A(3A) of the Income Tax Act, 1961
Expenses disallowed under Section 40A(3) and Section 40A(3A) of the Income Tax Act, 1961 Section 40A(3) was introduced as a provision designed to counter evasion of tax through claims for expenditure shown to have b...
Deduction in respect of expenditure incurred on setting up of a specified business [Section 35AD]
Deduction in respect of expenditure incurred on setting up of a specified business [Section 35AD]Section 35AD was inserted by the Finance (No. 2) Act, 2009, with effect from 01.04.2010 i.e. from assessment year 2010-11. ...
Prohibition on repayment of loans or deposits in cash [Section 269T]
Prohibition on repayment of loans or deposits in cash [Section 269T]Section 269SS of the Act prohibits acceptance of loan, deposits, advances or any other specified sums of Rs. 20,000/- or more otherwise than through acc...
Attachment and Sale of Movable Property under the provisions of Income Tax Law
Attachment and Sale of Movable Property under the provisions of Income Tax LawAfter elapse of 15 days notice period as given in ITCP 1 or extended time granted by Tax Recovery Officer (TRO), coercive measures under secti...
Liability of directors of private company [Section 179]
Liability of directors of private company [Section 179]Recovery of Company Dues from directorProvisions of section179 of the Act which envisages that if the tax dues from a private company, in respect of any income of an...
Valuation of Shares and tax treatment under Income Tax Act, 1961
Valuation of Shares and tax treatment under Income Tax Act, 1961 Income Tax Rule 11UA deals with Valuation of unquoted equity shares. Under Income-tax Act, 1961, there are two options for valuation of...
Scope of the provisions of Section 154 of the Income Tax Act, 1961
Scope of the provisions of Section 154 of the Income Tax Act, 1961Section 154 is in itself a complete code governing the filing of rectification petitions with the intent to cure the mistake/error/omission apparent ...
Deduction in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. as per Section 80C of the Income Tax Act, 1961
Deduction in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. as per Section 80C of the Income Tax Act, 1961 Section 80C ...
Statutory Notices under the Income Tax Act, 1961
Statutory Notices under the Income Tax Act, 1961Statutory notices are an important part of all the proceedings under the Income-tax Act, 1961. The proceedings are initiated by issue of proper notice and valid servic...