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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...
Decoding of Section 145 - Analysis of Scope of Method of Accounting under Income Tax Act, 1961
Decoding of Section 145 - Analysis of Scope of Method of Accounting under Income Tax Act, 1961Section 145 of the Income Tax Act, 1961 provides the method of accounting by the assessee. Section 145(1) provides that income...
Survey for recovery of taxes by Assessing Officers as well as Tax Recovery Officers [Explanation (a) to Section 133A(6)]
Survey for recovery of taxes by Assessing Officers as well as Tax Recovery Officers [Explanation (a) to Section 133A(6)]BackgroundThe power of survey under section 133A of Income Tax Act, 1961, was made available to Tax ...