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Charge of Income-tax [Section 4]
Charge of Income-tax [Section 4]The levy of income-tax in India is governed by the Income-tax Act, 1961 ((the Act”). This Act came into force on 1st April, 1962. The Act contains 298 sections and XIV schedules. Section...
Liberalised Remittance Scheme (LRS) for resident Individuals
Liberalised Remittance Scheme (LRS) for resident IndividualsLiberalised Remittance Scheme (LRS) brought in as a relief to all Indian Residents to remit money outside India. As the name suggests, the L...
Capital Gains Accounts Scheme, 1988
Capital Gains Accounts Scheme, 1988The profit that arises on the transfer of capital assets is referred to as Capital Gains and is chargeable to tax. Income Tax Act, 1961 also provides for various schemes for s...
“Error of Jurisdiction” or “Lack of Jurisdiction” (Excessive Jurisdiction)
“Error of Jurisdiction” or “Lack of Jurisdiction” (Excessive Jurisdiction)Exercise of power which the authority does not have or which is in excess of what he is empowered is subject to judicial review. Exercise ...
Historical Background of Agricultural Income Tax in India
Historical Background of Agricultural Income Tax in IndiaAgricultural Income Tax in India has a long history starting from the sixties of the 19th Century when following the British pattern, agricultural income was ...
Scrutiny Notice under section 143(2)
Scrutiny Notice under section 143(2)Sub section (2) of Section 143 provides that where a return has been furnished under section 139, or in response to a notice 142(1), the Assessing Officer or the prescribed income-tax ...
Estimate of value of assets by Valuation Officer [Section 142A]
Estimate of value of assets by Valuation Officer [Section 142A]The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair mark...
Treatment of Scholarship under the provisions of Income-tax Act, 1961
Treatment of Scholarship under the provisions of Income-tax Act, 1961Section 10(16) of the Income-tax Act provides that any scholarships granted to a person to meet the cost of education is exempt from tax.Meaning of Sch...
Penalty for under-reporting and misreporting of income [Section 270A]
Penalty for under-reporting and misreporting of income [Section 270A]Section 270A has been inserted by the Finance Act, 2016, with effect from 01.04.2017 i.e. from the assessment year 2017-18. Under this section, the Ass...
Estimate of value of assets by Valuation Officer [Section 142A]
Estimate of value of assets by Valuation Officer [Section 142A]The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair mark...