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Framing an Income Tax assessment order
Framing an Income Tax assessment orderFraming an income-tax assessment order means drafting a legally sustainable speaking order after examining the return, books of account, evidence, replies, and applicable law. Under ...
Unreasonable payment to Related Person [Section 40A(2) of the Income-tax Act, 1961]
Unreasonable payment to Related Person [Section 40A(2) of the Income-tax Act, 1961]The section 40A(2) of the Income Tax Act, 1961 provides that, where the assessee incurs any expenditure, in respect of which payment is m...
Rectification of Mistake – Queries and their Answers [Section 154]
Rectification of Mistake – Queries and their Answers [Section 154]Section 154 is in itself a complete code governing the filing of rectification petitions with the intent to cure the mistake/error/omission apparent fro...
Assessment of E - Commerce Industries
Assessment of E - Commerce Industries E-commerce, short for Electronic Commerce, encompasses the buying and selling of goods and services over the internet. It eliminates geographical barriers, allowing transactions...
Statement of Financial Transaction (High Value Transaction) [Section 285BA]
Statement of Financial Transaction (High Value Transaction) [Section 285BA]Section 285BA of the Income Tax Act, 1961 read with Rule 114E requires certain specified reporting persons to furnish statement of financial tran...
Overview of Right to Information Act, 2005
Overview of Right to Information Act, 2005The Right to Information Bill was introduced in the Lok Sabha in December 2004. It was passed by both houses of Parliament with major amendments in May 2005. The assent of the Pr...
Overview of Limitation of Benefits (LoB) Clause in Double Taxation Avoidance Agreements
Overview of Limitation of Benefits (LoB) Clause in Double Taxation Avoidance AgreementsThe Limitation of Benefit (LoB) clause is designed to deter treaty abuse and ensure that the benefits of the agreement are exten...
Principle of the Peak Credit Theory in Income Tax
Principle of the Peak Credit Theory in Income TaxMeaning of Peak credit theory :§ Instead of taxing entire deposits, only the maximum unexplained balance (peak) is taxed§ Because wi...
Specific mechanism for Secondary Adjustments rules in Indian Transfer Pricing regime [Section 170 of the Income Tax Act, 2025
Specific mechanism for Secondary Adjustments rules in Indian Transfer Pricing regime [Section 170 of the Income Tax Act, 2025Section 170 of the Income Tax Act, 2025 provides that a secondary adjustment shall be made in c...
Capital gain exemption on transfer of long-term capital asset (other than residential house) [Section 54F of Income-tax Act, 1961]
Capital gain exemption on transfer of long-term capital asset (other than residential house) [Section 54F of Income-tax Act, 1961]Section 54F of Income-tax Act, 1961 grants exemption from long-term capital gains (LT...