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Consequences of Income Tax search being held as illegal
Consequences of Income Tax search being held as illegalSection 132 of the Income Tax Act, 1961 prescribes that the competent authorities are empowered to permit the authorized officers to enter, search, break open, seize...
Case laws in favour of Revenue on Estimate by Valuation Officer of Income Tax Department on Reference in certain cases
Case laws in favour of Revenue on Estimate by Valuation Officer of Income Tax Department on Reference in certain casesAssessing Officer made valuation of cinema hall building of assessee on basis of land and building met...
CBDT Circulars/Instructions on Stay of Income Tax demand
CBDT Circulars/Instructions on Stay of Income Tax demandFrom time to time various instructions and circulars have been given by CBDT in respect of stay of demand. All such circulars and instructions are dealt belowS. NoD...
Introduction of Equalisation levy
Introduction of Equalisation levyThe Digital Space has grown very rapidly in the past few years and is expected to grow substantially in the next few years. The biggest beneficiaries of this rapid growth in the Digital S...
Process for Trust Registration in India
Process
for Trust Registration in IndiaIn India, charitable entities can be mostly registered under
the following legislations:· Societies
Registration Act, 1860.Â...
Case laws in favour of Revenue where Prior period expenses – Held to be not allowable
Case laws in favour of Revenue where Prior period expenses – Held to be not allowablePrior period expenses charged to profit and loss account cannot be deducted from profit of year for purpose of computing book profit ...
TDS from payments to contractors & Sub-Contractors [Section 194C]
TDS from payments to contractors & Sub-Contractors [Section 194C]Section 194C was introduced long back in 1972 by the Finance Act, 1972 with effect from 01.04.1972 and subsequently amended from time to time.Under sec...
Retirement of a partner [Section 32 of the Indian Partnership Act, 1932 & Section 45(4) of the Income Tax Act, 1961]
Retirement of a partner [Section 32 of the Indian Partnership Act, 1932 & Section 45(4) of the Income Tax Act, 1961]Generally, when a Partner retires, he is able to withdraw his capital balances existing in the Firm ...
Allowability of deprecation on goodwill as per provisions of the Income-tax Act, 1961
Allowability of deprecation on goodwill as per provisions of the Income-tax Act, 1961The word goodwill is not a term of law and it has nowhere been defined in the provisions of the direct taxes acts. The Courts have trie...
Decoding of provisions of Section 194H regarding TDS on Commission or Brokerage
Decoding of provisions of Section 194H regarding TDS on Commission or BrokerageSection 194H was reintroduced in the Act with effect from 01.06.2001 by replacing the earlier section 194H. This section deals with the payme...