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Historical and legislative background of powers of Search & Seizure under the Income Tax Law
Historical and legislative background of powers of Search & Seizure under the Income Tax LawUnder common law, a house of a citizen was considered as his castle and nobody including the State could invade the privacy ...
Income Tax Rebate under section 87A of the Income-Tax Act, 1961
Income Tax Rebate under section 87A of the Income-Tax Act, 1961Section 87A of the Income Tax Act, 1961 provides that an assessee, being an individual resident in India, whose total income does not exceed five hundred tho...
SET OFF OR CARRY FORWARD AND SET OFF OF LOSSES UNDER INCOME TAX [SECTIONS 70 to 80]
SET OFF OR CARRY FORWARD AND SET OFF OF LOSSES UNDER INCOME TAX [SECTIONS 70 to 80]What is set off of lossesThe adjustment of losses from one head against the income, profits or gains of any other head of income during t...
SATISFACTION NOTE IN INCOME TAX SEARCH CASES
SATISFACTION NOTE IN INCOME TAX SEARCH CASESSatisfaction note in search matters plays vital role in establishing that the search was in accordance with the provisions of Income-tax Laws.Why Satisfaction Note neededThe ne...
Basics of understanding of Definition of words and Phrases under Income Tax Act, 1961
Basics of understanding of Definition of words and Phrases under Income Tax Act, 1961It is important to understand every single word used in a statute which conveys a specific meaning, but it is neither possible nor desi...
Overview of the legal provisions of search and seizure under Income Tax Laws
Overview of the legal provisions of search and seizure under Income Tax LawsSearches form a necessary and powerful adjunct to investigation as they bring to light assets and information, which would otherwise be beyond t...
BEST JUDGMENT ASSESSMENT UNDER SECTION 144 OF INCOME TAX ACT, 1961
BEST JUDGMENT ASSESSMENT UNDER SECTION 144 OF INCOME TAX ACT, 1961Best judgment assessment is given statutory recognition in terms of provisions of section 144 of the Act. In a best judgment assessment the assessing...
Assessment of a person other than the person searched [third party assessment] as per provisions of section 153C of the Income-tax Act, 1961
Assessment of a person other than the person searched [third party assessment] as per provisions of section 153C of the Income-tax Act, 1961Section 153C is analogous to section 158BD with the only exception that the word...
EXEMPTION FOR ACCUMULATION OF INCOME IN EXCESS OF SPECIFIED LIMIT [SECTION 11(2)]
EXEMPTION FOR ACCUMULATION OF INCOME IN EXCESS OF SPECIFIED LIMIT [SECTION 11(2)]According to section 11(2) of Income Tax Act 1961, if 85% of income of a charitable or religious trust is not utilised in the previous year...
ALLOWABILITY OF PROVISION FOR PRIOR PERIOD EXPENSES UNDER INCOME TAX
ALLOWABILITY OF PROVISION FOR PRIOR PERIOD EXPENSES UNDER INCOME TAXMeaning of prior period expensesPrior period expense are generally those expenses which are relating to the current year in the sense they are crystalis...