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Liability of an Executor in respect of income of the estate of a deceased person [Section 168]
Liability of an Executor in respect of income of the estate of a deceased person [Section 168]Section 168 of the Income Tax Act, 1961 provides that the income of the estate of a deceased person shall be chargeable to tax...
Partition of Hindu Undivided Family (HUF) under Section 171 of the Income Tax Act, 1961
Partition of Hindu Undivided Family (HUF) under Section 171 of the Income Tax Act, 1961Section 171 of the Income Tax Act, 1961 defines the partition of HUF and deals with the provisions of assessment after its partition....
Cardinal principles of interpretation of taxing statutes
Cardinal principles of interpretation of taxing statutesRevenue law is entirely a creature of statute. Article 265 of the Constitution mandates that no tax shall be levied or-collected except by the authority of law...
Taxpayer’s grievance from high pitched Income Tax Assessments
Taxpayer’s grievance from high pitched Income Tax AssessmentsWhat is high pitched assessment?An Assessment made far beyond Returned Income is considered as a high–pitched assessment. A high-pitched scrutiny assessmen...
Disclosure of information respecting assesses as per provisions of Section 138 of the Income Tax Act, 1961
Disclosure of information respecting assesses as per provisions of Section 138 of the Income Tax Act, 1961The Central Board of Direct Taxes (CBDT) has the power under section 138 of the Income-ta...
Rental income chargeable as Income from business and not as Income from House Property
Rental income chargeable as Income from business and not as Income from House PropertyIncome from letting out any house property for any purpose is taxable under the head “Profit & Gains from Business or Profession...
Entire Law Relating to partition of HUF (Hindu Undivided Family) Explained [Section 171]
Entire Law Relating to partition of HUF (Hindu Undivided Family) Explained [Section 171]Section 171 of the Income Tax Act, 1961 defines the partition of HUF and deals with the provisions of assessment after its partition...
Certain transfers to be void as per provisions of Section 281 of the Income Tax Act, 1961
Certain transfers to be void as per provisions of Section 281 of the Income Tax Act, 1961Under the 1922 Act, the only recourse available to the IT Department in a case where the assessee was found to have effected a tran...
Income Tax Benefits for Senior Citizens
Income Tax Benefits for Senior CitizensAge is just a number. Just ask someone nearing 60, and you will probably get this response. As a senior citizen, one gets numerous financial benefits from the government. In In...
Provisional attachment of property to protect revenue as per the provisions of Section 281B of the Income Tax Act, 1961
Provisional attachment of property to protect revenue as per the provisions of Section 281B of the Income Tax Act, 1961The Taxation Laws (Amendment) Act, 1975, with effect from 01.10.1975 has inserted...