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Taxability of interest received by assessee on enhanced compensation awarded by Court, pursuant to compulsory acquisition of assessee's agricultural land by Government
Taxability of interest received by assessee on enhanced compensation awarded by Court, pursuant to compulsory acquisition of assessee's agricultural land by GovernmentInterest received on enhanced compensation is taxable...
Validity of penalty imposed under section 271(1)(c ) for disallowance of business expenses
Validity of penalty imposed under section 271(1)(c ) for disallowance of business expensesPenalty is one of the weapon which is now used by Income tax department (ITD) for each & every kind of addition they are makin...
Concept of "Real Income Theory" under Income Tax Laws
Concept of "Real Income Theory" under Income Tax LawsLord Macnaghten “Income Tax, if I may be pardoned for saying so, is a tax on ‘income’. It is not meant to be a tax on anything else” explains the concept of re...
Taxation of Derivatives
Taxation of DerivativesHistory of Taxation on Derivatives in IndiaPrior to Financial Year 2005–06, no special provisions were there for trading of derivatives, in Income Tax Act, 1961. Although derivatives contract hav...
Refund of TDS & Interest on TDS refund to TDS Deductor
Refund of TDS & Interest on TDS refund to TDS DeductorSection 200A describes the processing of TDS return and also the process to refund the amount in case any amount paid by the deductor is in excess of the amount f...
Allowability of Corporate Social Responsibility (CSR) Expenditure under the provisions of Income Tax Act, 1961
Allowability of Corporate Social Responsibility (CSR) Expenditure under the provisions of Income Tax Act, 1961Corporate Social Responsibility (CSR) is a self-regulating process, through which corporate link their ac...
Penalty under section 271D for failure to comply with the provisions of section 269SS
Penalty under section 271D for failure to comply with the provisions of section 269SSThe provisions of section 269SS and 269T were brought on the statute by the Finance Act, 1984, with effect from, 01.04.1...
Applicability of provisions of TDS in respect of Commission Paid by Indian Exporters to Non-Resident Agents
Applicability of provisions of TDS in respect of Commission Paid by Indian Exporters to Non-Resident AgentsThe role of an agent differs from case to case. The duties of the agent are usually compiled in the agency agreem...
Witnesses (Panchas) to the Income Tax Search
Witnesses (Panchas) to the Income Tax SearchAppointment of witnessesBefore making a search of a building or a place, the Authorrised Officer is required to call upon two or more respectable inhabitants of the locality in...
Time limit for completion of assessment under section 153A as prescribed in section 153B of the Income-Tax Act, 1961
Time limit for completion of assessment under section 153A as prescribed in section 153B of the Income-Tax Act, 1961Section 153B provides for the time limit within which the assessment or reassessment under section ...