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Amendments in Section 14A which has nullified (overruled) the well-settled judgements/judicial pronouncements of the hon’ble Supreme Court
Amendments in Section 14A which has nullified (overruled) the well-settled judgements/judicial pronouncements of the hon’ble Supreme CourtSection 14A was introduced by the Finance Act, 2001, with retrosp...
Decoding of Section 270AA of the Income Tax Act, 1961 - Immunity from imposition of penalty, etc.
Decoding of Section 270AA of the Income Tax Act, 1961 - Immunity from imposition of penalty, etc.In order to provide immunity from penalty and prosecution in certain cases, a section 270AA has been inserted by the Financ...
Guide on filing of Income Tax Returns
Guide on filing of Income Tax Returns
It is noticed that many persons faced very difficulties as to how they
can file income tax return (ITR) in which form. What are the consequences for
non filing of ITR....
Processing of an Income Tax Return – Scope of adjustments under section 143(1)
Processing of an Income Tax Return – Scope of adjustments under section 143(1)Under Section 143(1) of the Act, as the same originally stood, an Assessing Officer was required to make a summary assessment by passing an ...
Taxation on Conversion of a Private Limited Company or an Unlisted Public Company into Limited Liability Partnership (LLP)
Taxation on Conversion of a Private Limited Company or an Unlisted Public Company into Limited Liability Partnership (LLP)The Limited Liability Partnership (LLP) is one the popular mode of doing the business in India. Th...
Background of introduction of Capital Gains-tax in India
Background of introduction of Capital Gains-tax in IndiaA tax on capital gain was levied in 1947. The justification for a capital gain tax at that time was that the war had led to a large increase in prices and gains mad...
Assessment of Private Hospitals, Nursing Homes/Medical Clinics, Medical Colleges
Assessment of Private Hospitals, Nursing Homes/Medical Clinics, Medical CollegesIndian healthcare sector is one of the fastest growing service areas and has witnessed significant growth in terms of reve...
Interest paid on borrowing for acquiring house deductible under section 24(b) & under section 48 as altogether covered by different heads of income i.e. income from ‘house property’ and ‘capital gains’
Interest paid on borrowing for acquiring house deductible under section 24(b) & under section 48 as altogether covered by different heads of income i.e. income from ‘house property’ and ‘capital gains’It is a...
Salary not treated as Income under the head Salary
Salary not treated as Income under the head SalaryAny income can be taxed under the head “salary” only if there is an employer and employee relationship between the payee and payer. If such relationship does not exis...
Assessments in respect of Search actions carried out on or after 01.04.2021
Assessments in respect of Search actions carried out on or after 01.04.2021The Finance Act, 2021, with effect from 01.04.2021 has done away with the legal framework for assessments to be made in cases of search, survey a...