According to the Revised Proposals on Tax Avoidance and section 103 of the Income Tax Act 58 of 1962 (Revised Proposals) the rationale behind the insertion of section 80A(c)(ii) was to reinforce the modern approach to the interpretation of tax statutes "in order to find the meaning that ...
So, the parameters for the eligibility of this rebate under section 87A of the Income Tax Act 1961 are mentioned below in steps? Step 1: To begin with, the income to be taken into consideration for the access to a rebate under section 87A is arrived at after setting off the ‘brought...
The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Commissioner of Income Tax(Appeals)-1, Ahmedabad, dated 10/09/2021 arising in the matter of assessment order passed under s.154 of the Income Tax Act, 1961 Citation : IT...
The amount furnished in the deposit account or some specified account to utilize the amount for the particular period is permitted as a deduction under section 33AB. Beneath section 33AB of the Income Tax Act, the deduction is open to taxpayers who are engaged in businesses in India like ...
2. The Assessing Officer noticed during the course of scrutiny that this assessee had admitted NIL income in his return dt.26-09-2008. He therefore went by the assessee’s foregoing admission u/s.131 of the Act to make the impugned additional income addition of Rs.2.90 crores. ...
Chapter XIV(Sections139to158) of the Income Tax Act 1961 deals with the provisions related to procedure for assessment. Section 143 of IT Act 1961-2022 provides for assessment. Recently, we have discussed in detailsection 142B(Faceless Inquiry or Valuation) of IT Act 1961. ...
US$500,001–US$3,000,000SameasaboveOneoftheJuvenile’sparentsarerequiredtosubmitthe followingdocuments: CompleteandsignaLargeAmountQuestionnaire Submitsolidincomeproof Proofofrelationshipiftheparenttobeunderwrittenis nottheApplicant Offerthehighestsumassuredinoneofthefollowings: 50%of...
As you study each exam topic, make sure to match it with the relevant lines on the form. An example of this would be referencing the income section when learning about dividends, or reading the payment lines when studying estimated tax payments. ...
Section 192 of Income-Tax Act, 1961 deals with the Tax deducted at source from salary. TDS deducted from the salary will be ultimately reflected in yo...</p>
Clubbing of Income as the term suggests, means adding the income of another person to the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act.