Penalty on tax default under Section 412 of Income Tax Act 2025 is imposed in addition to arrears & interest, capped at tax due, with relief for valid reasons or reduced tax.
Income Tax Act Section-Wise Guide: Detailed Analysis and Explanations for Every Section Read | Section-wise Comparison between Income Tax Act 2025 and Income Tax Act 1961 CHAPTER IPRELIMINARY Section NumberDescription of Section Section-1 Short title, extent and commencement Section-2 Definitions Secti...
However, the Assessee does not have any duty beyond this. It is then the work of the AO to draw inference from all the material facts and act accordingly.4 The duty of the Assessee does not extend beyond making a full and complete disclosure.Archi AgnihotriMedha Srivastava...
Exemption under Section 10 (1) on agricultural income If you earn any type of agricultural income in a financial year, such an income would be exempted from tax. Agricultural income, as defined under Section 2 (1A) of the Income Tax Act, 1961, would include the following types of incomes...
Income-taxAct,1961:Notificationunderundersection2(1A)(c),poviso,clause(ii)(B)and section2(14)(iii)(b);Urbanisationofareas WhereasadraftnotificationwaspublishedbytheCentralGovernmentinexerciseofthepowersconferred byitem(B)ofclause(ii)oftheprovisotosub-clause(c)ofclause(1A),anditem(b)ofsub-clause(...
Section 13(7.1) of the Income Tax Act requires, generally speaking, that a taxpayer reduce the capital cost of a fixed asset by the amount of government assistance received by the taxpayer with respect to the asset. In two recent ... Parsons,B Robert - 《Journal of Canadian Petroleum Techn...
Chapter 1 -- Normal Taxes and Surtaxes Subchapter A -- Determination of Tax Liability Part IV -- Credits against tax Subpart E -- Rules for computing credit for investment in certain depreciable property (a) Energy credit. (1) In general. For purposes of section 46, except as provided in...
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.
clauses. There werenew tax rules amendmentsto the sub-section(1) of the section 12A of the Income-tax Act 1961. According to this new rule, all trusts or religious organizations or institutions that have been registered under section 12A or 12AA and have undertaken changes s...
2 3 (c) The outstanding shares of Series A Preferred Stock and Common Stock were issued in accordance with the registration or qualification provisions of the Securities Act and any relevant state securities laws or pursuant to valid exemptions therefrom. 3.3 Subsidiaries. The Company does not ...