Whether Mere Disallowance of Claim Can Be Made the Basis of Levy of Penalty under Section 271(1) of the Income Tax Act?Devgun, Shipra Makkar
Section 80EEA(5) of Income Tax Act For the purposes of this section,— (a) the expression “financial institution” shall have the meaning assigned to it in clause (a) of sub-section (5) ofsection 80EE; (b) the expression “stamp duty value” means value adopted or assessed or assess...
There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assessee was engaged in harmful tax practices to evade tax in the form of Black Money,
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 your Form 16. Recently the government gave it a final nod to the proposed amendment under section 192 of Income-Tax Act, 1961 pertaining to...
Section 43 of Income Tax Act 1961 amended by Finance Act 2022 and Rules PGBP. Definitions of certain terms relevant to income from PGBP.
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. Though, there are certain restrictions to a specified person and to the specified scenarios ...
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...
1. Definition of “salary”, “perquisite” and “profit in lieu of salary” (section 17) 1.1 What is salary? 1.2 What is a Perquisite? 1.3 What is profit in lieu of salary ? 2. Rates of income-tax as per Finance Act, 2022
(iii)ofclause(14),ofsection2oftheIncome-taxAct,1961(43of1961),intheGazetteofIndia,Extraordinary,PartII,section3,sub-section(ii),datedFebruary13,1991,underthenotificationoftheGovernmentofIndiaintheMinistryofFinance(DepartmentofRevenue)No.S.O.91(E),datedFebruary8,1991,forspecifyingcertainareasforthe...
Follow section 194O of the income tax act to avoid penalties when starting an e-commerce business. This article discusses TDS on e-commerce payments in detail.