discretionarydispositionsgoodwillvaluation.This article examines the case law and administrative practice surrounding section 68 of the Income Tax Act, culminating in the recent Federal Court of Appeal dMcCue, Robert DSocial Science Electronic Publishing...
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.
Amended and updated notes on assessment section 143 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962.
2.4 Concessional Rates of Tax u/s 115BAC 3. Section 192 of the Income-tax Act, 1961: Broad scheme of Tax Deduction at Source from “Salaries” 3.1 Method of Tax Calculation 3.2 Payment of Tax on Perquisites by Employer 3.3 Computation of Average Income Tax ...
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...
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...
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.
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...
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...
I will try to set myself the ambitious goal of blogging about one place every two weeks. According to Revenue website:“Section 482 of the Taxes Consolidation Act, 1997, as amended, provides tax relief to the owner/occupier of an approved building (including surrounding garden), or an ...