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Presumptions as to Assets, Books of Account, etc. - Scope and applicability of Section 132(4A) of the Income Tax Act, 1961
Presumptions as to Assets, Books of Account, etc. - Scope and applicability of Section 132(4A) of the Income Tax Act, 1961Sub-section (4A) was inserted by Taxation Laws (Amendment) Act, 1975 with effect from 01.10.1075 t...
Theory of the Test of Human Probabilities and sorrounding circumstances and its applicability to the provisions of Income Tax Act 1961
Theory of the Test of Human Probabilities and sorrounding circumstances and its applicability to the provisions of Income Tax Act 1961The purpose of this article is to provide a focus on various decisions and judgments o...
Art of Recording of Statement of Assessees/ Witnesses under the provisions of Income Tax Act, 1961
Art of Recording of Statement of Assessees/ Witnesses under the provisions of Income Tax Act, 1961The recording of statement is an art and the skill of the Officer taking statement, will determine the extent to which he ...
Tests to Determine Agricultural Income
Tests to Determine Agricultural IncomeWhat is agricultural IncomeThe term “agriculture” has not been defined under the Income Tax Act. In the Advanced Learners’ Dictionary of Current English (Second Edition) printe...
Allowable expenses incurred under the heads rent, rates, taxes, repairs and insurance for premises, used for the purposes of the business or profession of an assessee
Allowable expenses incurred under the heads rent, rates, taxes, repairs and insurance for premises, used for the purposes of the business or profession of an assesseeSection 30 deals with allowable expenses incurred unde...
Assets which can be seized during Income-tax Search operation
Assets which can be seized during Income-tax Search operation The authorised officials can seize the following types of assets:(1) Seizure of undeclared CashIt is significant to mention in this connection that cash ...
Taxation system in India
Taxation system in IndiaIndia has a well-developed tax structure with a three-tier federal structure, comprising the Union Government, the State Governments and the Urban/ Rural Local Bodies. The power to levy taxes and ...
Penalty under section 221 of the Income Tax Act, 1961 for default in making payment of Tax
Penalty under section 221 of the Income Tax Act, 1961 for default in making payment of TaxSection 221(1) of the Income-tax Act, 1961 deals with the penalty where payment of tax is in default. As per section 221...
Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY 2016)
Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (PMGKY 2016)The PMGKY was an amnesty scheme announced in November 2016 for the period running up to 10.05.2017. This scheme was for people who h...
Liability of Capital Gain tax on Sale of Agricultural Land
Liability of Capital Gain tax on Sale of Agricultural LandIn some cases, when you sell Agricultural Land – it may be entirely exempt from income tax or it may not be taxed under the head Capital Gains or it m...