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Prohibition on repayment of loans or deposits in cash [Section 269T]
Prohibition on repayment of loans or deposits in cash [Section 269T]Section 269SS of the Act prohibits acceptance of loan, deposits, advances or any other specified sums of Rs. 20,000/- or more otherwise than through acc...
Attachment and Sale of Movable Property under the provisions of Income Tax Law
Attachment and Sale of Movable Property under the provisions of Income Tax LawAfter elapse of 15 days notice period as given in ITCP 1 or extended time granted by Tax Recovery Officer (TRO), coercive measures under secti...
Liability of directors of private company [Section 179]
Liability of directors of private company [Section 179]Recovery of Company Dues from directorProvisions of section179 of the Act which envisages that if the tax dues from a private company, in respect of any income of an...
Valuation of Shares and tax treatment under Income Tax Act, 1961
Valuation of Shares and tax treatment under Income Tax Act, 1961 Income Tax Rule 11UA deals with Valuation of unquoted equity shares. Under Income-tax Act, 1961, there are two options for valuation of...
Scope of the provisions of Section 154 of the Income Tax Act, 1961
Scope of the provisions of Section 154 of the Income Tax Act, 1961Section 154 is in itself a complete code governing the filing of rectification petitions with the intent to cure the mistake/error/omission apparent ...
Deduction in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. as per Section 80C of the Income Tax Act, 1961
Deduction in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. as per Section 80C of the Income Tax Act, 1961 Section 80C ...
Statutory Notices under the Income Tax Act, 1961
Statutory Notices under the Income Tax Act, 1961Statutory notices are an important part of all the proceedings under the Income-tax Act, 1961. The proceedings are initiated by issue of proper notice and valid servic...
Mere mentioned of wrong section would not make assessment order invalid
Mere mentioned of wrong section would not make assessment order invalidIt is a well settled principle of law that mentioning of a wrong provision or non-mentioning of a provision does not invalid...
Money/property received without consideration or inadequate consideration on or after 01.04.2017 [Section 56(2)(x) of the Income Tax Act, 1961]
Money/property received without consideration or inadequate consideration on or after 01.04.2017 [Section 56(2)(x) of the Income Tax Act, 1961]Provisions of clause (x) govern the taxability of deemed income on account of...
OECD - Non binding standards show the way encourage rather than Imposing
OECD - Non binding standards show the way encourage rather than ImposingOECD stands for Organization for Economic Cooperation and Development is an international organization whose mission is to promote policies to impro...