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Income Tax Law relating to Family Settlements
Income Tax Law relating to Family SettlementsA family settlement is an agreement where family members mutually work out how a property should get distributed among themselves. All the parties should be related to each ot...
Certificate for deduction at lower tax rate under Section 197 of the Income Tax Act, 1961
Certificate for deduction at lower tax rate under Section 197 of the Income Tax Act, 1961Section 197 of the Income Tax Act, 1961 provides for the facility of NIL or Lower tax rate deduction of TDS. It was originally in t...
Dissolution of Trust or Society or Section 8 company
Dissolution of Trust or Society or Section 8 companyA trust may be extinguished or terminated if “its purpose becomes unlawful” (vide section 77 of the Indian Trusts Act, 1882). However, when a public charitable trus...
Capital Gain not to be charged on investment in certain bonds (Financial Assets) [Section 54EC]
Capital Gain not to be charged on investment in certain bonds (Financial Assets) [Section 54EC] Section 54EC provides that capital gain arising from the transfer of a long-term capital asset, being land or building ...
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Reduction or Waiver of Interest payable by Assessee under Section 234A, 234B, 234C etc. [Section 119(2)(a)]Section 119(2)(a) provides relaxation regarding certain provisions in the public interest such as waiver or reduc...
Treatment of Cash Sales under the Income Tax Law
Treatment of Cash Sales under the Income Tax Law Cash sales are sales made against cash. It is where the seller receives the cash consideration at the time of delivery. Unlike credit sales, cash sales do not result ...
Decoding provisions of Liberalised Remittance Scheme (LBS)
Decoding provisions of Liberalised Remittance Scheme (LBS)Liberalised Remittance Scheme (LRS) brought in as a relief to all Indian Residents to remit money outside India. As the name suggests, the Lib...
Condonation of delay in filing of Return of Income [Section 119(2)(b)]
Condonation of delay in filing of Return of Income [Section 119(2)(b)]If assessee does not file the return before due date then belated Income Tax Return under section 139(4) can be filed until the end of the assessment ...
Treatment of Jewellery found during the course of Search and Seizure action under section 132 of the Income-tax Act, 1961
Treatment of Jewellery found during the course of Search and Seizure action under section 132 of the Income-tax Act, 1961Section 132 of the Act provides that a search and seizure action can be carried out in the case of ...
Taxability of Indian students Studying abroad
Taxability of Indian students Studying abroadAll incomes earned in a foreign country are combined and taxed in India (applicable to students too, except for minors). As per the Income Tax Act, 1961, an individual deputed...