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Assessment of persons leaving India [Section 174]
Assessment of persons leaving India [Section 174]Section 174 deals with the accelerated assessment of those persons, who are likely to leave the territory of India during the course of the assessment year, or soon a...
Validity of Retrospective/ Prospective amendments in Tax laws
Validity of Retrospective/ Prospective amendments in Tax lawsIn general every statute is prospective unless it is expressed in the statute that it has retrospective operation. It is a well-settled rule of interpreta...
Eligibility criteria for filing of application before Income Tax Settlement Commission
Eligibility criteria for filing of application before Income Tax Settlement Commission An applicant can approach the Income Tax Settlement Commission in respect of a particular assessment year only if no assessment ...
Exemption under Section 54F of the Income Tax Act, 1961 from Capital gain arises from the transfer of a long-term capital asset other than a house property
Exemption under Section 54F of the Income Tax Act, 1961 from Capital gain arises from the transfer of a long-term capital asset other than a house propertySection 54F provides exemption on transfer of a long-term capital...
Pre-conditions for invoking Section 263
Pre-conditions for invoking Section 263 Section 263 of the Act confers the power upon the Principal Commissioner or Commissioner to call for and examine the records of a proceeding under the Act and revise...
Selling property in India by Non-Resident Indians (NRIs) – Income tax implications
Selling property in India by Non-Resident Indians (NRIs) – Income tax implicationsA Non-Resident Indian (NRI) can only sell residential or commercial property in India to a person residing in India or to an NRI or a PI...
Allowability Tax Exemption to any Awards / Rewards instituted in the public interest [Section 10(17A)]
Allowability Tax Exemption to any Awards / Rewards instituted in the public interest [Section 10(17A)]Any payment made, whether in cash or in kind, (i) in pursuance of any award instituted in the public interest by the C...
Pre conditions for revision of other orders under section 264 by Principal Commissioner or Commissioner
Pre conditions for revision of other orders under section 264 by Principal Commissioner or CommissionerAn assessee aggrieved by an order passed by the Assessing Officer may file an appeal against the same to the CIT(A). ...
Applicability of Permanent Establishment (PE) in India and its impact
Applicability of Permanent Establishment (PE) in India and its impactIn October 2021, at an OECD-led meeting of 136 countries, it was agreed that there would be a global minimum corporate tax rate of 15 percent. The...
Representative Assessee [Section 160]
Representative Assessee [Section 160]Section 160 of the Income-tax Act, 1961 defines ‘representative assessee’. Sub-section (1) to this section enumerates five categories of representative assessees, which are as fol...