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“Error of Jurisdiction” or “Lack of Jurisdiction” (Excessive Jurisdiction)
“Error of Jurisdiction” or “Lack of Jurisdiction” (Excessive Jurisdiction)Exercise of power which the authority does not have or which is in excess of what he is empowered is subject to judicial review. Exercise ...
Historical Background of Agricultural Income Tax in India
Historical Background of Agricultural Income Tax in IndiaAgricultural Income Tax in India has a long history starting from the sixties of the 19th Century when following the British pattern, agricultural income was ...
Scrutiny Notice under section 143(2)
Scrutiny Notice under section 143(2)Sub section (2) of Section 143 provides that where a return has been furnished under section 139, or in response to a notice 142(1), the Assessing Officer or the prescribed income-tax ...
Estimate of value of assets by Valuation Officer [Section 142A]
Estimate of value of assets by Valuation Officer [Section 142A]The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair mark...
Treatment of Scholarship under the provisions of Income-tax Act, 1961
Treatment of Scholarship under the provisions of Income-tax Act, 1961Section 10(16) of the Income-tax Act provides that any scholarships granted to a person to meet the cost of education is exempt from tax.Meaning of Sch...
Penalty for under-reporting and misreporting of income [Section 270A]
Penalty for under-reporting and misreporting of income [Section 270A]Section 270A has been inserted by the Finance Act, 2016, with effect from 01.04.2017 i.e. from the assessment year 2017-18. Under this section, the Ass...
Estimate of value of assets by Valuation Officer [Section 142A]
Estimate of value of assets by Valuation Officer [Section 142A]The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair mark...
Concept of Protective Assessment
Concept of Protective AssessmentIn the Income Tax Act, 1961, there is provision to make only ‘regular assessment’. As per section 2(40) of the Act, ‘regular assessment’ means the assessment made under section 143...
Liability of Legal Representative of a Deceased Person [Section 159]
Liability of Legal Representative of a Deceased Person [Section 159]Death is inevitable and so are the taxes. We live in a country where a person’s obligation to pay taxes does not cease even after his/her demise. Even...
Taxability of Resident Welfare Association or Apartment Owners Association under the provisions of Income Tax Act, 1961
Taxability of Resident Welfare Association or Apartment Owners Association under the provisions of Income Tax Act, 1961Due to modernization, people are living in complexes and townships with many other persons sharing ma...