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Revision of Tax Audit Report – A Comprehensive Professional Analysis
Revision of Tax Audit Report – A
Comprehensive Professional Analysis 1. General PrincipleA Tax Audit Report, once issued,
is ordinarily not intended to be revised. The very nature of an audit report
demands fin...
APPLICABILITY OF INCOME TAX AND GST ON JOINT DEVELOPMENT AGREEMENT IN REAL ESTATE FOR LANDOWNERS AND BUILDERS
APPLICABILITY OF INCOME TAX AND GST ON JOINT DEVELOPMENT
AGREEMENT IN REAL ESTATE FOR LANDOWNERS AND BUILDERS
Introduction
In the real estate sector, Joint Development Agreements
(JDAs) are a common arrangement betw...
Exemption of Income of any University or other Educational Institution Substantially Financed by Government [Section 10(23C)(iiiab)]
Exemption
of Income of any University or other Educational Institution Substantially
Financed by Government [Section 10(23C)(iiiab)] The provisions of section 10(23C)(iiiab) grant exemption
of income earned by an...
Estimate of value of assets by Valuation Officer [Section 142A]
Estimate of value of assets by Valuation Officer [Section
142A]Section 142A of the Income Tax Act, 1961 was initially
inserted by the Finance (No. 2) Act, 2004, with retrospective effect from
15.11.1972. It was amende...
Concept of Diversion of Income by Overriding Title
Concept of Diversion of Income by Overriding Title
One of the fundamental principles of taxation is to tax
income accruing or deemed to accrue in favour of the assessee. The concept of
diversion of income and applic...