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Allowability of Litigation expenses under the provisions of Income Tax Act, 1961
Allowability of Litigation expenses under the provisions of Income Tax Act, 1961The income-tax laws in India contemplate deduction of expenses incurred in the carrying on of business. In running a business, which involve...
Understanding about “Tax Residency Certificate” (TRC)
Understanding about “Tax Residency Certificate” (TRC)India has entered into Double Taxation Avoidance Agreements (‘DTAA’ or ‘tax treaty’) with various countries outside India for granting relief of tax / avoi...
Role of Witnesses in Income Tax Search and seizure proceedings
Role of Witnesses in Income Tax Search and seizure proceedingsA search and seizure under the Income Tax Act, 1961 has to be carried out in the presence of at least two respectable inhabitants of the locality where the se...
Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils [Section 44BB]
Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils [Section 44BB]Section 44BB is a special provision for computing profits and gains of a non-resident ...
Deduction of head office expenditure in the case of non-residents [Section 44C]
Deduction of head office expenditure in the case of non-residents [Section 44C]Section 44C, is a non obstante clause stating that in the case of a non-resident, no allowance shall be made in respect of so much of expendi...
Decoding of Rule 46A of the Income Tax Rules, 1962 related to production of additional evidence before the first appellate authority after an assessment being made by the Assessing officer
Decoding of Rule 46A of the Income Tax Rules, 1962 related to production of additional evidence before the first appellate authority after an assessment being made by the Assessing officerClause (mm) was inserted vide Fi...
Virtual Digital Assets (“VDAs”) come under the ambit of Prevention of Money Laundering Act, 2002 (PMLA)
Virtual Digital Assets (“VDAs”) come under the ambit of Prevention of Money Laundering Act, 2002 (PMLA)Virtual Digital Assets (“VDA”) have been defined under the Income tax Act, 1961 as any information, code, num...
Allowability of Losses incurred for earning illegal income under the Income Tax Act, 1961
Allowability of Losses incurred for earning illegal income under the Income Tax Act, 1961An assessee earning any income from an illegal source cannot escape taxation of such income on the plea that it is illegal income. ...
Analysis of Statutory provisions of Section 156 (Notice of Demand)
Analysis of Statutory provisions of Section 156 (Notice of Demand)The statutory provision of section 156 provides that when any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed ...
Virtual Digital Assets (“VDAs”) come under the ambit of Prevention of Money Laundering Act, 2002 (PMLA)
Virtual Digital Assets (“VDAs”) come under the ambit of Prevention of Money Laundering Act, 2002 (PMLA)Virtual Digital Assets (“VDA”) have been defined under the Income tax Act, 1961 as any information, code, num...