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Valuation of Shares and tax treatment under Income Tax Act, 1961
Valuation of Shares and tax treatment under Income Tax Act, 1961 Income Tax Rule 11UA deals with Valuation of unquoted equity shares. Under Income-tax Act, 1961, there are two options for valuation of...
Scope of the provisions of Section 154 of the Income Tax Act, 1961
Scope of the provisions of Section 154 of the Income Tax Act, 1961Section 154 is in itself a complete code governing the filing of rectification petitions with the intent to cure the mistake/error/omission apparent ...
Deduction in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. as per Section 80C of the Income Tax Act, 1961
Deduction in respect of Life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. as per Section 80C of the Income Tax Act, 1961 Section 80C ...
Statutory Notices under the Income Tax Act, 1961
Statutory Notices under the Income Tax Act, 1961Statutory notices are an important part of all the proceedings under the Income-tax Act, 1961. The proceedings are initiated by issue of proper notice and valid servic...
Mere mentioned of wrong section would not make assessment order invalid
Mere mentioned of wrong section would not make assessment order invalidIt is a well settled principle of law that mentioning of a wrong provision or non-mentioning of a provision does not invalid...
Money/property received without consideration or inadequate consideration on or after 01.04.2017 [Section 56(2)(x) of the Income Tax Act, 1961]
Money/property received without consideration or inadequate consideration on or after 01.04.2017 [Section 56(2)(x) of the Income Tax Act, 1961]Provisions of clause (x) govern the taxability of deemed income on account of...
OECD - Non binding standards show the way encourage rather than Imposing
OECD - Non binding standards show the way encourage rather than ImposingOECD stands for Organization for Economic Cooperation and Development is an international organization whose mission is to promote policies to impro...
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...