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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...
During Income-tax Search and Seizure - Rights and duties of Income Tax Department and Persons Searched
During Income-tax Search and Seizure - Rights and duties of Income Tax Department and Persons SearchedThe Income-tax Act gives very wide powers to an authorised officer to carry out the search and also to seize documents...
Roll of Authorised Officer during Income Tax Search
Roll of Authorised Officer during Income Tax SearchPower to carry out search under section 132 and survey under section 133A are important tools in the armoury of the Income–tax department for detecting and preventing ...
Write-off of Arrears of tax demand
Write-off of Arrears of tax demandThe arrears of tax demand have gone up many folds and are piling up year after year, despite several provisions [Chapter XVII-D consisting of Sections 220 to 232 and second schedule of t...