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Scope of the power of the Commissioner (Appeals) to “Enhance the Assessment”
Scope of the power of the Commissioner (Appeals) to “Enhance the Assessment”Section 251 of the Act, as apparent from its title namely ‘Powers of the Commissioner (Appeals)’ empowers the Commissione...
Definitions under Section 2 of the Income Tax Act, 1961
Definitions under Section 2 of the Income Tax Act, 1961The Income Tax Act is a self-contained Act. Sections 2 and 3 define the terms/expressions used in the Income Tax Act. The word ‘means’, ‘includes’ are used i...
Decoding of Section 145 - Analysis of Scope of Method of Accounting under Income Tax Act, 1961
Decoding of Section 145 - Analysis of Scope of Method of Accounting under Income Tax Act, 1961Section 145 of the Income Tax Act, 1961 provides the method of accounting by the assessee. Section 145(1) provides that income...
Survey for recovery of taxes by Assessing Officers as well as Tax Recovery Officers [Explanation (a) to Section 133A(6)]
Survey for recovery of taxes by Assessing Officers as well as Tax Recovery Officers [Explanation (a) to Section 133A(6)]BackgroundThe power of survey under section 133A of Income Tax Act, 1961, was made available to Tax ...
Charge of Income-tax [Section 4]
Charge of Income-tax [Section 4]The levy of income-tax in India is governed by the Income-tax Act, 1961 ((the Act”). This Act came into force on 1st April, 1962. The Act contains 298 sections and XIV schedules. Section...
Liberalised Remittance Scheme (LRS) for resident Individuals
Liberalised Remittance Scheme (LRS) for resident IndividualsLiberalised Remittance Scheme (LRS) brought in as a relief to all Indian Residents to remit money outside India. As the name suggests, the L...
Capital Gains Accounts Scheme, 1988
Capital Gains Accounts Scheme, 1988The profit that arises on the transfer of capital assets is referred to as Capital Gains and is chargeable to tax. Income Tax Act, 1961 also provides for various schemes for s...
“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 ...