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Procedure for levy of Penalty, Drafting of Order & Body Sequence - Important points to remember
Procedure for levy of Penalty, Drafting of Order & Body Sequence - Important points to rememberThe main object of penal provisions in the Act is to enforce compliance of law and also act as a deterrence against defau...
Estimation of value of assets by Valuation Officer [Section 142A of the Income Tax Act, 1961]
Estimation of value of assets by Valuation Officer [Section 142A of the Income Tax Act, 1961]Section 142A of the Income Tax Act, 1961 was initially inserted by the Finance (No. 2) Act, 2004, with retrospective effect fro...
Bogus capital gains from penny stocks
Bogus capital gains from penny stocksWhat are penny stocks?Penny stocks is not defined under the Income-tax Act or for that matter in any of the statute books. The term penny stock as defined in Black’s Law Dictionary ...
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 amended b...
Who is eligible to claim depreciation in a lease transaction - Whether the lessor (person who hires or leases the asset for a consideration) or the lessee (who hires for business use) ?
Who is eligible to claim depreciation in a lease transaction - Whether the lessor (person who hires or leases the asset for a consideration) or the lessee (who hires for business use) ?As per income tax Act, 1961, I...
Limitation on Interest Deduction in certain cases [Section 94B of the Income Tax Act, 1961]
Limitation on Interest Deduction in certain cases [Section 94B of the Income Tax Act, 1961]Section 94B was enacted by the Finance Act, 2017, with effect from 01.04.2018 in order to mitigate the impact of interest expendi...
Tax Evasion through Client Code Modification
Tax Evasion through Client Code ModificationModifications in client code – a unique trading id given to all clients - are required in cases of a manual error on the part of investor or broker while punching in the clie...
Income falling under the head salaries – If payable by the Government to a citizen of India for service outside India [Section 9(1)(iii)]
Income falling under the head salaries – If payable by the Government to a citizen of India for service outside India [Section 9(1)(iii)]Salary paid to an Indian citizen by the Government of India for rendering service...
Exemption of Long term Capital Gain Tax on Transfer of Residential Property (House or Plot of land) if Net Consideration is Invested in the Equity Shares of a new Start-up SME Company [Section 54GB]
Exemption of Long term Capital Gain Tax on Transfer of Residential Property (House or Plot of land) if Net Consideration is Invested in the Equity Shares of a new Start-up SME Company [Section 54GB]Section 54GB of the Ac...
Application of Income - Important points to remember
Application of Income - Important points to remember§ Assessing Officer to verify the genuineness of the application of income§ Every trust or institution should apply at least 85% of its income d...