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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...
Tax treatment of Ex gratia payments
Tax treatment of Ex gratia paymentsWhat is Ex gratia payment?Ex Gratia is a Latin word that means “by virtue of grace” or “by favor”. Therefore, an ex gratia payment is voluntary because the paying party does not...
Importance of Panchnama in Income-tax Search & seizure proceedings
Importance of Panchnama in Income-tax Search & seizure proceedingsPanchnama is an important document because it informs the person from whose premises the articles are seized or the person searched as to the name of ...
Effect of re-opening the assessment based on wrong facts or conclusions
Effect of re-opening the assessment based on wrong facts or conclusionsThe effect of re-opening the assessment based on wrong facts or incorrect facts or conclusions, are that the notice issued for re-open...
Faceless Penalty Scheme, 2021
Faceless Penalty Scheme, 2021With the objectives to promote digitalization, achieve greater degree of efficiency and transparency at the Income Tax department level while dealing with taxpayers enabling provisi...
Revival of Struck Off Companies for the purposes of Income Tax proceedings
Revival of Struck Off Companies for the purposes of Income Tax proceedingsFor revival of a Company an appeal / petition / application can be filed by a person who is affected by such strike off of the company to the Nati...
Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects [Section 44BBB]
Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects [Section 44BBB]Section 44BBB provides that, notwithstanding an...
Mandatory filing of return of income under section 139(1) in certain cases
Mandatory filing of return of income under section 139(1) in certain casesIt is mandatory for every taxpayer to communicate the details of his income to the Income Tax Department. These details are to be furnished in the...