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Analysis of judgement of Supreme Court delivered on 15.12.2025 in the case of Director of Income Tax, Mumbai v. M/s American Express Bank Ltd., on the issue of Deduction of head office expenditure in the case of non-residents under section 44C of the Income Tax Act, 1961
Analysis of judgement of Supreme Court delivered on 15.12.2025 in the case of Director of Income Tax, Mumbai v. M/s American Express Bank Ltd., on the issue of Deduction of head office expenditure in the case of non-resi...
Statutory Notices under Income Tax Act, 1961
Statutory Notices under Income Tax Act, 1961Definition of Statutory NoticeA statutory notice is a formal communication delivered by law, typically in written form, requiring action or alerting an individual or entit...
Scope of Total Income [Section 5]
Scope of Total Income [Section 5]The Scope of Total Income is defined by the residential status of a taxpayer. Based on whether an individual or entity is a resident, RNOR, or non-resident, different types of income will...
Statutory Notices under Income Tax Act, 1961
Statutory Notices under Income Tax Act, 1961Definition of Statutory NoticeA statutory notice is a formal communication delivered by law, typically in written form, requiring action or alerting an individual or entit...
Disallowance for marked-to-market loss [Section 40A(13)]
Disallowance for marked-to-market loss [Section 40A(13)]“Marked to market” (MTM) is an accounting and trading practice that updates an asset’s value to its current market price, rather than its original purchase (h...
Understanding of the RFCTLARR Act, 2013
Understanding of the RFCTLARR Act, 2013The process of land acquisition in India is governed by various laws such as the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act...
Taxation of Gift under Income Tax Act, 1961
Taxation of Gift under Income Tax Act, 1961What is the meaning of the term ‘Gift’The term ‘Gift’ has not been defined under the Companies Act, 2013, the Sale of Goods Act, 1930 or the Indian Contract Act, 1872. H...
Exemption of Income of any University or other Educational Institution Substantially Financed by Government [Section 10(23C)(iiiab)]
Exemption of Income of any University or other Educational Institution Substantially Financed by Government [Section 10(23C)(iiiab)] The provisions of section 10(23C)(iiiab) grant exemption of income earned by any p...
Exemption from income-tax in the case of statutory bodies or authorities for the administration of public religious or charitable trusts or endowments, etc. [Section 10(23BBA) of the Income-Tax Act, 1961]
Exemption from income-tax in the case of statutory bodies or authorities for the administration of public religious or charitable trusts or endowments, etc. [Section 10(23BBA) of the Income-Tax Act, 1961]BackgroundFinanc...
Time limit for completion of Block Assessment of Search cases [Section 158BE of the Income Tax Act, 1961]
Time limit for completion of Block Assessment of Search cases [Section 158BE of the Income Tax Act, 1961]Section 158BE of the Income tax Act, 1961 provides the time-limit for completion of block assessment as 12 months f...