-
Prosecution under the Income Tax Act
1. Understanding ProsecutionProsecution within the framework of the Income Tax Act encompasses legal actions initiated against an assessee resulting from violations or breaches of the Act, potentially...
-
TDS on Payments to Partners by Partnership Firms
Comprehensive Overview of TDS Related to Partnership FirmsUnderstanding Tax Deduction at Source for Partnership Firms: Payments to Partners Under Sections 194T, 40(b), 40(ia), and 28(v)Partnership fir...
-
Recent Developments in Section 115BAA: Lowered Corporate Tax Rates
Section 115BAA was introduced into the Income Tax Act on September 20, 2019, via the Taxation Laws (Amendment) Ordinance, 2019, and subsequently affirmed by the Taxation Laws (Amendment) Act, 2019. Th...
-
Overview of Disclosure Requirements for Overseas Assets and Income for Resident Indians
Residents of India possessing overseas income or holdings are required to report these in their Income Tax Returns (ITRs) to comply with the Income Tax Act and the Black Money (Undisclosed Foreign Inc...
-
Introduction to Vivad Se Vishwas Scheme 2024 (VSVS 2.0) as Per Circular 12 of 2024
The Indian government has launched the Vivad Se Vishwas Scheme 2.0, aimed at resolving outstanding income tax disputes, effective from October 1, 2024. This initiative allows eligible assessees to cle...
-
Intimation of Unwarranted Demand for Updated ITRs Filed Under Section 139(8A)
Introduction:Under the provisions in sub-section 1 of section 140B, it is necessary for an assessee to settle income tax, additional income tax, fees, and interest before submitting a return in accord...
-
Understanding ELSS Funds and Their Tax-Saving Benefits
An Equity Linked Savings Scheme (ELSS) is a type of mutual fund in India that combines the growth potential of equity investments with tax-saving benefits. Known for their dual advantages, ELSS funds...
-
Final Opportunity for Indian Residents to Report Overseas Assets and Income for FY 2023-24
Promoting Transparency in Foreign Asset and Income DisclosureThe Indian government has issued an advisory through the Income Tax portal aimed at enhancing transparency around foreign assets and income...
-
Filing Procedure for Schedule FSI, TR, and FA in Income Tax Returns
In India, income tax returns necessitate comprehensive documentation of income, tax deductions, and overseas assets when applicable. Given the data exchange agreements in place, neglecting these detai...
-
Doctrine of Binding Precedent in Indian Legal System
Understanding the Doctrine of PrecedentThe doctrine of precedent mandates that all subordinate courts and authorities performing judicial or quasi-judicial roles must adhere to the rulings of the High...
-
Inadmissible Expenditures in the Computation of Business or Professional Income
OverviewThe Income Tax Act highlights certain expenses that must be reintegrated into net profits since they cannot be deducted under tax laws. These provisions are set forth in two primary forms: gui...
-
Understanding the Modifications in Section 268A and Their Impact on Assessees
Introduction to Section 268A's Amendments Section 268A of the Income Tax Act, originally introduced through the Finance Bill of 2008, aimed to curb superfluous litigation and establish fiscal threshol...
-
Income Determination from Service Contracts per Section 43CB of the Income-tax Act, 1961
IntroductionThe Finance Act of 2018 introduced Section 43CB to the Income-tax Act, 1961, with retrospective effect from April 1, 2017, to standardize the calculation of income derived from constructio...
-
Maximizing Tax Benefits Through the National Pension Scheme under Section 80CCD
Introduction to the National Pension Scheme (NPS) The National Pension Scheme, initiated by the Central Government on January 1, 2004, started as a program exclusive to government employees. In 2009,...
-
Capital Gains on Disposing of Financial Instruments
Understanding Financial InstrumentsAccording to Ind AS 32, a financial instrument is a contract resulting in a financial asset for one entity and a financial liability or equity instrument for another...
-
Analysis of Section 80GGC: Contributions to Political Parties
OverviewThe Income Tax Department has initiated inquiries into donations given to certain registered political parties by various individuals and companies. These notices were issued for contributions...
-
Reevaluation Authority of Assessing Officer vs. Constraints on Arbitrary Power
Overview:The judgment by the Bombay High Court in the case of Sesa Sterlite Ltd. Vs ACIT highlights the critical equilibrium between the powers of the Income Tax Department to reopen cases and the pro...
-
Reassessing Block Assessments in India's Income Tax Framework
The approach to taxation in India is witnessing continuous transformation, largely driven by periodic legislative amendments aimed at enhancing compliance and streamlining tax administration. A notabl...
-
Understanding the Set-Off and Carry Forward of Losses as per the Income Tax Act
Introduction to Taxation and LossesAn assessee is obligated to pay taxes on the income generated within a financial year. However, what if there are financial losses instead of gains? The Income Tax A...
-
Impact of One Tribunal Bench's Order on Another: Observing Judicial Discipline in India
The principle of judicial discipline mandates that judicial and quasi-judicial bodies, such as the Income Tax Appellate Tribunal (ITAT), adhere to consistency, continuity, and predictability. This art...