SS LAW CODES

(d) Industrial Company or Trading Company – Finance Acts under Income Tax Act, 1961 The distinction between an industrial company and a trading company under the Income Tax Act, 1961, significantly impacts tax liabilities. This distinction is primarily determined by the nature of the company's business activities as defined and refined over the years through […]

Assessment of Companies under Indian Income Tax Act The assessment of companies under the Indian Income Tax Act, 1961, is a crucial process determining a company's tax liability. This process involves scrutiny of the company's income, deductions, and applicable tax rates, ultimately leading to the computation of its tax dues. Understanding this process is vital

Clause (15) [Section 43 of the 1922 Act]: Charitable Purpose under Indian Income Tax Section 43 of the Income Tax Act, 1922, as it stood before its repeal and replacement by the Income Tax Act, 1961, contained several clauses defining various types of incomes exempt from tax. Clause (15) specifically addressed income applied to charitable

Land Within or in Vicinity of Municipality or Cantonment: Items (a) and (b) Under Income Tax (Indian Law) Understanding the tax implications of land transactions, particularly those concerning agricultural land situated near urban areas, is crucial for taxpayers in India. The Income Tax Act, 1961, provides specific provisions regarding the definition of “capital asset” and

Trade, Commerce, or Manufacture: Understanding Business Income under Indian Income Tax Law In the realm of Indian Income Tax law, the distinction between various forms of business activity is crucial for determining taxable income. Specifically, understanding the nuances of "Trade," "Commerce," and "Manufacture" is essential for businesses to accurately assess their tax liabilities and comply

Land Within or in Vicinity of Municipality or Cantonment: Items (a) and (b) under Indian Income Tax Understanding the tax implications of land transactions is crucial for any individual or entity dealing with real estate in India. Specifically, the location of the land plays a significant role in determining its taxability under the Income Tax

Understanding Sub-Clause (ii): Personal Effects and Income Tax in India Navigating the complexities of income tax can be daunting, especially when dealing with specific provisions related to personal items. This article delves into the intricacies of sub-clause (ii) concerning "personal effects" within the context of Indian Income Tax Law. We will explore what constitutes 'personal

Trade, Commerce, or Manufacture under Income Tax in India: A Comprehensive Guide Determining whether an activity constitutes "trade," "commerce," or "manufacture" is crucial under the Income Tax Act, 1961 (hereinafter referred to as "the Act"). The classification directly impacts how income derived from such activities is assessed and taxed. This article provides a comprehensive overview

Understanding Clause (9): Assessment Year Under Indian Income Tax Law The “Assessment Year” is a fundamental concept in Indian Income Tax law. Understanding it is crucial for taxpayers to accurately file returns, understand their tax liabilities, and navigate the complexities of the Income Tax Act, 1961. Clause (9) of Section 2 of the Income Tax

Burden of Proof in Income Tax Matters Under Indian Law Understanding the burden of proof in income tax cases is crucial for both taxpayers and the Income Tax Department in India. It dictates who is responsible for proving certain facts or assertions before tax authorities or judicial forums. This article provides a comprehensive overview of