Uncategorised

Retrospective Effect of Provision for Appeal, Revision, or Rectification under Income Tax Act, 1961 The Income Tax Act, 1961, provides a comprehensive framework for assessing, collecting, and appealing tax liabilities. A crucial aspect of this framework involves the provisions for appeal, revision, and rectification, and the potential for these provisions to have retrospective effect. This […]

Retrospective Legislation Under Income Tax in India: A Comprehensive Overview Retrospective legislation, in the context of income tax, refers to laws that alter the tax implications of past transactions or events. This means a law is enacted with a retroactive effect, changing the legal framework applicable to actions that occurred before the law's enactment. In

Territorial Jurisdiction and Extraterritorial Operation of the Income Tax Act, 1961 The Income Tax Act, 1961 (the "Act"), governs the taxation of income in India. Understanding its territorial jurisdiction and extraterritorial reach is crucial for both residents and non-residents with income sources connected to India. This article delves into the intricacies of these aspects, clarifying

Concealment in Subsidiary Companies and Holding Structures under Indian Income Tax The intricate web of subsidiary companies and holding structures often presents opportunities for tax optimization, but also risks significant exposure to tax evasion accusations. Understanding the legal framework surrounding concealment of income within these structures is crucial for both businesses and tax authorities in

Duty of Assessing Officer under Income Tax Act, 1961 The Assessing Officer (AO) plays a pivotal role in the Indian Income Tax system. Their duties are multifaceted, encompassing assessment, reassessment, and enforcement of tax laws. Understanding the AO's responsibilities is crucial for both taxpayers and tax professionals. This article delves into the key duties of

Liabilities under Indian Income Tax Act Understanding liabilities within the context of the Indian Income Tax Act, 1961 is crucial for accurate tax computation and compliance. Liabilities, in this context, refer to the tax obligations an individual or entity incurs based on their income and applicable tax laws. This article delves into various aspects of

Understanding "Undertaking" under the Income Tax Act, 1961 The term "undertaking" in the context of the Income Tax Act, 1961 (ITA), is not explicitly defined. Its meaning is derived from its usage within various provisions of the Act and interpreted through judicial pronouncements. This ambiguity necessitates a careful examination of its contextual application across different

Clause (19AA): Demerger Under the Income Tax Act, 1961 Clause (19AA) of the Income Tax Act, 1961, deals with the crucial aspect of demergers and their tax implications in India. Understanding this clause is critical for businesses contemplating restructuring through demerger, as it dictates the tax consequences for both the demerged company (the transferor company)

Clause (19) [Section 2(5B) of the Income Tax Act, 1922]: Co-operative Society and its Tax Implications Understanding the tax implications of co-operative societies under the Income Tax Act, 1922, specifically focusing on Clause (19) of Section 2(5B), is crucial for ensuring compliance. This article delves into the intricacies of this provision, aiming to provide clarity

(f) Other Definitions under Indian Income Tax Act The Income Tax Act, 1961, utilizes several crucial definitions beyond the commonly understood terms like "income," "assessee," and "assessment." These "other definitions" are crucial for accurate tax computation and compliance. Understanding these provisions is essential for taxpayers, tax professionals, and anyone involved in Indian tax law. This