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Clause (11): Understanding Block of Assets under Indian Income Tax Law Depreciation is a crucial aspect of income tax calculation, allowing businesses to deduct a portion of the cost of assets used for business purposes over their useful lives. In India, the Income Tax Act, 1961 employs the concept of "Block of Assets" (as defined […]

Understanding "Assessment Year" under Indian Income Tax: A Comprehensive Guide (Clause 9) The "Assessment Year" (AY) is a fundamental concept in Indian Income Tax law. Defined under Clause (9) of Section 2 of the Income Tax Act, 1961, it serves as the crucial timeframe for evaluating and taxing the income earned during the preceding financial

Understanding "Assessing Officer" under Clause (7A) of the Income Tax Act: A Comprehensive Guide The Income Tax Act, 1961, forms the backbone of India's direct tax system. Within this framework, the role of the "Assessing Officer" is pivotal. Defined under Clause (7A) of Section 2 of the Act, the Assessing Officer is the key functionary

Clause (7) [Section 2(9) of 1922 Act]: Understanding the Definition of "Assessee" Under Indian Income Tax Law This article delves into the definition of "Assessee" as defined under clause (7) of Section 2(9) of the Income Tax Act, 1961 (though referencing the erstwhile 1922 Act for historical context), a crucial element for understanding the Indian

Reference to Court under Income Tax Act, 1961: A Comprehensive Guide Understanding the procedures available to taxpayers under the Income Tax Act, 1961, to challenge assessments and orders is crucial. One such significant mechanism is the "Reference to Court," specifically, the High Court, which allows for determination of questions of law arising from orders of

Assessee Under Income Tax: Understanding the Seven Key Categories in Indian Law Understanding who qualifies as an “assessee” under the Income Tax Act, 1961 is fundamental to comprehending your tax obligations in India. The Act broadly defines an assessee, encompassing not just individuals paying taxes on their own income, but also various other entities and

Clause (7) [Section 2(9) of 1922 Act]: Assessee Under Income Tax Law in India Introduction: Understanding the "Assessee" Under the intricate framework of the Income Tax Act, the term "assessee" holds a pivotal position. It defines the entity upon whom the responsibilities and obligations of the Act are placed. Understanding the definition of "assessee" as

Clause (1B) [Explanation to Section 10(2)(vi)(c) of 1922 Act]: Amalgamation under Income Tax – A Comprehensive Guide Amalgamation, a common corporate restructuring tool, has specific implications under Indian Income Tax Law. Understanding these implications is crucial for businesses undergoing such processes. This article provides a detailed exploration of Clause (1B) [Explanation to Section 10(2)(vi)(c) of

Reference to Court under Income Tax Act: A Comprehensive Guide (Indian Law) This article provides a detailed exploration of the provisions relating to “Reference to Court” under the Income Tax Act, 1961 (hereinafter referred to as "the Act"), as applicable in India. We will delve into the specific sections, conditions, procedures, and judicial interpretations relevant

(h) Disintegration of Income into Agricultural and Non-Agricultural Elements under Income Tax (Indian Law) Understanding the Complexities of Income Determination for Tax Purposes This article delves into the intricate process of disintegrating income into agricultural and non-agricultural components under Indian Income Tax Law. Understanding this distinction is crucial as agricultural income enjoys certain exemptions, making