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The Finance Act, 2007, introduced a significant amendment to the Income Tax Act, 1961, defining the term "Additional Director" under Section 2(1D) with retrospective effect from June 1, 1994. This…
The Income Tax Act, 1961, establishes a well-defined hierarchy of authorities to ensure smooth tax administration in India. One of these pivotal roles is that of the "Additional Commissioner," introduced…
Amalgamation is a vital aspect of corporate restructuring aimed at improving operational efficiency and financial health. Recognized under Section 2(1B) of the Income Tax Act, this concept provides businesses with…
Agricultural income is a critical aspect of Indian taxation, with its unique definition and exemptions rooted in the Constitution. This blog provides a comprehensive guide to Section 2(1A) of the…
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Introduction The introduction of advance tax under the Direct Tax Laws (Amendment) Act, 1987, effective from April 1, 1989, marked a significant step in ensuring timely tax compliance. Defined under…
When it comes to taxation in India, clarity in legal terminology is crucial for taxpayers and professionals alike. Shttps://www.sahiprojectreport.com/ection 2 of the Income Tax Act, 1961, serves as the cornerstone…
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The Income Tax Act, 1961 is the cornerstone of India’s taxation system, governing the levy and administration of income tax in the country. Its extent and commencement are outlined in…
Introduction to Section 1(1) of the Income-tax Act, 1961 The Income-tax Act, 1961, is the primary legislation governing income tax in India. This Act, spanning hundreds of sections, defines the…
Section 133C of the Income Tax Act empowers the income-tax authorities to issue notices to individuals or entities, requiring them to provide specific information or documents for verification. This section…
Section 133B of the Income Tax Act outlines the powers and restrictions for income-tax authorities when they conduct an inspection at a taxpayer's premises. It provides clear protections for taxpayers,…