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Introduction The Inspector of Income-tax is an necessary functionary in India’s tax regime system, Assigned with a range of answerability to ensure smooth enforcement of income tax laws. Defined under…
India's tax laws are continually evolving to improve administrative efficiency and align with global best practices. One such significant change was the omission of Section 2(27) of the Income Tax…
The development of architecture is a cornerstone of economic growth, and funding it requires robust mechanisms. To address this, Section 2(26B) of the Income Tax Act, 1961, defines the term…
The Indian government's commitment to bolstering infrastructure development is evident through various fiscal policies and tax incentives. A pivotal element in this framework is Section 2(26A) of the Income Tax…
The term "Indian Company" holds remarkable importance under the Income Tax Act, 1961, as it have an effect on the tax obligations and benefits available to entities operating within India.…
The regional scope of the Income Tax Act in India is basically defined by the term "India," as outlined under Section 2(25A) of the Act. Over the years, the definition of…
When it comes to tax administration in India, the Income-tax Officer (ITO) plays a crucial role. Defined under Section 2(25) of the Income Tax Act, 1961, this term outlines the…
The term “income” is fundamental to the Income Tax Act, forming the basis of taxation. Defined under Section 2(24), the scope of income has evolved over the years through legislative…
The Finance Act, 2016, marked a significant landmark in modernizing India's tax administration system by introducing the Explanation of "hearing" under Section 2(23C) of the Income Tax Act. Effective from…
Fringe benefits, a unique concept in the taxation structure, were introduced by the Finance Act, 2005 and were applicable from 1st April 2006. Defined under Section 2(23B) of the Income…