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…
When discussing the corporate hierarchy and its intersection with legal and tax obligations, understanding the roles of director, manager, and managing agent is essential. These terms, once defined under the…
When dealing with income tax provisions, the term "child" carries significant implications, particularly in areas such as income clubbing, exemptions, and deductions. Introduced by the Taxation Laws (Amendment) Act, 1975,…
Introduction "Charitable purpose" is a critical concept under the Income Tax Act, 1961. It serves as the foundation for granting tax exemptions to trusts and institutions that genuinely operate for…
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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…
Introduction In the complex framework of the Income Tax Act, one area that frequently raises questions is the jurisdictional authority of Assessing Officers. Understanding this structure is essential, especially in…
In the vast and complex structure of the Indian Income Tax Act, specific sections are assigned to various rules, regulations, and guidelines that affect taxpayers and the administration of taxation.…
Co-operative societies play a pivotal role in fostering social and economic well-being, particularly in rural and agricultural sectors. To encourage the growth of co-operative societies and promote their contribution to…
As global exposure for professionals like authors, artists, musicians, and sportsmen grows, the Income Tax Act of India has provisions that reward these individuals for contributing to the nation’s economy…