When it comes to financial phraseology under the Income Tax Act, "interest" plays a crucial role in decide taxable income. The Finance Act, 1976 introduced the definition of "interest" under Section…
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 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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The concept of "Annual Value" is a cornerstone in the computation of income under the head "Income from House Property" in the Income Tax Act, 1961. It represents the inherent…
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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…
Section 115AC of the Income Tax Act is a crucial provision aimed at incentivizing foreign investments in India by providing a favorable tax regime for non-residents. This section specifically deals…
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.…