In the realm of income tax, the term "previous year" plays a vital role in determining an individual's or entity's taxable income for a given assessment year. Over time, the…
Introduction If you're a taxpayer or a professional navigating India's Income Tax Act, you must have encountered the term "Assessment Year" (AY). Defined explicitly under Section 2(9), this term is…
Tax assessment is one of the cornerstones of the Indian taxation system. The term "assessment," as defined under Section 2(8) of the Income Tax Act, 1961, carries a broad meaning…
The concept of the Assessing Officer (AO) plays a critical role in the administration of income tax in India. Defined under Section 2(7A) of the Income Tax Act, 1961, this…
When it comes to income tax assessments in India, understanding the jurisdiction and authority of an Assessing Officer (AO) is crucial for taxpayers and tax professionals alike. Section 124 of…
Navigating the complexities of the Income Tax Act is crucial, especially when it comes to understanding the jurisdiction of an Assessing Officer (AO). Section 124(4) provides taxpayers (or "assessees") with…
Introduction In the Income Tax Act, Section 124 governs the jurisdiction of Assessing Officers (AOs). Specifically, Section 124(3) lays down conditions under which a taxpayer can challenge the AO's jurisdiction.…
In the realm of transfer pricing, the determination of the Arm's Length Price (ALP) is a critical exercise, particularly in transactions between related parties. The Indian Income Tax Act, 1961,…