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The Income Tax Act, 1961, is the backbone of India's tax administration, providing a comprehensive framework for taxation. One of its key updates came through the Finance (No. 2) Act,…
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…
When it comes to computing capital gains, understanding the concept of the "cost of acquisition" is crucial. Section 49 of the Income Tax Act provides detailed guidelines on how to…
Introduction The Indian tax system is intricate, with various checks and balances designed to ensure that taxpayers comply with the law while also providing them with avenues to appeal against…
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,…
Introduction In today’s global economy, many foreign companies establish liaison offices in India to manage their interests and ensure smooth communication between their head offices and operations in the country.…
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, commonly known as the Black Money Act, was enacted to tackle the issue of undisclosed foreign…
Introduction Tax regulations for life insurance companies are a critical aspect of maintaining fair business practices and ensuring proper revenue collection. Section 44 of the Income Tax Act and Rule…
In the realm of tax compliance, aligning interest rates for late payments to the government is of paramount importance. The Income Tax Act, 1961, addresses this through various sections, including…
Navigating the intricacies of the Income Tax Act can be a daunting task, especially when it comes to filing appeals. One of the key provisions that taxpayers need to be…