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https://www.sahiprojectreport.com/Professionals in various fields, such as law, medicine, accountancy, and more, play a crucial role in the economy. The Income Tax Act, 1961, recognizes the unique nature of their income…
Introduction The Income Tax Act, 1961, defines various terms to simplify its interpretation and application. One such term is "person who has a substantial interest in the company," as defined…
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The Income Tax Act, 1961, is a comprehensive piece of legislation governing tax administration in India. To streamline tax enforcement, the Finance (No. 2) Act, 1998, introduced the term “Joint…
Section 2(23) of the Income Tax Act, 1961, provides the foundational definitions of "firm," "partner," and "partnership", which are critical for understanding taxation rules applicable to partnership entities. Over the…
The Income Tax Act, 1961, establishes a well-defined hierarchy of authorities to ensure smooth tax administration in India. One of these pivotal roles is that of the "Additional Commissioner," introduced…
Section 119A of the Income Tax Act introduces a Taxpayer's Charter to reinforce transparency, efficiency, and fairness in India’s tax administration. The Taxpayer's Charter, empowered by the Central Board of…
Introduction Section 119 of the Income Tax Act empowers the Central Board of Direct Taxes (CBDT) to issue instructions, orders, and directions to tax authorities to ensure the effective administration…
In the world of Indian commerce, especially among traditional business communities, the concept of a hundi is a familiar one. However, in recent decades, the Indian government has imposed stricter…
The Income Tax Act, 1961, contains specific provisions to prevent tax evasion through the diversion of income to family members, especially minors. One such provision is Section 64(1A), which addresses…