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.…
The Income Tax Act contains various provisions that govern the taxation of charitable institutions, particularly when they cease to exist or convert into non-charitable entities. One such important provision is…
When it comes to tax planning, especially for businesses involved in specified activities, understanding the provisions of the Income Tax Act is crucial. One such provision is Section 73A, which…
When managing assets and financial planning, it is essential to understand how income generated from those assets is taxed. The Indian Income Tax Act, 1961, has specific provisions to ensure…
In the intricate world of taxation, the provisions of the Income Tax Act are designed to ensure fairness and justice for taxpayers. One such provision that stands out for its…
When it comes to managing the finances of statutory corporations and bodies corporate, understanding the nuances of tax deductions is crucial. Section 36(1)(xii) of the Income Tax Act is a…