Introduction The Finance Act, 2001, introduced the term "insurer" under Section 2(28BB) of the Income Tax Act, effective from April 1, 2002. This inclusion aligns with the liberalization of India’s…
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…
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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…
Tax laws in India are often complex, especially when it comes to determining tax liability on different types of income. One such provision is Section 110 of the Income Tax…
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.…
Taxation is a crucial part of financial planning for both individuals and businesses. One area that often causes confusion is the tax treatment of income earned through partnerships or associations,…
Section 84 of the Income Tax Act once provided valuable tax exemptions to newly established industrial undertakings, hotels, and ships. Though this section has since been omitted, it played a…
When it comes to capital gains taxation under the Income Tax Act, Section 45 is the key provision that determines when a "transfer" of a capital asset results in taxable…