An income tax is a tax imposed on individuals, entities (taxpayers). That varies with their respective income, profits (taxable income). Many jurisdictions refer to income tax on business entities as companies ,corporate tax. Partnerships generally are not taxed rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions. Most jurisdictions exempt locally organized charitable organizations from tax.
Maintenance of books of accounts by Trusts: Rule 17AA
Maintenance of books of accounts by Trusts: Rule 17AA Finance Act 2022 and Rule 17AA of the Income Tax Rules…
Reason to suspect is not reason to believe and cannot be a basis for reassessment proceedings: Delhi HC
Reason to suspect is not reason to believe and cannot be a basis for reassessment proceedings: Delhi HC Saraswati Petrochem…
Re-assessment proceedings without an approval as envisaged u/s 151 of the Act would be non-est and liable to be quashed:ITAT Dehradun
Re-assessment proceedings without an approval as envisaged u/s 151 of the Act would be non-est and liable to be quashed:ITAT…
Govt to mandate e-invoice for B2C transactions in 2-3 Years
Govt to mandate e-invoice for B2C transactions in 2-3 Years The copy of the order is as under: ITAT…
No disallowance u/s 40A(2)(b) on interest paid to related party without comparing it with FMV of rate of interest: ITAT
No disallowance u/s 40A(2)(b) on interest paid to related party without comparing it with FMV of rate of interest: ITAT…
ALL ABOUT REVERSE MORTGAGE SCHEME – 2008
ALL ABOUT REVERSE MORTGAGE SCHEME – 2008 There is no social security mechanism which is prevalent in India. One of…
I-T Official awarded six months in jail for slapping ticket checker at CSMT
I-T Official awarded six months in jail for slapping ticket checker at CSMT The copy of the order is…
Delhi HC recently had an occasion to consider the scope of section 263 vis a vis Non enquiry and inadequate enquiry.
Delhi HC recently had an occasion to consider the scope of section 263 vis a vis Non enquiry and inadequate…
Reverse Mortgage Scheme for Senior Citizens: An overview
Reverse Mortgage Scheme for Senior Citizens: An overview Majority of the retired individuals in India depend upon interest income from FDR,…