Income Tax

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.

Income Tax Article

Validity of Addition made pursuant to search operation on the same subject-matter, which was examined during original assessment

Validity of Addition made pursuant to search operation on the same subject-matter, which was examined...

Agricultural land declared as part of industrial area & it’s taxability

Agricultural land declared as part of industrial area & it's taxability Short Overview : Where an agricultural...

Landmark Judgment :Transfer of possession for limited purpose in Joint Development Agreement and capital gain tax liability

Landmark Judgment :Transfer of possession for limited purpose in Joint Development Agreement and capital gain...

Genuineness and creditworthiness not proved if assessee failed to produce the person

Genuineness and creditworthiness not proved if assessee failed to produce the person Short Overview : A perusal...

Classification of goods & Rate of Tax on Mechanical Sprayers

Classification of goods & Rate of Tax on Mechanical Sprayers 2019 TaxPub(GST) 0908 (AAR-MP) IN THE AUTHORITY...

Charitable Trust : Cancellation of registration under section 12AA with retrospective effect is justified.

Charitable Trust : Cancellation of registration under section 12AA with retrospective effect is justified. short overview: Receipt...

Merely because an assessee makes an extraordinary profit, it would not lead to the conclusion that same was organized/arranged

Merely because an assessee makes an extraordinary profit, it would not lead to the conclusion...

Short Overview of New notifications 44 to 49/CT issued on 09.10.2019

Short Overview of New notifications 44 to 49/CT issued on 09.10.2019 GSTR1 & GSTR3B notified...

Capital gain tax liability on sale of mortgaged asses by the bank and adjustment of sale proceeds against the loan

Capital gain tax liability on sale of mortgaged asses by the bank and adjustment of...

Collection of non-refundable deposits by the assessee from prospective flat buyers, for maintaining the building, does not result in the assessee providing management, maintenance...

Collection of non-refundable deposits by the assessee from prospective flat buyers, for maintaining the building,...

Landmark Judgment by Apex Court: The failure to issue a notice u/s 143(2) renders the assessment order void even if the assessee has participated...

Landmark Judgment by Apex Court: The failure to issue a notice u/s 143(2) renders the...

Allowability of depreciation on Non-compete fee

Allowability of depreciation on Non-compete fee   short Overview: Depreciation on non-compete fee was allowable @ 25% by...

Extension of date for delay in filing of Form no. 10B (Audit Report by trust/institution) for Assessment Years 2016-17 and 2017-18 from 30.09.2019 to...

Extension of date for delay in filing of Form no. 10B (Audit Report by trust/institution)...

एक अच्छा लागू करने योग्य सुझाव आयकर दाता की तरफ से सरकार को : New Motor Vehicle Act के लिए

एक अच्छा लागू करने योग्य सुझाव आयकर दाता की तरफ से सरकार को : New...

Bogus LTCG from PennyStock after selling shares with profit of around 491% – Forget documentation andSee the observation of Delhi HC

Bogus LTCG from PennyStock after selling shares with profit of around 491% - Forget documentation...