These articles are uploaded by our esteemed readers. If you would like to publish an article on any legal topic, please use this form to upload it
What are the ways available to the aggrieved taxpayer where the Assessing Officer has finalized the ex parte assessment u/s 144
By CA Sanjeev Goyal: Where the Income Tax Authority sent a notice to the taxpayer asking for the requisite details but the taxpayer is silent and/or not forthcoming with the requisite details within time allowed. Accordingly, the Assessing Officer (AO) is of opinion that he has no option left but to finalize the proceedings ex parte under the provisions… Read More ...
Defending Economic Liberty: India’s Resistance to Draconian Taxation Measures
By Shashank Shukla: "Defending Economic Liberty: India's Resistance to Draconian Taxation Measures" delves into India's steadfast opposition to burdensome tax policies, particularly in the realm of inheritance taxation. The article meticulously examines the historical context, legislative frameworks, and socio-economic implications surrounding the discourse on inheritance tax within the Indian landscape. Through a critical analysis of past endeavors and… Read More ...
Powers of Income Tax Officer U/s.220(6) of the Income Tax Act, 1961 and Stay of Demand
By Dr. S. Sankar Ganesh, Tax Attorney, Advocate Madras High Court: Every time an assessment order is issued under sections 143(3), 147, or 271(1)(c), the assessing officer also raises a notice of demand under section 156. Typically, this demand notice must be paid within 30 days after delivery or receipt. Assessee becomes assessee in default if they don't pay the demand within the stipulated time. Then,… Read More ...
Provisions of section 54F of the Income Tax Act, 1961
By CA Sanjeev Goyal: Fractional ownership can be considered or not at the time of claiming exemption under Section 54F of the Income Tax Act, 1961 Read More ...
IS INVESTMENT IN PRIVATE LIMITED COMPANY, A NIGHTMARE FOR NON-RESIDENT INVESTORS – A CRITICAL ANALYSIS
By Dr. S. Sankar Ganesh: Non-Resident Indians (NRIs) have a fantastic opportunity to engage in India's blossoming private sector as international investment barriers are thinning. Through direct investments, NRIs can take on a major role in a nation advancing toward economic prosperity. This in-depth study will explain the importance of direct investments, how they can increase the size of your… Read More ...
NO INCOME TAX ON COMPULSORY ACQUISITION OF RURAL LAND
By CA. Brijesh Baranwal: The lands acquired through compulsory acquisitions which are in the nature of rural land do not have tax implications. Read More ...
My Lineage: How I Was Moulded – An Inspiring Journey of S. N. Inamdar, Senior Advocate
By S. N. Inamdar, Senior Advocate: Shri S.N. Inamdar, Senior Advocate & Past President of Chamber of Tax Consultants and eminent tax professional who had an illustrious career of over 57 years and was well known for his professional integrity and command over tax and corporate law. We are sharing his journey from his early days to stalwart in tax fraternity.… Read More ...
Payment to Micro or Small enterprises and applicability of section 43B(h) of the Income-tax Act, 1961 – Part II
By CA. Pankaj Agrwal: This Part 2 of my article deals with presently most debated subject of 43B(h). In this part, I have discussed issues like whether sum payable will exclude GST, what will be the date of payment in case of cheque, can payment be made by issue of cheque or LC. Read More ...
Payment to Micro or Small Enterprises – Applicability of section 43B(h) – Part I
By CA. Pankaj Agrwal: Clause (h) has been inserted in section 43B which is effective from AY 2024-25 and will have a big impact on computation of Income and also affect the audit of accounts. An effort is made to analyse the provisions of the amendment in frequently asked question format. Relevant provisions of MSMED Act has also been… Read More ...
Amendment section 43B(h) of the Income-tax Act, 1961
By CA Deepak Jain: Introduction of a New Provision: Disallowance of Expenses on Delayed Payments to the Micro or Small Enterprises under Section 43B(h) of the Income-tax Act, 1961 - Applicable from the Financial Year 2023-24 Read More ...