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Taxation of Partnership Firms under Income Tax Act : Recent Amendments
By CA. Rajesh Mehta: Taxation of partnership firms has always been a controversial issue specially with reference to taxability of withdrawal of capital over and above the balance by partners at the time of retirement or receipt of money or assets on reconstitution or dissolution of a partnership firm. Partnership and Partner As per Sec 4 of the Partnership… Read More ...
The Course Traversed By Income Tax Law, Post Independence
By Justice R. V. Easwar, (Former Judge, Delhi High Court), Senior Advocate assisted by Advocate Aditya Ajgaonkar: The first seeds of the modern-day system of direct taxation in India, as we know it, were sown by the British. Tax on income was introduced into India by Sir James Wilson and a separate Income Tax Act was passed in the year 1886. This was then replaced by an Act passed in 1918. The… Read More ...
The Course Traversed By Indirect Tax Law Post Independence
By Satyaranjan C Dharmadhikari, Advocate and Retired Judge High Court of Bombay: The dictionary meaning of the word ‘tax’ is a strain or heavy demand, an oppressive or ‘burdensome’ obligation. The dictionary also says ‘tax’ means a call to account. In my humble opinion, we Indians and particularly those who are doing well in life have not understood the fundamental principle of taxing power. The power is… Read More ...
RETROSPECTIVITY OF EXPLANATION 2 INSERTED BELOW S 36 (1(va)
By Anadi Varma: The issue of retrospectivity of Explanation 2 inserted for s 36(1(va) inserted by Finance Act 2021.Decisions holding that the same is not retrospective riding on memorandum have raised spectre of contrary and conflicting decisions again in matters relating to periods earlier than 1.4.2021. Read More ...
OMIT AND REPEAL
By Anadi Varma: THE ARTICLE ADDRESSES THE ISSUE OF WHETHER THE TWO TERMS OMIT AND REPEAL MEAN THE SAME AND TRIES TO HIGHLIGHT THE LEGAL CONTROVERSY SURROUNDING IT. Read More ...
Exploring Capital Gains As A Head Of Income
By Arjun Gupta: An Article exploring Capital Gains as a source of income. Please download the PDF file of the Article for a better experience with citations. Read More ...
Income declared during survey – search and tax rate U/s 115BBE
By CAs Rajendra Agiwal, Saurabh Kulkarni and Sakharam Sable: CAs Rajendra Agiwal, Saurabh Kulkarni and Sakharam Sable have written an article on the applicability of the special rate of tax U/s 115BBE to income disclosed in survey which is normally taxable u/s 68/69 etc. They have pointed out the existing controversy on the applicability of the tax rate to such income and explained that… Read More ...
THE JUDICIARY COLD-SHOULDERED FOR THREE DECADES – ALL HOPES ON THE AUSPICIOUS OCCASION OF AZADI KA AMRIT MAHOTSAVA
By Dr. K. Shivaram, Senior Advocate: It is unfortunate that Governments have not been setting apart the necessary funds in the financial budgets for expanding the Court system to keep space with veritable litigation explosion. The advance planning that Governments do in the regard to the economy generally, including the industries run by it for meeting the increasing demands for its… Read More ...
Model Tenency Act – 2021
By Mr. Anubhav Jain (Advocate) : The Model Act requires the landlord and tenant to sign a written agreement which specifies the rent, period of tenancy and other related terms. Security deposit is capped at two month’s rent for residential premises and six month’s rent for non-residential premises. Conditions for eviction of tenant under the Model Act include: (i) refusal… Read More ...
Model Tenancy Act
By CA Virupaksh Hipparagi: This model is said to be called as Tenancy Act, 2020 with the name of respective State/Union Territory as prefix. Model contains 8 chapters, 47 clauses and 2 schedules, it shall extend to the whole of the State/Union Territory and shall come into force on such date as the State Government/Union territory Administration may, by… Read More ...