Income Tax Articles
What is Tonnage Taxation?
21 March 2022
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Tonnage taxation is a presumptive taxation scheme under which qualifying shipping companies operating qualifying ships are given this option.
Income Tax Search and Seizure: Irregularity versus an illegal Income Tax Search- Analysis
Rule 112 of the Income Tax Rules'1962 lays down the procedure, forms of authorization, manner and other procedural effects of carrying out search and seizure action as enumerated u/s 132 of the act.
Insertion of Section 79A - Plugging of lacuna by the Finance Bill 2022
In the Union Budget 2022-23 through Finance Bill 2022, among other tax measures, the Hon'ble Finance Minister recommended "Insertion of New Section 79A: No set-off of losses consequent to search, requisition and survey".
Individuals - Residential Status & Amended Income Taxability
An Indian Citizen who leaves India during the PY for the purpose of employment or as a member of the crew of an Indian Ship
Section 14A and Rule 8D of the Income Tax Act
Method for Determining Expenditure Incurred Towards Earning Income Not Forming part of Total Income - Section 14A and Rule 8D
Critical analysis of section 68 of Income Tax Act, 1961
There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assessee was engaged in harmful tax practices to evade tax in the form of Black Money, Accommodation Entries, Cash Credit Entries etc.
Analysis of word "Advancement of any other object of general public utility" under IT Act 1961
As you are aware subject to the provisions of Sections 60 to 63, the income of a religious or charitable trust or institution, to the extent specified in the Act, is exempt from tax when certain prescribed conditions are fulfilled
Capital gains cannot be considered while calculating book profit for Section 115JB
THE BOMBAY HIGH COURT HELD THAT- Capital Gain credited to Capital Reserve Account instead of Profit & Loss Account cannot be considered while computing Book Profit for the provision of Section 115JB (MAT).
Cryptocurrencies & Taxation of Cryptocurrencies under Income Tax
A cryptocurrency is digital, decentralized currencies that are issued by a private enterprise to work as a consideration of transaction between two individuals or businesses without any direct interference from the government.
Audit under Section 44AB of the Act
Provisions of Section 44AB has been explained in this article.
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