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The insurance provides us short range as well as long range relief. The short-term relief is aimed at protecting the assured from loss of property and life. The long-term object being industrial and economical growth of country and the society.
The Income Tax Act, 1961 provides for taxation of a certain income earned in India by Mr. X a non-resident. The DTAA, which applied to Mr. X provides for taxation of such income in the country of his residence. Examine, is Mr. X is liable to pay tax on such income earned by him in India?.
Sections Involved: 43CA, 50C & 56(2)(x) of Income Tax Act, 1961. Sale /Transfer of land or building on consideration less than Stamp Duty Value
The Hight Courts and the Apex Court of India has given vide power of supervisory role and to hear and decide cases based on some specific criteria. These courts generally do not interfere the normal proceedings of Quasi-Judicial Authorities and Tribunals or other forums.
In case of TDS/TCS for claiming refund you have to file your return of income within due date as prescribed under provisions of Section 139 of the IT Act, 1961...
In this article we are going to discuss important aspects of provisions of section 179 of the Income Tax Act, 1961.
The object of "Cover Note or Interim receipt" is to afford interim protection to the assured pending he decision of the insurance company to finally accept or reject the proposal for insurance.
On appeal the Tribunal held that the property of the 'HUF' neither can be said to belong to a third person nor can be said to be in 'corporate entity', rather, the same is the property of the members of the family.
The Tribunal further held that primary onus to prove the correctness of the valuation report is on the assessee as he has special knowledge and he is privy to the facts of the company and only he has opted for this method
As you are aware that the Commissioner may, of he objects to any order passed by the Commissioner (Appeal) under Section 154 or Section 250, direct the Assessing Officer to appeal to the Tribunal against the said order. However, such direction shall be given only in those cases only in those cases where Tax Effect exceeds the specified amount.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
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