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Notes on income tax and constitutional law, written for the reader’s information. Nothing published here is legal advice, and reading it does not create a lawyer–client relationship.
Blog # 28. Principles of Natural Justice In Indian Constitution
In The Constitution of India, nowhere the expression Natural Justice is used. However, golden thread of natural justice sagaciously passed through the body of Indian constitution. Preamble of the constitution includes the words, ‘Justice…
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Blog # 27. Conditional Legislation
Law reaches its end of serving justice and equity only if the medium of transportation and execution of the equivalent is prime. Having a law just in books and having a working, known, very much actualized and executed law are two…
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Blog # 26. Concept of Real Income under the Income Tax Act, 1961
What is Income ? Before understanding the concept of Real Income, it shall be important to go through the the term “Income” and “Real”. Income is defined under S.2(24) of the Income Tax Act, 1961(Hereinafter referred as “the Act”). The…
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Blog No. 25. Discussion on Penalty u/s 270A of the Income Tax Act, 1961
General Understanding of Penal Provisions, Section 270A Vs 271(1)(c), Charge of Penalty under Sub Section 1 to Section 270A, Under Reporting of Income under Sub Section 2 and 4 of Section -270A, Exceptions from Under reported income…
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Blog # 24. AO to accept application & issue certificate for nil/lower deduction of tax via email: CBDT
Due to outbreak of pandemic COVID-19, the Assessing Officer finding difficulties in disposing of the applications for lower or nil rate of TDS/TCS. Thus, to mitigate hardship of assessees, the Central Board of Direct Taxes (CBDT) has…
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Blog # 23. Stay Under the Income Tax Act, 1961.
Sections 220 to 232 of the Income-tax Act deals with collection and recovery of taxes. These provisions will become active every year in the months of February and March. Probably each officer or Commissioner may have to report to the…
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Blog # 22. S.56(2)(vii) : Property Acquired
Assessing officers in case of property being acquired by an assesse, for a cost less than the stamp valuation have started issuing show cause notices, in order to add such difference u/s 56(2)(vii) of the Act. (Stamp Valuation -…
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Blog#21 . Finance Act 2018
Analysis of Direct Tax Proposals in Finance Act, 2018 24th February, 2018 Gujarat Chamber of Commerce and Industry & Agriculture Produce Market Committee, Mahuva CA. Mohit Balani 1. Rates of Taxes : In respect of income of all categories…
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Blog # 20. S.53A of the Transfer of Property Act, 1882 and Related Laws
Section 53A of the Transfer of Property Act. 1882 is as under :- “53A. Part performance. – Where any person contracts to transfer for consideration any immovable property by writing signed by him or on his behalf from which the terms…
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