Taxation

Capital Gains – Cost of Inflation Index, Indexed Cost of Acquisition & Improvement

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Contents – Introduction and Definition of Capital Gains. Basis of charge: Section 45. Distribution of Assets by Companies in Liquidation : Section 46. Transactions not regarded as transfer. : Section 47. Computation of Capital Gain : Section 48. Long Term Capital Gain & Tax on Long-Term Capital Gain (Section 112) . Short Term Capital Gain & Tax … Read more

Agricultural Income and Its Tax Treatment [Section 2(1A) to 10(1)]

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Contents : Meaning and Definition of Agricultural Income. Conditions Satisfied for Agricultural Income. Income Treated as Agricultural Income. Income Not Treated as Agricultural Income. Income from Manufacture of Rubber (Rule 7A). Income from Manufacture of Coffee (Rule 7B). Income from Growing and Manufacturing of Tea (Rule 8). Scheme of Partial Integration of Non-Agricultural Income with … Read more

Income from Other Sources – Section 56 to 59 with Problems & Solutions

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Contents – 1. Introduction, Meaning and Concept of Income from Other Sources. 1. Income chargeable : Section 56 2. Deductions from income from other source : Section 57 3. Deductions not allowable : Section 58 4. Profit chargeable to tax : Section 59 5. Example Problems Q. Enumerate at least five items of income which can … Read more

Return of Income (Section 139 to 140A)

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Contents : Income Tax Returns (For Individuals) (Section 139). Compulsory Filing of Return of Income [Section 139(1)]. Time for Filing Return of Income. Forms of Return. Obligations of Filing Tax Returns. Documents for Filing Tax Returns. Permanent Account Number (PAN) (Section 139A). Scheme for Submission of Return through Tax Return Preparers (Section 139B). E-Filing of … Read more

Income from House Property – Under Section 22 to 27

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Contents – Chargeability : Section 22. Income from House Property Exempt from Tax. Annual value Determination and Factors Considered in Determining of Annual Value. Deductions Allowed under Income from House Property : Section 24. Conditions for income to be taxed. Deduction not allowed : Section 25. Treatment and Rules of Unrealized Rent : Section 23(1). Unrealized Rent … Read more

Appeals and Revision under Income Tax Act, 1961 – Section 246 to 269

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Contents –

1. Introduction of Appeals and Revision.
2. Appeal to the Commissioner (Appeals).
3. Conditions for filling the appeal by the assessee.
4. Requirements for filing the appeal to Appellate Tribunal.
5. Appeal to National Tax Tribunal.
6. Appeal to the High Court : Section 260A.
7. Appeal to Supreme Court.

Question : State the Provisions relating to “Appeals and Revision” under the Income Tax Act, 1961.

Offences and Prosecutions – Section 275 to 280 under Income Tax Act, 1961

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Offences and Prosecutions

Introduction –


In the Income Tax Act, 1961 not to pay tax up to certain limit, is our right and exceed the limit to pay the tax is our duty. Failure to pay the tax and file the tax return in time obviously punishable under the Income Tax Act.

In violating the rules the assessee will not be free from such avoidance of payment of tax and the procedure which is compulsory to the assessee. When we are enjoying the rights awarded by the law, we have to perform the duties also.
When the law introduced the rules for the assessee, he should follow such rules.
The different offences and prosecutions in tabular form to understand the offences and prosecutions at a glance.

Penalties Imposable – Section 270 to 275 under Income Tax Act, 1961

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penalty


Introduction –

In our society the structure of the law is for the maintenance of safety and progress of the citizen of our country. The rules and regulations under the tax laws the basic concept is that the taxpayer should pay the taxes correctly. If the assessee fail to pay the tax liability including interest which is fixed but by the assessing authority for the amount will be levied which is called as penalty. Interest and penalty are totally different concepts under the tax laws. There are the provisions for tax liability and time limit for assessee. In non compliance of the provisions of the Income Tax Act, 1961.

Penalty on late Payment of Service Tax under Service Tax Act – Section 75 to 80

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Contents – Interest on Delayed Payment : Section 75. Penalty for Failure to Pay Tax : Section 76. Penalty for Different Reasons : Section 77. Penalty Liable for Various Defaults. Penalty for Suppressing Value : Section 78(1). Waiver Penalty : Section 80. Introduction – It is basic theme that the discipline must be followed by … Read more