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

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

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.

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.

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

Warehousing Provisions under Customs Act under Section 57 to 73

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warehouse

Contents –

  1. Introduction, Meaning and Needs of Warehouse.
  2. Licensing of Private Warehouse and Differences between Public and Private Warehouse.
  3. Warehouse Bond.
  4. Deposit of goods, Period for Goods and Control over Goods.
  5. Payment of Rent and Charges and Owner’s Right.
  6. Manufacture and other Operation to Goods.
  7. Exemption of Duty and Removal of Goods from one Warehouse to other Warehouse.
  8. Clearance of Goods for home Consumption and Export of Goods.
  9. Remission of Duty, Removal of goods and Improper Removal.
  10. Cancellation of Bond.

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.

Aggregation of Income and Set Off or Carry Forward of Loss – Section 66 to 80

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Aggregation of Income and Set Off or Carry Forward of Loss

Contents –

1. Aggregation of income : Section 66 to 69D.
2. Set off of loss from one source against income from another source under same head of income : Section 70.
3. Set off of loss from one head against income from another : Section 71.
4. Carry forward and set off : Section 72 to 74A.
5. Losses of firms : Section 75.
6. Carry forward and set off of losses of certain companies : Section 79.
7. Submission of return for losses : Section 80.

set off and carry forward of loss


Introduction –

The meaning of set off is as follows :
Set off means the adjustment of certain losses against the income under the other sources / heads is known as set off.

Carry forward :
The students from the commerce faculty are well know the meaning of carry forward in the subject of accountancy. The balance of any ledger account is carried forward to the next year. i.e. the subsequent year.

Here with reference to the provisions of the Income Tax Act, the carry forward means carrying forward certain losses for set off im subsequent assessment year. The loss occurred by the assessee is not automatically carry forward. It is very important to note that firstly, the assessee must declare such loss in the relevant year through the tax return, to be filled to the assessing officer and carry forward the loss to the next year as per the provisions of the Income Tax Act.
The assessee is required to file the return under Section 139 (3) before the due date, for availing carry forward any business loss or capital loss.
In this category there are two parts :
1) Aggregation of income section 66 to 69D
2) Set off and carry forward of losses Section 70 to 80

Special Procedure for Assessment of Search Cases – Section 158 B to 158 BI

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Contents : Definitions, 158 B. Assessment of undisclosed income as a result of search, 158 BA. Computation of undisclosed income of the block period 158, BB. Procedure for block assessment (Section 158 BC). Undisclosed income of any other person. Time limit for completion of block assessment, Section 158 BE. Certain interests and penalties not to … Read more