Clause (15) [Section 43 of the…

Clause (15) [Section 43 of the 1922 Act]: Charitable Purpose under Indian Income Tax Section 43 of the Income Tax Act, 1922, as it stood…

Burden of Proof

Burden of Proof in Indian Income Tax Law The burden of proof in income tax matters in India is a crucial aspect determining the outcome…

Explanation

Understanding Income Tax Explanations in India: A Comprehensive Guide Navigating the intricacies of the Indian Income Tax Act, 1961 can be challenging, particularly when it…

Land Within or in Vicinity of…

Understanding the income tax implications of land situated within or in the vicinity of a municipality or cantonment is crucial for accurate tax reporting in…

Sub-clause (iii): Agricultural Land

Agricultural land, often perceived as a safe haven for investment, presents unique complexities under the Indian Income Tax Act, 1961. Understanding the tax implications of…

Sub-clause (ii): Personal Effects

This article delves into the intricacies of sub-clause (ii) under Section 5 of the Income Tax Act, 1961, specifically addressing the tax implications of “Personal…

Clause (14) [Section 2(14) of 1922…

Section 2(14) of the Income Tax Act, 1961, defines “capital asset.” Understanding this definition is crucial for determining the tax implications of capital gains arising…

Trade, Commerce or Manufacture

Trade, Commerce, or Manufacture under Indian Income Tax Act Understanding the distinction between “Trade,” “Commerce,” and “Manufacture” is crucial for accurate income tax assessment in…

Clause (7) [Section 2(9) of 1922…

Clause (7) [Section 2(9) of 1922 Act]: Assessee – A Deep Dive into Indian Income Tax Law Section 2(9) of the Indian Income Tax Act,…

Clause (13) [Section 2(4) of 1922…

Clause (13) [Section 2(4) of 1922 Act]: Business Under the Income Tax Act, 1961 Clause (13) of Section 2(4) of the Income Tax Act, 1961…

Clause (12A): Books or Books of…

Clause (12A): Books or Books of Accounts Under Income Tax Act, 1961 Clause (12A) of Section 2 of the Income Tax Act, 1961, defines “books…

Clause (11): Block of Assets

Clause (11) of Section 2(14) of the Income Tax Act, 1961, defines “block of assets” for the purpose of computing depreciation. Understanding this definition is…