Courts to try all civil suits unless barred under Civil Procedure Code 1908 The Civil Procedure Code (CPC) 1908 is a procedural law that governs the proceedings of civil cases in India. The CPC contains provisions related to the jurisdiction, procedure, and powers of civil courts in the country. Under the provisions of the CPC, […]
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Previous Year of Partner Share Under Income Tax Under the Income Tax Act, the income of a firm is taxed separately from the income of the partners. Each partner is required to pay tax on their share of the firm’s income, which is computed based on the firm’s total income for the previous year. In
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Setting up and Commencement of Business Under Previous Year Setting up a new business is an exciting and rewarding endeavor, but it also comes with a variety of legal and tax implications. Under the Indian Income Tax Act, the previous year is the financial year in which the income of the business is assessed. When
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Newly Set up Business Under Previous Year When a new business is set up, it is essential to be aware of the tax implications that come with it. Under Indian tax law, a newly set up business is subject to various provisions and regulations governing income tax. This article will provide an overview of the
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Understanding the Concept of ‘Previous Year’ within the Preceding Financial Year Under Income Tax Under Indian income tax laws, it is crucial to understand the concept of the ‘Previous Year’ and how it must end within the preceding financial year. The definition of ‘Previous Year’ is fundamental to the determination of the income that is
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Understanding Previous Year under Income Tax in India When it comes to income tax in India, understanding the concept of “Previous Year” is crucial. The Indian Income Tax Act, 1961, defines the term “Previous Year” to determine the income on which tax is levied in a particular assessment year. In this article, we will delve
Partition of property among co-owners is a recurring subject in civil law. However, the legal framework for property division in Chandigarh is unique due to the city’s architectural heritage, planning restrictions, and specific statutory rules. Recent judgments of the Hon’ble Supreme Court in Resident’s Welfare Association & Anr. v. Union Territory of Chandigarh & Ors.
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Unregistered Firm under Income Tax in Indian Law: All You Need to Know Understanding the concept of unregistered firms in the context of income tax law in India is crucial for both individuals and business entities. This article aims to provide a comprehensive overview of unregistered firms, their implications, and the relevant legal provisions. What
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Explanation 2 Under Transfer in Relation to a Capital Asset in Indian Income Tax Law In the realm of Indian income tax law, understanding the nuances of transfer in relation to a capital asset is crucial. One of the key aspects to consider in this context is Explanation 2 under Section 2(47) of the Income
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Explanation 2 Under Transfer in Relation to a Capital Asset In the realm of income tax laws in India, the concept of Transfer of Capital Assets holds significant importance. Under Section 2(47) of the Income Tax Act, 1961, the term “transfer” has been defined in an inclusive manner to encompass a wide array of transactions.
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