Income Tax Laws

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 crucial for accurately calculating depreciation and, consequently, determining the taxable income of businesses and individuals. This article delves into the intricacies of Clause (11), providing a comprehensive analysis of its […]

Clause (9): Assessment Year under Income Tax Act, 1961 Understanding the assessment year is crucial for navigating the complexities of Indian income tax. This article delves into the definition and implications of Clause (9) of Section 2 of the Income Tax Act, 1961, which specifically deals with the assessment year. Defining the Assessment Year Clause

Clause (7A): Assessing Officer Under Income Tax Act, 1961 Clause (7A) of Section 2 of the Income Tax Act, 1961, defines “Assessing Officer.” Understanding this definition is crucial for navigating the complexities of income tax procedures in India. This article delves into the nuances of Clause (7A), explaining its scope, implications, and relevance in various

Assessee – Seven Categories Under Income Tax Act, 1961 The Income Tax Act, 1961, defines an ‘assessee’ broadly, encompassing various entities subject to income tax assessment. Understanding these categories is crucial for accurate tax compliance and effective tax planning. While the Act doesn’t explicitly list seven categories, we can categorize assessees based on their nature

Disintegration of Income into Agricultural and Non-Agricultural Elements under Indian Income Tax Law The Indian Income Tax Act, 1961, distinguishes between agricultural income and non-agricultural income for taxation purposes. This distinction is crucial because agricultural income is wholly exempt from income tax under Section 10(1) of the Act. Understanding how to correctly categorize income as

Non-Agricultural Income: The Indirect Connection Conundrum under Indian Income Tax Act The Indian Income Tax Act, 1961, meticulously categorizes income into various heads, including agricultural income and non-agricultural income. This distinction is crucial for tax implications, as agricultural income is generally exempt from income tax under Section 10(1). However, the line between agricultural and non-agricultural

Apportionment of Income Under the Income Tax Act, 1961: A Comprehensive Guide Apportionment of income plays a crucial role in determining the taxable income of assessees under the Income Tax Act, 1961. It involves the allocation of income, expenditure, or losses between different heads of income or between different business activities. This process is essential

Clause (7) [Section 2(9) of 1922 Act]: Assessee – A Comprehensive Analysis under Indian Income Tax Law Section 2(9) of the Income Tax Act, 1922, defined “assessee” broadly, laying the groundwork for subsequent iterations in the current Income Tax Act, 1961. Clause (7) of this section, while part of a now-obsolete Act, provides valuable insight

Clause (1B) [Explanation to Section 10(2)(vi)(c) of the 1922 Act]: Amalgamation under Indian Income Tax Clause (1B) of the explanation to Section 10(2)(vi)(c) of the Income Tax Act, 1922, deals with the specific circumstances under which the amalgamation of companies doesn’t lead to a taxable event for the amalgamating company. Understanding this clause is crucial

Reference to Court under Income Tax in India Reference to Court under the Income Tax Act, 1961, signifies the process by which a taxpayer or the Income Tax Department can challenge a decision, assessment, or order made by the tax authorities. This process is crucial for ensuring fairness and upholding the principles of natural justice