Income Tax Laws

Income Tax Implications of Land Situated in India Land situated in India holds a unique position within the Indian Income Tax Act, 1961. Its taxation hinges on various factors, including the nature of the transaction, the owner’s status (individual, company, or other entity), and the specific provisions applicable to capital gains and income from property. […]

Sub-section (2): “It Extends to the Whole of India” – A Comprehensive Analysis under Indian Income Tax Law Introduction Section 1 of the Income-tax Act, 1961, is the cornerstone of the Indian income tax system. It establishes the Act’s name, extent, and commencement. Sub-section (2) of Section 1 specifically addresses the Act’s geographical applicability, stating:

Look at Test: A Comprehensive Guide to Understanding and Navigating Visual Examination Understanding the world around us relies heavily on our sense of sight. We use our eyes to perceive colors, shapes, movements, and spatial relationships. But what happens when something goes wrong with our vision? That’s where the “Look at Test” comes into play.

Retrospective Legislation: A Comprehensive Guide Retrospective legislation, also known as retroactive law, is a law that takes effect prior to its enactment date. In other words, it applies to events that occurred before the law was passed. This concept is often viewed with skepticism due to its potential to disrupt settled expectations and create unfair

The world of corporate structures can be intricate, particularly when dealing with subsidiary companies and holding structures. While these structures offer legitimate advantages for businesses, they can also be exploited for concealment, potentially leading to illicit activities. Understanding how concealment can occur within these structures is crucial for investors, regulators, and anyone involved in financial

Income Tax Notices & Scrutiny: How to Respond & Protect Your Rights Income tax notices are a common occurrence in the life of a taxpayer. Receiving one can be unsettling, but understanding the process and your rights is crucial for a smooth and compliant resolution. This article provides a comprehensive guide to understanding income tax

Penalties & Prosecution Under the Income Tax Act: What You Need to Know Understanding your responsibilities under the Income Tax Act is crucial for every taxpayer. Failing to comply with the regulations can lead to penalties and, in some severe cases, prosecution. This article aims to provide a comprehensive overview of penalties and prosecution under

Income Tax Implications of Property Sale & Inheritance in India Understanding the income tax implications of property transactions, whether through sale or inheritance, is crucial for every Indian citizen. Ignorance of these rules can lead to unexpected tax liabilities and potential legal complications. This comprehensive guide delves into the intricacies of income tax regulations related

Vodafone, Azadi Bachao, and McDowell—the Evasion/Avoidance: Trilogy: Unpacking Landmark Tax Cases in India India’s tax landscape has been shaped by a series of high-profile cases that have tested the boundaries of tax law and corporate structuring. Three cases, in particular, stand out as pivotal moments that influenced the interpretation of tax avoidance and evasion: Vodafone,

Look-at Tests: Understanding the Basics, Applications, and Limitations The phrase “look-at test” isn’t a formally defined, standardized scientific or legal term. Instead, it’s a colloquial expression used across various fields to describe a simplified, often superficial, assessment of a situation, item, or problem. This article delves into the concept of look-at tests, exploring their meaning,