The telecom major Vodafone won a long-pending case against the Indian government in an international court over Rs.22, 000 crore in a retrospective tax dispute. Let's take a look at what happened.
The income of a previous year is assessed in the assessment year following the previous year. However, there are certain exceptions to this rule. Let us understand those.
Understanding section 68 of The Income Tax Act, 1961 with case laws and illustrations.
There are numerous situations under which it is not possible to find out the real person to access tax on, due to various reasons. Read the article to know who may be liable under these circumstances.
The Faceless Appeal Scheme, 2020 came into effect via a notification dated 25.09.20. Know all about the scheme here.
House Rent Allowance (HRA) is the second component that is found in each payslip after the basic salary. There are numerous doubts regarding this provision. Some of the popular questions have been answered in our article.
As per section 32 of the Income Tax Act, 1961, depreciation is allowed on tangible assets and intangible assets owned, wholly or partly, by the assessee and used for the purposes of business or profession.
TCS on Goods u/s 206C (1H) is applicable w.e.f 1st Oct. 2020. Let us decode the provision.
The Finance (No. 2) Act, 2019 has inserted a new seventh provision to section 139(1) to provide for mandatory filing of return of income for undertaking certain high-value transactions even though the person is otherwise not required to file a return of income.
1. Non-applicability of Section 206AA to non-residents to whom Section 139A does not apply on account of Rule 114AAB: Section 206AA provides that any perso..