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Let us start this article by understanding some basic terminologies; What is illegal money? By the term illegal money we can understand the money which has been obtained from doing illegal activities (proceeds of crim ) like Murder, Extortion, bribery, Drug trafficking, Kidnapping etc. The pro..

Posted in Others  7 comments |   1078 Views

Before coming on the main article, let’s understand why there is a need of invoking such provisions of section 194-IA under income tax act, 1961. There is a great need and importance of invoking such provisions in income tax so as to curb the circulation and flow of black money in India. Ma..

Posted in Income Tax  16 comments |   4542 Views

In this article we will deal with the assessment of firms with one brief example, First question is What is a partnership firm? In entire income tax act,1961 partnership is not defined any where, therefore we can refer section 4 of Indian partnership act,1932 'Partnership is the relations..

Posted in Income Tax  1 comments |   3446 Views

Search & Seizure action by the income tax department popularly referred to as 'RAID' involves through 'looking for' or 'seeking out' through an inspection of a building , office, place , vehicle. Basis or grounds for Search & Search and Seizure team after taking authorisation and ap..

Posted in Income Tax  6 comments |   3787 Views

APPEALS AND REVISIONS UNDER INCOME TAX ACT, 1961 The Constitution of India guarantees the citizens of the country certain fundamental rights. Therefore , under any system of rule of law , the right to appeal for redressal of one’s grievances is generally in built. Under the Income Tax Ac..

Posted in Income Tax  10 comments |   6889 Views

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