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What is central board of direct taxes and what are its powers ?

The Central Board of Direct Taxes (CBDT) is the highest executive authority. It is sub­ject to the overall control of the Central Government. It is authorized to discharge all those functions prescribed in the Act and those…

What is amalgamation of companies and fiscal incentives ?

Sickness of industries is a disease and has been attacked by the Government in many ways. Section 72A was inserted by the Finance Act 1977, with a view to encouraging healthy companies to take over the sick ones and give them life…

What are the types of income tax authorities in India ?

There shall be the following types of income tax authorities for the purposes of this Act [116] like the Central Board of Direct Taxes constituted under the Central Board of Revenue Act, 1963…

What are the various methods of tax planning ?

Tax planning is highly individualistic in nature and no general rule can be prescribed for all situations. The tax consultant would need to study the situation, make a detailed assessment thereof and assess the environment…

What is central government and what are its power ?

Income-tax Act, 1961, being a Central enactment, it is the Central Government that is directly responsible for its administration and jurisdiction etc. Ministry of Finance looks after the enactments with…

What is a company as per income tax act ?

The Income-tax Act defines a ‘company’ in a much wider sense than is done by the Companies Act, 1956. According to section 2(17) of the In­come-tax Act, 1961, a company means any of the following…

Complete information on trust, its creation and types

Trust is an obligation annexed to the ownership of property and arising “lit of a confidence reposed in and accepted by the owner, or declared and accepted by him for the benefit of another or of another…

12 important features of partnership firms

The important features of partnership firms are essential elements, 2 adults, karta, HUF, widow of a partner, assessment of a partner, accrual of income….

John Keats : What are the characteristics of his Poetry ?

With a pure poet, the pursuit of beauty overcomes every other consideration. The poetry of Keats is an unending pursuit of beauty. He pursued truth indeed, but truth for him was beauty. He never intellectualised his poetry….

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