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The rights of the person to be searched by the income tax officer are to see the warrant of authorisation duly signed and sealed by the issuing authority…

According to the explanation appended to section 0439(9), a return of income shall be regarded as defective unless all, the following con­ditions arc fulfilled…

The conditions required to achieve residential status of an individual are an individual will be a resident and ordinarily resident in India if he fulfills one or both basic conditions and both additional conditions…

The following incomes shall be chargeable to income-tax under the head ‘Salaries’  like salary due from the present or former employer in the previous year, whether paid or not…

Strictly speaking while the value of all benefits can be taxed, in practice lot many benefits are declared as tax-free by way of issue of executive instructions or sometimes by force of certain other enactments…

Section 145(1) provides, Interalia, that income chargeable under the head “income from other sources” shall be computed in accordance with the method of accounting regularly employed by the as­sessee…

The steps required for computation of tax payable are first compute income under different heads and applying the rules of set off and carry forward and set off of losses….

The following have been held to be capital expenditure like Expenses incurred in connection with litigation relating to utilization of capital asset for a business-Plastic Products Ltd. v CIT [1966]62 ITR 209…

Director General/Director arc appointed by the Central Government and they work under the supervision of the Board. The powers are assigned to them by the Board…

Duties of tax-planning department are keeping full knowledge of corporate objectives and functioning of various departments, salary structure details of executives working at different levels…

Tax avoidance is an exercise where the assessee tries to take advantage of the loopholes of law and by-passes it. With all this he remains outside the purview of law. Without resorting to illegal ways one effects a reduction in one’s tax liability…

General Planning is today indispensable. It involves deciding in the present what is to be done in future, how it is to be done and the timing thereof. The Government has to resort to economic planning in order to…

According to section 23(1.), the annual value of any property shall be deemed to be the sum for which the property might reasonably be expected to let from year to year subject to deduction on account of municipal taxes…

The expression Assessing Officer will mean an ITO, Assistant Commissioner or a Deputy Commissioner who is vested with powers to assess. AO is the first and foremost officer of the Department who comes in contact…

‘Pre­vious Year’ u/s 3(1) means the financial year immediately preceding the assessment year. It is determined for income tax assessment in the following ways…

“There is not much difference between tax and penalty. The liability for payment of both is imposed as a part of the machinery of assessment and penalty is merely an ad­ditional tax imposed in certain…