Section 56(2)(x) of the Income Tax Act, 1961, serves as a key anti-abuse provision aimed at curbing tax avoidance through receipt of money or property […]
Income Tax Act
Section 11 of Income Tax Act: Application of Income Rules for Charitable and Religious Trusts
Charitable trusts play a crucial role in supporting social, educational, medical, and religious causes across India. The Indian Income-tax Act, 1961 offers several tax exemptions […]
Understanding the Interplay Between Section 43B of the Income Tax Act and the MSME Act
Micro, Small, and Medium Enterprises (MSMEs) form the backbone of the Indian economy. This sector contributes significantly to India’s gross domestic product and plays a […]
Determining the Residential Status of a Company under the Income Tax Act
The residential status of a company for tax purposes is determined under Section 6(3) of the Income Tax Act. According to this section, the determination […]
Understanding the Scope and Implications of Section 2(22)(e) of the Income Tax Act
Section 2(22)(e) of the Indian Income Tax Act introduces the concept of deemed dividends, where certain transactions that do not appear to be traditional dividend […]
A Critical Evaluation of Section 37 of the Income Tax Act, 1961
Section 37 of the Income Tax Act, 1961 serves as a residuary provision under the head “Profits and Gains of Business or Profession” (PGBP). It […]
Reassessment Under TOLA and Income Tax Act: Legal Perspectives
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, commonly referred to as TOLA, was introduced to provide relief in compliance […]
Understanding Taxation of Fees for Technical Services Under the Income Tax Act
Section 9(1) of the Income-tax Act enumerates incomes deemed to accrue or arise in India, and clause (vii) deals specifically with fees for technical services. […]
Income Exemptions for Charitable Trusts under Section 11 of the Income-Tax Act
Sections 11 to 13 of the Income-tax Act form the backbone of the taxation framework applicable to trusts and institutions registered under section 12AA or […]
Key Definitions in the Income Tax Act: Explained
The term ‘liable to tax’ was introduced by the Finance Act, 2021, and holds significance especially in the context of determining tax residency and the […]