Income-Tax Article

Section 147 of the Income Tax Act, 1961, deals with the reassessment of income if the Assessing Officer (AO) has reason to believe that any income chargeable to tax has escaped assessment for a particular assessment year. This provision allows the tax authorities to reopen past assessments within a specified time frame. Here’s an analysis […]

Section 115BAB of the Income Tax Act, 1961, was introduced by the Finance Act, 2019, to provide a lower tax rate for new domestic manufacturing companies. This section aims to promote the “Make in India” initiative and encourage the establishment of new manufacturing units in India. For new players in the manufacturing sector, the Income

TDS on Salary (Section 192) and TDS on Provident Fund (Section 192A) are provisions under the Income Tax Act, 1961, that govern the deduction of tax at source (TDS) on salary payments and withdrawals from the Provident Fund (PF). Here’s a detailed explanation of both sections: TDS on Salary (Section 192): Section 192 deals with

The term “actual cost” in the context of asset acquisition plays a pivotal role in income tax computation, presenting nuances and exceptions that taxpayers and professionals must comprehend. Section 43(1) of the Income Tax Act,1961 delineates the intricacies of determining the actual cost. “Actual cost” means the actual cost of the assets to the assessee, reduced by