The term ‘non-resident Indian’ has been defined in S. 115C- 1. an individual, being a citizen of India 2. A person of Indian origin, who is not a resident. As Per Income Tax Act 1961 “Person of Indian origin” includes: A person shall be deemed to be of Indian origin if he or either of his… Read More »
Rectification of mistake apparent on record under Income tax Act. (adsbygoogle = window.adsbygoogle || []).push({}); 154. (1) With a view to rectifying any mistake apparent from the record an income-tax authority referred to in section 116 may,— (a) amend any order passed by it under the provisions of this Act ; (b) amend any intimation or deemed… Read More »
Limitation Act, section 5—Condonation of Delay—Circular of Central Board of Direct Taxes dated 27.3.2000—While dismissing the application as well as appeal, the Rajasthan High Court held that:—Simply because at a belated hour department has taken decision to file the appeal, it cannot be said that if furnishes any sufficient ground to the appellant to seek… Read More »
If salary is received in arrears or in advance, or receives profit in lieu of salary, it can be spread over the years to which it relates and be taxed accordingly as per section 89(1). The relief is also available on family pension received in arrears. How to compute Relief U/s 89 1.Calculate the tax… Read More »
If salary is received in arrears or in advance, or receives profit in lieu of salary, it can be spread over the years to which it relates and be taxed accordingly as per section 89(1). The relief is also available on family pension received in arrears. Relief u/s 89 is calculated as follows: Step 1:… Read More »
Section 90, 90A is applicable for the cases when the tax has been paid in a country with which India has signed comprehensive double taxation avoidance agreements. There are Double Taxation Avoidance Agreements with as many as 81 countries. DTAA provides two type of relief bilateral relief and other unilateral relief, under bilateral relief two national government entered into an agreement… Read More »