Power of Principal Commissioner or Commissioner to grant immunity from prosecution (1) A person may make an application to the Principal Commissioner or Commissioner for granting immunity from prosecution, if he has made an application for settlement under section 245C and the proceedings for settlement have abated under section 245HA. (2) The application to the Principal Commissioner or […]

Punishment not to be imposed in certain cases Notwithstanding anything contained in the provisions of section 276A, section 276AB, or section 276B, 69-70[or section 276BB] no person shall be punishable for any failure referred to in the said provisions if he proves that there was reasonable cause for such failure.

Introduction As the saying goes, “charity begins at home.” Donating to charitable organizations not only makes us feel good but also helps those in need. But did you know that you can also save taxes while making charitable donations? Yes, you read that right! The Income Tax Act of India has a provision under Section

Punishment for second and subsequent offences If any person convicted of an offence under section 276B 69-70[or section 276BB] or sub-section (1) of section 276C or section 276CC or section 276DD or section 276E or section 277 or section 278 is again convicted of an offence under any of the aforesaid provisions, he shall be punishable for the second and for every subsequent offence with rigorous imprisonment for a term

Capital gain on transfer of residential property not to be charged in certain cases (1) Where,—  (i) the capital gain arises from the transfer of a long-term capital asset, being a residential property (a house or a plot of land), owned by the eligible assessee (herein referred to as the assessee); and  (ii) the assessee,

Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area to any Special Economic Zone (1) Notwithstanding anything contained in section 54G, where the capital gain arises from the transfer of a capital asset, being machinery or plant or building or land or any rights in building or

Exemption of capital gains on transfer of assets in cases of shifting of industrial undertaking from urban area (1) Subject to the provisions of sub-section (2), where the capital gain arises from the transfer of a capital asset, being machinery or plant or building or land or any rights in building or land used for

Capital gain on transfer of certain capital assets not to be charged in case of investment in residential house (1) Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of any long-term capital asset, not

Capital gain not to be charged on investment in units of a specified fund (1) Where the capital gain arises from the transfer of a long-term capital asset (herein in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of

Capital gain on transfer of certain listed securities or unit not to be charged in certain cases (1) Where the capital gain arises from the transfer before the 1st day of April, 2006, of a long-term capital asset, being listed securities or unit (the capital asset so transferred being hereafter in this section referred to