The Income Tax Department, recognizing the significance of fostering savings and investments, has incorporated a comprehensive set of income tax deductions under Chapter VI A of the Income Tax Act. While deduction under 80C stands out as a widely known provision, several other deductions exist, providing taxpayers with opportunities to strategically reduce their tax liabilities. […]
Dowry is a social evil in society that has caused unimaginable tortures and crimes towards women and polluted the Indian marital system. Dowry is payment made in cash or kind to a bride’s in-laws at the time of her marriage. Today the government has come up with many laws (The Dowry Prohibition Act 1961) and
For Indians, the reverence they have for gold is beyond its market value. Now there are ways to own gold without its inherent risks or bearing making and wastage charges. Sovereign Gold Bonds are one such alternative offered by the Government of India and the Reserve Bank of India (RBI). Here, you can own gold
Interest for default in furnishing return and payment or deferment of advance tax (1) Where the assessee has any income from a source outside India which has not been disclosed in the return of income furnished under sub-section (1) of section 139 of the Income-tax Act or the return of income has not been furnished
Recovery by suit or under other law not affected (1) The several modes of recovery specified in this Chapter shall not affect in any way— (a) any other law for the time being in force relating to the recovery of debts due to the Government; or (b) the right of the Government to institute a
Recovery of tax dues in pursuance of agreements with foreign countries or specified territory (1) The Tax Recovery Officer may, in a case where an assessee has property in a country or a specified territory outside India, forward a certificate to the Board for recovery of the tax arrears from the assessee, where the Central
Recovery through State Government If the recovery of tax in any area has been entrusted to a State Government under clause (1) of article 258 of the Constitution, the State Government may direct, with respect to that area or any part thereof, that tax shall be recovered therein with, and as an addition to, any
Joint and several liability of participants (1) Every person, being a participant in an unincorporated body at any time during the financial year, or the representative assessee of the deceased participant, shall be jointly and severally liable, along with the unincorporated body, for payment of any amount payable by the unincorporated body under this Act
Liability of manager of a company (1) Every person being a manager at any time during the financial year shall be jointly and severally liable for the payment of any amount due under this Act in respect of the company for the financial year, if the amount cannot be recovered from the company. (2) The
(1) The liquidator shall inform the Assessing Officer, who has jurisdiction to assess the undisclosed foreign income and asset of the company, of his appointment within a period of thirty days of his becoming the liquidator. (2) The Assessing Officer shall, within a period of three months from the date on which he receives the
CA Bhuvnesh Kumar Goyal
Chartered Accountants
cabkgoyal@gmail.com
9971782649
Ph: 9971782649
E: cabkgoyal@gmail.com
