1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered to Support Case Proceedings and Judgements A. Section 24(b) – Deduction […]
Author: Raghu Unnam
6. John is a foreign citizen (not being a person of Indian origin). Since 1990, he visits Indi very year in the ‘month of May for 99 days. Find out the residential status of John for the assessment year 2014-15 under Income Tax Act 1961.
1. Facts of the Case 2. Issues in the Case (Questions) 3. Legal Principles Covered to Support Case Proceedings and Judgements Section 6(1) of the […]
4. The gross total income before deduction under section. 80C of ‘X’ a resident individual, aged 64 years is Rs.3,20,000/- and total income after deduction under sec 80C is Rs.2,85,000. Is it necessary for him to submit his return of income voluntarily?
1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered to Support Case Proceedings and Judgements A. Section 139(1) of the […]
3. ‘A’ company is formed solely to do the business of building houses and letting them on rent. Is this income of the company taxable? If so under what head of the Income?
1. Facts of the Case 2. Issues in the Case The primary issues arising from this case are: 3. Legal Principles Covered to Support Case […]
1. A person has sustained a loss of Rs. 1 lakh in his speculative business. He wants to claim set-off of this loss from his income of Rs.30,000 received under the head income from house property. Will he be allowed to do so under the law? Decide with reasons.
This case involves a taxpayer who has incurred a loss in a speculative business and seeks to offset that loss against income from house property. […]
29) Define “Value of Supply”. Explain how the value of supply is determined in the case of Good and Services under GST ACT ?
Understanding the “Value of Supply” Under the GST Act: A Comprehensive Guide The Goods and Services Tax (GST) is a transformative tax system introduced in […]
25. What tests would you apply to determine the residence of :
a) a Hindu undivided family, b) a limited company c) an Individual d) Mention the penalties imposed under the following cases Understanding the Tax Residency […]
24. What is income? Write a brief note about the incidence of Tax ?
Introduction In the world of taxation, the term “income” goes far beyond just your monthly salary. Under the Indian Income Tax Act, 1961, income includes […]
22. What is tax evasion and tax avoidance? Discuss their effects and methods of prevention
Introduction Every government depends heavily on taxes for funding public services, infrastructure, and welfare programs. Yet, not everyone willingly fulfills their tax obligations. In India, […]
20. What are the various deductions allowed under the head salaries and income from house property ?
Introduction Understanding your tax deductions is a smart way to optimize your financial planning. Under the Indian Income Tax Act, income is classified under five […]