Defective Return under Section 139(9) of the Income Tax Act, 1961 – Explained Filing your income tax return (ITR) correctly is crucial to avoid unnecessary […]
Category: LLB 6th Sem Law of Taxation [Short Answers]
Osmania Univerisity 3YDC 6th SEM Law of Taxation
19. Assessment
In the realm of Indian income tax, assessment is the process by which the Income Tax Department evaluates the total income of a taxpayer and […]
27. Input tax credit” under GST
What is Input Tax Credit and Why It’s a Game-Changer for Businesses? Input Tax Credit, or ITC, is like a cashback for businesses under GST. […]
38. Indirect Tax
Indirect tax refers to a type of tax that is not directly paid by an individual to the government but is instead levied on goods […]
18. Belated Returns
A belated return is a return of income filed after the due date prescribed under the Income Tax Act, 1961. Taxpayers are expected to file […]
37. Vat dealer
A VAT dealer refers to a person or business entity that is registered under the Value Added Tax (VAT) system and is authorized to collect […]
36. Entertainment Allowance
Entertainment Allowance is a specific benefit granted to employees, generally to cover expenses incurred while entertaining clients or customers on behalf of the organization. Under […]
17. De Novo Assessment on remand
De Novo Assessment on remand refers to a situation where a higher tax authority, tribunal, or court sets aside an earlier assessment and directs the […]
35. Characteristics of salary
Salary is a form of periodic compensation paid by an employer to an employee for services rendered under a contract of employment. In India, salary […]
34. Assessce
Assessment under Indian Tax Laws refers to the process by which the Income Tax Department determines the correct amount of tax payable by an individual […]