The residential status of an individual is a crucial factor in determining their tax liability under Indian Income Tax Law. It determines the scope of […]
Category: LLB 6th Sem Law of Taxation [Short Answers]
Osmania Univerisity 3YDC 6th SEM Law of Taxation
13. Agricultural Income
Agricultural Income refers to the revenue earned from agricultural activities like farming, harvesting, and renting agricultural land. Under Indian tax laws, agricultural income is exempt […]
8. Article 265 of the Indian Constitution
Article 265 of the Constitution of India lays down a fundamental principle of taxation in the country. It states: “No tax shall be levied or […]
23. Long term Capital gains
Understanding Long-Term Capital Gains (LTCG) Long-Term Capital Gains (LTCG) refer to the profit earned from the sale of a capital asset held for a longer […]
7. GST
Goods and Services Tax (GST) is a comprehensive, destination-based indirect tax levied on the supply of goods and services in India. Introduced on 1st July […]
6. Carry forward of business losses
Under Indian Income Tax Laws, a taxpayer is allowed to carry forward business losses to set them off against future income, thereby reducing their tax […]
5. Capital gains
Capital gains refer to the profit or gain that arises when a capital asset is transferred by an assessee. Under Indian tax laws, such gains […]
22. Clubbing income
What Is Clubbing of Income? Clubbing of income is a concept under Indian tax laws that prevents tax avoidance by transferring income to another person, […]
12. Tax deducted at souree /TDS
Tax Deducted at Source (TDS) is a mechanism under Indian tax laws where tax is collected at the very point of income generation. It ensures […]
4. Profit in lieu of salary
Profit in lieu of salary refers to any amount received by an employee from an employer or a third party, in addition to or in […]