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 […]
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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. […]
28. Explain the scheme of taxation of estimated income U/s 44AD. 44 ADA & 44AE of Income Tax Act
To reduce the compliance burden for small taxpayers, the Income Tax Act, 1961 offers a Presumptive Taxation Scheme under Sections 44AD, 44ADA, and 44AE. These […]
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 […]
27. What are the various deductions allowed under the head salaries and income from house property
Under the Income Tax Act, 1961, individuals earning income from salary or house property are eligible to claim various deductions that help reduce their taxable […]
26. a )Failure to furnish returns under section 271? b) Failure to pay Advance Tax?
Tax compliance is a crucial responsibility of every citizen and business entity in India. The Income Tax Act, 1961 outlines not only how income should […]
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 […]
23. Explain the importance of place of supply under GST and SGST.
The Goods and Services Tax (GST) introduced a unified indirect tax regime in India, replacing a multitude of central and state taxes. Under this system, […]
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, […]