Simplified Laws Guide to Taxation and Legal Concern

Existing provisions of section 58 of the Act, specify the amounts which are not deductible in computing the income under the head “Income from other sources” which include certain disallowances made in computation of income under the head “Profits and gains of business or profession”. These disallowances include disallowances such …

The existing provisions of section 153 specify time limit for completion of assessment, reassessment and re-computation of cases mentioned therein. In the effort to minimise human interface and move towards technology, massive computerisation has been carried out in the Department, which has translated into overall enhanced efficiency in the functioning …

The existing provisions of section 155 of the Act provide for procedure for amendment of assessment order in case of certain specified errors. In view of rule 128 of the Income-tax Rules, 1962, which provides a mechanism for claim of foreign tax credit, it is proposed to insert sub-section (14A) …