income tax act

Demand for additional tax u/s 143(1-A) IT Act can be made only if assessee intended to evade tax: SC

Demand for additional tax u/s 143(1-A) IT Act can be made only if assessee intended to evade tax: SC

The Supreme Court has observed that Section 143(1-A) of the Income Tax Act can only be invoked when the lesser amount stated in the return filed by the assessee is a result of an attempt to avoid tax lawfully payable by the assessee. The opinion taken in this appeal was that the 20% additional tax…

Government Funds and Payments

Government Funds and Payments

The world today looks almost completely different from how it did a few decades ago. We have come a far way and have upgraded our complete lifestyle on this path. But one of the things that remain an integral part of our lives is our dependence on our government to provide us with an optimum standard…

Acquisition Agreement: An Analysis

Acquisition Agreement: An Analysis

An acquisition agreement is the one which administers the buy of one organization by another or the merger of two organizations. The acquisition agreement is comprised of various reports including the acquisition agreement just as all records that are expected to conclude the exchange of the business. An acquisition agreement is an understanding that administers…

How to deal with NRI Property in India

How to deal with NRI Property in India

The Foreign Exchange and Management Act, 1999 defines Non Resident Indian, NRI to be “an India citizen or a foreign national of Indian origin who has left the country for the purpose of doing business or employment which indicated his intention to stay outside for indefinite period”. Otherwise an individual will also be called NRI…

Where does the entire Charity Amount to the Sacred Places Go?

Dayawati is a 78 year old woman residing with her family in Delhi. With a religious bent of mind, she wakes up early in the morning after taking bath she spends almost 1 hour in the pooja room, reciting prayers and reading different Holy Books. She offers Rs 11 as a token offering and places…