Friday, 28 December 2018

CBDT releases Explanatory Notes to provisions of the Finance Act, 2018

The Central Board of Direct Taxes (CBDT) has released the explanatory notes to the provisions of the Finance Act, 2018. These explanatory notes describe the substance of the provisions/amendments made by the Finance Act, 2018 relating to Income-tax.

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Section 56(2)(ix): Forfeiture of Advance Money Received – A Critical Analysis

The Dual Conditions for Taxability Section 56(2)(ix) of the Income Tax Act imposes tax liability on sums received as advance or otherwise du...