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Articles: Income Tax Act 1961
Impounding of books of accounts   <<CLICK HERE TO READ ARTICLE

Impounding of books of accounts and documents


Interest payable by assessee/Government under the Income tax Act   <<CLICK HERE TO READ ARTICLE

Interest payable by assessee/Government under the Income tax Act, 1961



No Limitation to Commence Prosecution   <<CLICK HERE TO READ ARTICLE

Bar to taking cognizance after lapse of the period of limitation under Cr CP lifted for certain Economic Offences including offences under the Direct Taxes Acts.



REJECTION OF BOOKS OF ACCOUNT   <<CLICK HERE TO READ ARTICLE

REJECTION OF BOOKS OF ACCOUNT - SEC 145 OF INCOME TAX ACT 1961



Residential Status under Income Tax Act, 1961   <<CLICK HERE TO READ ARTICLE

A common man thinks that a non-resident means a person who is a foreigner and a non resident Indian (NRI) means an Indian who lives in a foreign country. In fact provisions of Income Tax Act, 1961 (the Act) are totally different from this common belief. It is because of the fact that residential status under the Act is determined for taxation purpose not for the purpose of citizenship. So residential status for income tax purposes is totally different from that of citizenship. One person may be citizen of Australia but he may be resident in India. Residential status is determined for each Previous Year. Provisions regarding residential status of an assessee have been made in section 6 of the Act. There are two categories of taxable entities under the act i.e. (1) residents and (2) non residents. Residents are further classified into two categories i.e. (i) resident and ordinarily residents (ii)  resident but not ordinarily residents. 



Latest Comments
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» Very well written , keeping it simple yet highly informative. Thank You Sir...
» Dada has brought out the intricate details in such a lucid manner that interest of the reader to go further into the subject increases. Thank you Dada
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» Dada aapko shat shat naman hai. Aapka varad hast hum par rahe aur asha hai aapke gyan bhandar sagar se hamko aise aur bhi lekh milte rahenge jisse ...
» Thanks Sir, Got new vision of rules how to interpret law.
» Great Dada. So lucid and to the point. It gives so much more clarity, especially to those who are working as assessing officers. One of the most ch...
» A great article indeed. Thanks a lot Dada.
» Dada, Minute details are also discussed in this article. Lot of thanks Dada. Mohan
» A very comprehensive information and clarification on very important issue. Thank you very much Sir
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» A person sold a land (Long Term Capital Asset) during F.Y. 2014-15 and purchased another land (Plot A) to build a residential house, complete sales...
» Whether investment in a plot will amount to investment in construction for the purpose of section 54F when no construction has been made
» I am speechless. Such a wonderful narration of the real plight of an assessing officer. Hats off to you sir.
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» Avinash sir Very nice information provided in this article. You are requested to provide the froms if available so that we can record the state...