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A Balanced Approach to Tax Penalties Under the Income Tax Act:- Complete Guide

The Income Tax Act, 1961, balances the imposition of penalties with principles of fairness to protect taxpayer rights while safeguarding government revenue. Penalties are a crucial tool to deter non-compliance and promote accountability, but their application requires judicial scrutiny

“What You Need to Know About Taxing Interest on Compensation Under Section 56(2)(viii)”

Interest on compensation or enhanced compensation is a unique income category under the Income Tax Act, 1961. This type of income typically arises when a court or authority awards compensation for compulsory acquisition of property or increases the amount