Income Tax

Solution to Problem of Name or PAN Mismatch with ICAI Records

Nowadays ICAI Members i.e. Chartered Accountants who are registered as Professionals on Income Tax e-filing website may be getting Email from Income Tax Department that their e-Filing account has been temporarily disabled due to non-validation of your PAN number by ICAI. It is further requested by Income Tax Department to Professionals to...

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India-Mauritius Tax Treaty- Amendment in Protocol and Its Impact

Recently Government of India has notified the revised tax treaty with Mauritius which was signed by both countries on 10 May 2016 under which India will impose capital gains tax on investments routed through the island nation from 1 April 2017 to curb tax evasion....

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Dahi Handi of Govinda Taxpayers on 30th September!

Krishna, festival of Lord Krishna’s Janmashtami is coming closer on 24th Aug. To break the Dahi Handi, human pyramids are formed. Also, the height of Dahi Handi is being a new topic for political debates....

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IDS 2016 and its impact on Penny Stock or Unquoted Shares

If declaration is made in respect of any investment in shares and subsequently such shares were sold then capital gain is to be calculated and tax to be paid on the difference between the sale considerations and fair market value such assets ( i:e the date of determination of fair market value for the purpose of the scheme)....

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Everything about Employee Stock Options Plans (ESOPs)

Almost all of you must have heard the stories of many drivers, office assistants and secretaries of Infosys becoming millionaire. This all could become possible due to a system of making such stakeholders as stockholder of the Company by granting them what is generally known as ESOP( Employee Stock Options Plan)....

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Cabinet approves Agreement & Protocol between India & Cyprus

India, today took another major step in the fight against tax evasion, round tripping and base erosion/profit shifting. The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of an Agreement and the Protocol between the India and Cyprus for the Avoidance of Double Taxation and the Prevention ...

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Deduction U/s 35AC available only up to previous year ending 31-03-2017

Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (...

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Release of Version 2.0 of Income Tax Return Statistics for A.Y. 2012-13

A new version of the income distribution data for AY 2012-13 has now been placed in public domain and is available at www.incometaxindia.gov.in. Version 2.0 of the tax return data includes additional tables containing distribution of gross total income in respect of different types of taxpayers e.g. individuals, HUF, firms, companies, ass...

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Recovery of Black Money-Recent major initiatives

The Government has taken various measures to effectively deal with the issue of black money, particularly black money stashed away abroad. Such measures include policy-level initiatives, more effective enforcement action on the ground, putting in place robust legislative and administrative frameworks...

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Generate EVC by pre-validating your A/c at PNB /Union Bank/ NSDL/ CDSL

Electronic Verification Code (EVC) can be generated by pre-validating your Bank Account on the e-Filing portal. Punjab National Bank and United Bank of India have launched this facility which will facilitate the account holders, who may not have a NetBanking account, to e-verify their return. Other banks are expected to launch this facili...

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Delhi HC- situs of an intangible asset is the situs of owner

CUB PTY Limited (Formerly Known As Foster's Australia Ltd) Vs. UOI & Ors (Delhi High Court) - Delhi High Court has held that the situs of an intangible asset is the situs of the owner of that asset and therefore the transfer of such asset by a non­resident would not be taxable in India even if the asset was being commercially used in India....

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Cost of amenities paid under unregistered agreement forms part of cost of acquisition of flat

Smt. Rashmi M. Dhanani vs. ITO ( ITAT Mumbai) - ITAT Mumbai held that the cost of acquisition of flat shall include the cost of amenities even when the agreement requiring the flat purchaser to pay such cost is not registered and no stamp duty paid on amenities cost. ...

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Onus to enforce attendance of hostile witness located beyond 500 Kms

M/s. Apeejay Education Society vs. Asstt. Commr. of Income Tax (ITAT Amritsar) - During Income tax proceedings, often statement of a person is used to catch hold of prospective tax evading assessees. But, it is trite that the statement of such a person cannot be allowed to be used against the assessee without even providing an opportunity of cross examining such person....

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Estimation of Gross Profit by Rejecting Rate claimed by Assessee

Pharmalab Engineering India Private Limited vs. ACIT (ITAT Mumbai) - The fall in gross profit ratio could be for various reasons such as increase in the cost of raw material, decrease in the market price of finished product, increase in the cost of processing by the assessee etc....

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Rent Income as main Business: Chargeable as Business Income?

M/s. Rayala Corporation Pvt. Ltd. Vs. Assistant Commissioner of Income Tax (Supreme Court) - The business of the company was to lease its property and to earn rent and therefore, the income so earned should be treated as its business income. The High court was not correct while deciding that the income of the appellant should be treated as Income from House Property....

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Direct Tax Dispute Resolution Scheme,2016-sensitizing CIT (A)

F. No. 279/Misc/M-74/2016 - (23/08/2016) - F. No. 279/Misc/M-74/2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated: 23rd Aug, 2016 To, All Principal Chief Commissioners of Income-tax Principal Chief Commissioner of Income-tax (IT & TP) Madam/Sir, Subject: The Direct Tax Dispu...

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E-filed exemption forms 10A and 10G time barring on 31.08.2016

F. No. System/ITBA/Exemption Module/e-filing/2016-17/7535 - (19/08/2016) - The e-filed forms 10A and 10G filed during the period 01.02.2016 to 29.02.2016, the orders in respect of which will get barred by limitation on 31.08.2016, have been e­ mailed to the concerned Principal Commissioner of Income Tax (Exemption)/ CIT (Exemption) on their official designation b...

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Request for suggestions for legislative changes in direct tax laws -reg.

Instruction F.No.134/56/2015-TPL - (23/08/2016) - n the past, suggestions for legislative changes were invited from field formation during the budget exercise. In this connection I am directed to intimate you that it has been decided to create an exclusive Email Id (i.e suggestion.tpl@gov.in) for receiving suggestions thought the year for legislati...

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Income Tax Business Application Module for Hospital and ITP approvals

F.No. System/ITBA/Instruction/Administrative/178/2016-17/775 - (22/08/2016) - This is in reference to the subject mentioned above. The functionality for approval of hospital u/sec 17(2) of the IT Act and for registration of Tax Practitioner will be available in Administration module of ITBA w.e.f. 22.08.2016....

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Procedure for empanelment of retired officers as Inquiry Officers

Instruction No. F.No. Pr. DGIT(Vig.)/ITO (HQ)/O.M./2016-17/2180 - (22/08/2016) - The undersigned is directed to state that as per O.M. dated 07/01/2016 received from DOP &T circulated vide F.No. 142/40/2015-AVD.1 a panel of retired officers from the Ministry/ Departments under Govt. of India and PSUs is to be created...

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Recent Posts in "Income Tax"

Delhi HC- situs of an intangible asset is the situs of owner

CUB PTY Limited (Formerly Known As Foster's Australia Ltd) Vs. UOI & Ors (Delhi High Court)

Delhi High Court has held that the situs of an intangible asset is the situs of the owner of that asset and therefore the transfer of such asset by a non­resident would not be taxable in India even if the asset was being commercially used in India....

Read More

Cost of amenities paid under unregistered agreement forms part of cost of acquisition of flat

Smt. Rashmi M. Dhanani vs. ITO ( ITAT Mumbai)

ITAT Mumbai held that the cost of acquisition of flat shall include the cost of amenities even when the agreement requiring the flat purchaser to pay such cost is not registered and no stamp duty paid on amenities cost. ...

Read More

Onus to enforce attendance of hostile witness located beyond 500 Kms

M/s. Apeejay Education Society vs. Asstt. Commr. of Income Tax (ITAT Amritsar)

During Income tax proceedings, often statement of a person is used to catch hold of prospective tax evading assessees. But, it is trite that the statement of such a person cannot be allowed to be used against the assessee without even providing an opportunity of cross examining such person....

Read More

Estimation of Gross Profit by Rejecting Rate claimed by Assessee

Pharmalab Engineering India Private Limited vs. ACIT (ITAT Mumbai)

The fall in gross profit ratio could be for various reasons such as increase in the cost of raw material, decrease in the market price of finished product, increase in the cost of processing by the assessee etc....

Read More

Cabinet approves Agreement & Protocol between India & Cyprus

India, today took another major step in the fight against tax evasion, round tripping and base erosion/profit shifting. The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing of an Agreement and the Protocol between the India and Cyprus for the Avoidance of Double Taxation and the Prevention ...

Read More
Posted Under: Income Tax |

Solution to Problem of Name or PAN Mismatch with ICAI Records

Nowadays ICAI Members i.e. Chartered Accountants who are registered as Professionals on Income Tax e-filing website may be getting Email from Income Tax Department that their e-Filing account has been temporarily disabled due to non-validation of your PAN number by ICAI. It is further requested by Income Tax Department to Professionals to...

Read More
Posted Under: Income Tax |

Direct Tax Dispute Resolution Scheme,2016-sensitizing CIT (A)

F. No. 279/Misc/M-74/2016 (23/08/2016)

F. No. 279/Misc/M-74/2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, Dated: 23rd Aug, 2016 To, All Principal Chief Commissioners of Income-tax Principal Chief Commissioner of Income-tax (IT & TP) Madam/Sir, Subject: The Direct Tax Dispute Resolution Scheme,2016 – sensit...

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E-filed exemption forms 10A and 10G time barring on 31.08.2016

F. No. System/ITBA/Exemption Module/e-filing/2016-17/7535 (19/08/2016)

The e-filed forms 10A and 10G filed during the period 01.02.2016 to 29.02.2016, the orders in respect of which will get barred by limitation on 31.08.2016, have been e­ mailed to the concerned Principal Commissioner of Income Tax (Exemption)/ CIT (Exemption) on their official designation based e-mail addresses in PDF files...

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Request for suggestions for legislative changes in direct tax laws -reg.

Instruction F.No.134/56/2015-TPL (23/08/2016)

n the past, suggestions for legislative changes were invited from field formation during the budget exercise. In this connection I am directed to intimate you that it has been decided to create an exclusive Email Id (i.e suggestion.tpl@gov.in) for receiving suggestions thought the year for legislative changes relating to direct taxes from...

Read More

India-Mauritius Tax Treaty- Amendment in Protocol and Its Impact

Recently Government of India has notified the revised tax treaty with Mauritius which was signed by both countries on 10 May 2016 under which India will impose capital gains tax on investments routed through the island nation from 1 April 2017 to curb tax evasion....

Read More
Posted Under: Income Tax |
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