Income Tax

BCAS Free e-book on Rules of Interpretation of Tax Laws

Advocate N. M. Ranka 1. Introduction: No enactment has been enacted by the Legislature for Interpretation of Statues including on Tax Laws. However, in many an acts, definition clause is inserted to mean a ‘word’ or ‘expression’. Explanations and Provisos are inserted to expand or curtail. No codified rules have been made by the r...

Read More

BCAS Free e-book on Direct Tax Dispute Resolution Scheme, 2016

Finance Act, 2016 has introduced a scheme for resolution of disputes vide Chapter X called The Direct Tax Dispute Resolution Scheme, 2016. ...

Read More

Are TDS Provisions Ultra-Vires the Constitution?

(a) For Tax collecting, Government has 2 (Two) Agencies, viz. Government appointed Tax Officers (TO) and Private Tax Deductors (PTD). PTD are treated as the Assessees under the I. Tax Act (Act). Both help the Government to assess & collect tax from the Tax Deductors. ...

Read More

Monitoring, Compliance and Penalty under FATCA

As provided in Rule 1 14G(9), the statement needs to be furnished to the Directorate of Intelligance and Criminal Investigation and the said Directorate has been given the responsibility of ensuring the compliance. The penalty provisions provided in the Income-tax Act, 1961...

Read More

Procedure for Furnishing Report under FATCA and CRS

8.1 As per Rule 1 14G(9), the statement in respect of each reportable account needs to be filed by the RFIs to the Director of Income-tax (Intelligence and Criminal Investigation) or Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose...

Read More

Innovative Methods of Laundering & Transportation of Cash unearthed

Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad. Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commis ...

Read More

Govt investigating abnormal Inflow of Funds into Jan Dhan Accounts

In order to investigate Income Tax Department has identified local clusters and Bank branches where inflow of Jan Dhan deposits have been more than normal...

Read More

Empanelment of Senior / Junior Standing Counsels of Income Tax

The office of the Chief Commissioner of Income Tax, Bhubaneswar now invites applications for empanelment of 03 numbers of Senior Standing Counsels ...

Read More

BRICS support all international initiatives for fair/transparent tax system

BRICS Heads of Revenue express their continued support to all international initiatives towards reaching a globally fair and universally transparent tax system; Reiterate their commitment to actions taken to ensure the fairness of the International Tax System....

Read More

Post demonetisation income tax Investigation in more than 400 cases

Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016...

Read More

Compensation for Loss of opportunity to do business is a capital receipt

Aerens Developers and Engineers Ltd. vs. ACIT (ITAT Delhi) - ITAT held that compensation received for loss of business activity is a capital receipt as it is injury to the profit making apparatus and not the loss of profits. Therefore, in the present case , non-supply of land by supplier which was to be used by the consortium was injury to profit making appar...

Read More

S. 80IB deduction conditions to be fulfilled in all years of deduction claim

CIT Vs M/s Micro Instruments Company (Punjab & Haryana High Court) - Deduction U/s. 80IB is allowable over a period of 6 years which follows that conditions for claiming deduction must remain fulfilled in all years for which deduction being claimed...

Read More

SC judgment on Annual Value of let out portion of palace of Ex-Ruler

Maharao Bhim Singh of Kota Vs Commissioner of Income-tax (supreme Court of India) - IT: Where Ruler continues to occupy palace, whether by actually utilizing it or by keeping it vacant, it shall be, for purpose of section 10(19A), deemed to be in his occupation, and he will also be entitled to exemption under section 10(19A) in respect of annual value of Part of palace, possession ...

Read More

Stay on Special Audit Implies Stay of Assessment Proceedings : SC

VLS Finance Ltd. & anr. Vs Commissioner of Income Tax & Anr. Civil (Supreme Court of India) - Section 158BC(c): Where any search has been conducted under section 132 or books of account, other documents or assets are requisitioned under section 132A, in the case of any person...

Read More

Contribution by CA firm towards ICAI building is allowable expenditure

B.K. Khare & Co. v. ACIT (ITAT Mumbai) - Brief– By donating the amount, the firm had been able to attract good Articled Clerks and other professional persons who are the backbone of any professional practice. Thus there was a good professional reason for the firm to contribute to the building fund of the Branch of the ICAI. The said ...

Read More

How to Furnish / Verify Form 27BA to remove TDS payment defaults

Notification No. 12/2016-Income Tax- CPC TDS - (08/12/2016) - Procedure for the purposes of furnishing and verification of Form 27BA for removing of default of Short Collection and/or Non Collection of Tax at Source ...

Read More

Status of Time Barring Scrutiny Assessments as on 05/12/2016

F. No. DGIT(S)/DIT(S)-3/AST/Time Barring Matters/84/2016-17 - (08/12/2016) - Complete data as well as the AO/Range/CIT-wise summary of pendency of Time Barring scrutiny assessments as on 05/12/2016 and regionwise summary is attached. ...

Read More

S. 10(46) CBDT Notifies Petroleum & Natural Gas Regulatory Board

Notification No. 112/2016-Income Tax - (07/12/2016) - Central Government hereby notifies for section 10(46) of Income-tax Act, 1961 , Petroleum and Natural Gas Regulatory Boars in respect of following specified incomes...

Read More

Post Demonetisation CBDT intensifies enforcement actions

D.O. No.414/W2016-IT(Inv.I)(Pt.) - (07/12/2016) - As you are aware. after notification of the Government on 08.11.2016 declaring the old high denomination currency notes of Rs. 1000/500 invalid from 09.11.2016, investigation Directorates have intensified enforcement actions in detecting serious irregularities, They arc, however, seriously handicapp...

Read More

Organise workshops for Tax Payers education- CBDT Instructs

F. No. Tax Payers' education/e-services/ADG(TPS-II)/2016-17 - (05/12/2016) - It is observed that tax payers and professionals have not been able to keep up the pace with changes. As a result, a wide gap has emerged between initiatives undertaken by Income Tax Department and acceptance thereof in terms of practices by stake holders....

Read More

Browse All Categories

CA, CS, CMA (3,185)
Company Law (3,071)
Custom Duty (6,268)
DGFT (3,266)
Excise Duty (3,919)
Fema / RBI (2,928)
Finance (3,122)
Income Tax (23,297)
Others (0)
SEBI (2,562)
Service Tax (3,198)

Recent Posts in "Income Tax"

BCAS Free e-book on Rules of Interpretation of Tax Laws

Advocate N. M. Ranka 1. Introduction: No enactment has been enacted by the Legislature for Interpretation of Statues including on Tax Laws. However, in many an acts, definition clause is inserted to mean a ‘word’ or ‘expression’. Explanations and Provisos are inserted to expand or curtail. No codified rules have been made by the r...

Read More
Posted Under: Income Tax |

BCAS Free e-book on Direct Tax Dispute Resolution Scheme, 2016

Finance Act, 2016 has introduced a scheme for resolution of disputes vide Chapter X called The Direct Tax Dispute Resolution Scheme, 2016. ...

Read More
Posted Under: Income Tax |

Are TDS Provisions Ultra-Vires the Constitution?

(a) For Tax collecting, Government has 2 (Two) Agencies, viz. Government appointed Tax Officers (TO) and Private Tax Deductors (PTD). PTD are treated as the Assessees under the I. Tax Act (Act). Both help the Government to assess & collect tax from the Tax Deductors. ...

Read More
Posted Under: Income Tax |

Compensation for Loss of opportunity to do business is a capital receipt

Aerens Developers and Engineers Ltd. vs. ACIT (ITAT Delhi)

ITAT held that compensation received for loss of business activity is a capital receipt as it is injury to the profit making apparatus and not the loss of profits. Therefore, in the present case , non-supply of land by supplier which was to be used by the consortium was injury to profit making apparatus and hence capital receipt. ...

Read More

How to Furnish / Verify Form 27BA to remove TDS payment defaults

Notification No. 12/2016-Income Tax- CPC TDS (08/12/2016)

Procedure for the purposes of furnishing and verification of Form 27BA for removing of default of Short Collection and/or Non Collection of Tax at Source ...

Read More

Innovative Methods of Laundering & Transportation of Cash unearthed

Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad. Income tax investigations at Mumbai led to the revelation of a syndicate of ground level operators active in converting banned currency notes into legal tenders for a commis ...

Read More
Posted Under: Income Tax | ,

Status of Time Barring Scrutiny Assessments as on 05/12/2016

F. No. DGIT(S)/DIT(S)-3/AST/Time Barring Matters/84/2016-17 (08/12/2016)

Complete data as well as the AO/Range/CIT-wise summary of pendency of Time Barring scrutiny assessments as on 05/12/2016 and regionwise summary is attached. ...

Read More

S. 10(46) CBDT Notifies Petroleum & Natural Gas Regulatory Board

Notification No. 112/2016-Income Tax (07/12/2016)

Central Government hereby notifies for section 10(46) of Income-tax Act, 1961 , Petroleum and Natural Gas Regulatory Boars in respect of following specified incomes...

Read More

Govt investigating abnormal Inflow of Funds into Jan Dhan Accounts

In order to investigate Income Tax Department has identified local clusters and Bank branches where inflow of Jan Dhan deposits have been more than normal...

Read More
Posted Under: Income Tax | ,

Empanelment of Senior / Junior Standing Counsels of Income Tax

The office of the Chief Commissioner of Income Tax, Bhubaneswar now invites applications for empanelment of 03 numbers of Senior Standing Counsels ...

Read More
Posted Under: Income Tax |
Page 1 of 2,33012345...102030...Last »

Search Posts by Date

December 2016
MTWTFSS
« Nov  
 1234
567891011
12131415161718
19202122232425
262728293031 
error: Alert: Content is protected !!