Income Tax

Goods and Services Tax: Indian Story So Far

Goods and Services Tax (GST) refers to the single unified tax created by amalgamating a large number of Central and State taxes presently applicable in India. The latest constitution Amendment Bill of December 2014 made in this regard, proposes to insert a definition of GST in Article 366 of the constitution by inserting a sub-clause 12A....

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Profits on sale of shares when taxable as capital gains & when as business income

After my article on tax implication of different treatments of profits on sale of shares, I have received unprecedented number of mails asking for clarification as to when it is to be treated as capital gains and when it can be treated as business income. So I decided to write an article on the subject proper as to when it can be treated ...

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How to E-file TDS/TCS Statement wef 01.05.2016

In this article we have discussed step by step procedure to upload online quarterly TDS/TCS statements on the e-Filing portal with effect from 1st May, 2016. In this article we discussed 1. Pre-Requisites for Uploading TDS Statement 2. How to Upload TDS/TCS Statement and 3. How to view Filed TDS / TCS Statement....

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Comparison between ICDS and AS & Changes due to ICDS in ITR

Due to ICDS there are changes in ITR Form no. 4,5,6. Now assessee has to provide for 1. The Effect on the profit because of deviation , if any as per ICDS notified under section 145(2) in column Part A – OI at third no. 2. Now schedule of ICDS will be prepared which shows the Effect of ICDS on profit...

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Calculate Tax for AY 2016-17 & Get Ready to file your Tax Returns

In this article Author has Provided three Income Tax Calculator in Excel Format for Calculation of Tax by Individuals below the Age of 60 Years, 60 or above but less than 80 Years and for 80 and above Years. Calculator calculate Interest U/s. 234ABC Automatically and provides option to include 1.Income from Salary / Pension 2.Income (P...

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Framework for computation of book profit for MAT levy on Ind AS compliant companies

On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015. With the approval of the Finance Minister , the above said Committee was also requested to suggest the framework for computation of book profit for the purposes of levy of...

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Budget 2016: Changes in National Pension System (NPS)

The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity. iii. The amount receivable by the nominee in case of death of the...

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8 Recent Steps taken by Govt to Curb Black Money

Recent major initiatives of the Government in this regard include Enactment of a comprehensive new law - The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 which has come into force w.e.f. 01.07.2015 to specifically and more effectively deal with the issue of black money stashed away abroad,...

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Tax Evasion not proved for mere name in Panama Papers

It should not be assumed that everyone who appears in the Panama Papers is involved in tax avoidance or evasion and there are legitimate reasons to create a company in an offshore jurisdiction and many people declare them to their tax authorities when that is required. ...

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Panama Papers Leaks to be probed by Multi-Disciplinary Team

Recently, information about certain offshore entities held by various Indian persons has appeared in media. Such information is attributed to be part of ‘Panama Papers’ leaks. ...

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TDS on Commission paid to non-resident for services rendered outside India?

CIT vs. Farida Leather Company (Madras High Court) - In the instant case, it is seen, admittedly that the nonresident agents were only procuring orders abroad and following up payments with buyers. No other services are rendered other than the above. Sourcing orders abroad, for which payments have been made directly to the non-residents abroad, does n...

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Mobilization expenses to move assets to client’s premises allowable as revenue expenditure

Dewanchand Ramsaran Industries Pvt. Ltd. vs. ACIT (ITAT Mumbai) - The ITAT bench of Mumbai in the above cited case held that when the assessee company in its continuing and existing business of chartered hiring of rigs imported new rigs to be moved to and installed at the site of the clients desirous of taking the same on hire for oil drilling, all the mobilizatio...

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TDS not deductible on Tips collected by Hotels & Paid to Staff: SC

ITC Ltd. Gurgaon vs. Commissioner of Income-tax (TDS) {Supreme Court Of India - The assessees are engaged in the business of owning, operating, and managing hotels. Surveys conducted at the business premises of the assessees allegedly revealed that the assessees had been paying tips to its employees but not deducting taxes thereon.The Assessing Officer treated the receipt of th...

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No Penalty for non-deduction of Tax based on CA Certificate

Smt. Aishwarya Rai Bachchan vs. Additional Commissioner of Income-tax (ITAT Mumbai) - In the present case also, assessee has engaged a chartered accountant to guide her in complying to statutory requirements. Therefore, when the C.A. issued a certificate opining that there is no requirement for deduction of tax at source, assessee under a bonafide belief that withholding of tax is no...

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LTCG cannot be disallowed merely based on info received from DDIT

Kamlesh Mundra vs. ITO (ITAT Mumbai) - In the present case by virtue of independent documents as referred in paper book the assessee has proved the genuineness of the share transaction and there was no justification to disallow the claim of the assessee in respect of long term capital gain merely on the basis of information received from...

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Limitation commencement for penalty proceedings U/s. 271D &271E

Circular No. 09/DV/2016 (Departmental View) - It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the limitation for imposition of penalty under sections 271D and 271E of the Income tax Act, 1961commences at the level of the Assessing Officer (below the rank of Joint Commi...

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Excess of TDS deposited U/s. 195 eligible for Interest U/s. 244A

Circular No. 11/2016-Income Tax - (26/04/2016) - The procedure for refund of tax deducted at source under section 195 of the Income tax Act, 1961, to the person deducting the tax is delineated in CBDT Circular No. 7/2007 dated 23.10.2007. Circular No. 7/2007 states that no interest under section 244A of the Act, is admissible on refunds to be gran...

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Limitation for penalty proceedings U/s. 271D & 271E

Circular No. 10/2016-Income Tax - (26/04/2016) - It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by the provisions of section 275(1)(c) of the Act. Therefore, the limitation period for the imposition of penalty under these provisions would be the expiry of the financial y...

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Definition of few common terms related to direct tax administration

Office Memorandum F. No. 309/11/2016 - OT - (22/04/2016) - A Committee was constituted by the Board, vide OM of even number dated 22nd January 2016, under the chairmanship of Shri Avadhesh Kumar Mishra, CIT (TDS)-2, Delhi to recommend standard definitions of certain commonly used terms relating to direct tax administration, such as“taxpayer, tax - base, n...

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CBDT Draft Rules For Grant Of Foreign Tax Credit U/s. 90/ 90A/ 91

F.No. 142/24/2015-TPL - (18/04/2016) - The Income-tax Act, 1961 (the Act) provides that the Central Board of Direct Taxes may prescribe rules specifying the procedure for grant of relief or deduction of income-tax paid in any country or specified territory outside India, under section 90/ 90A/ 91 of the Act against the income-tax payable...

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Recent Posts in "Income Tax"

Goods and Services Tax: Indian Story So Far

Goods and Services Tax (GST) refers to the single unified tax created by amalgamating a large number of Central and State taxes presently applicable in India. The latest constitution Amendment Bill of December 2014 made in this regard, proposes to insert a definition of GST in Article 366 of the constitution by inserting a sub-clause 12A....

Read More
Posted Under: Income Tax |

TDS on Commission paid to non-resident for services rendered outside India?

CIT vs. Farida Leather Company (Madras High Court)

In the instant case, it is seen, admittedly that the nonresident agents were only procuring orders abroad and following up payments with buyers. No other services are rendered other than the above. Sourcing orders abroad, for which payments have been made directly to the non-residents abroad, does not involve any technical knowledge or as...

Read More
Posted Under: Income Tax |

CBI arrests ITO & two persons in alleged bribery case

A case was registered U/s 120-B of IPC and Section 13(2) r/w 13(1)(d) of the Prevention of Corruption Act, 1988 against Income Tax Officer (TDS), Ward No.1, Income Tax Department, Belagavi (Karnataka) on the allegations that he had demanded Rs.Four lakh from the complainant as a motive or reward for dropping the prosecution proceedings in...

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Posted Under: Income Tax

Profits on sale of shares when taxable as capital gains & when as business income

After my article on tax implication of different treatments of profits on sale of shares, I have received unprecedented number of mails asking for clarification as to when it is to be treated as capital gains and when it can be treated as business income. So I decided to write an article on the subject proper as to when it can be treated ...

Read More
Posted Under: Income Tax |

How to E-file TDS/TCS Statement wef 01.05.2016

In this article we have discussed step by step procedure to upload online quarterly TDS/TCS statements on the e-Filing portal with effect from 1st May, 2016. In this article we discussed 1. Pre-Requisites for Uploading TDS Statement 2. How to Upload TDS/TCS Statement and 3. How to view Filed TDS / TCS Statement....

Read More
Posted Under: Income Tax |

Framework for computation of book profit for MAT levy on Ind AS compliant companies

On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015. With the approval of the Finance Minister , the above said Committee was also requested to suggest the framework for computation of book profit for the purposes of levy of...

Read More
Posted Under: Income Tax |

Mobilization expenses to move assets to client’s premises allowable as revenue expenditure

Dewanchand Ramsaran Industries Pvt. Ltd. vs. ACIT (ITAT Mumbai)

The ITAT bench of Mumbai in the above cited case held that when the assessee company in its continuing and existing business of chartered hiring of rigs imported new rigs to be moved to and installed at the site of the clients desirous of taking the same on hire for oil drilling, all the mobilization expenses which is in connection with t...

Read More
Posted Under: Income Tax |

Comparison between ICDS and AS & Changes due to ICDS in ITR

Due to ICDS there are changes in ITR Form no. 4,5,6. Now assessee has to provide for 1. The Effect on the profit because of deviation , if any as per ICDS notified under section 145(2) in column Part A – OI at third no. 2. Now schedule of ICDS will be prepared which shows the Effect of ICDS on profit...

Read More
Posted Under: Income Tax |

Budget 2016: Changes in National Pension System (NPS)

The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity. iii. The amount receivable by the nominee in case of death of the...

Read More
Posted Under: Income Tax |

TDS not deductible on Tips collected by Hotels & Paid to Staff: SC

ITC Ltd. Gurgaon vs. Commissioner of Income-tax (TDS) {Supreme Court Of India

The assessees are engaged in the business of owning, operating, and managing hotels. Surveys conducted at the business premises of the assessees allegedly revealed that the assessees had been paying tips to its employees but not deducting taxes thereon.The Assessing Officer treated the receipt of the tips as income under the head salary i...

Read More
Posted Under: Income Tax |
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