Income Tax, Wealth Tax and Direct tax Code Related News

  • Sep
  • 02
  • 2015

Income Tax Return due date extended to 7th September 2015

Added In Income Tax
Government has extended the due date for filing of Income Tax Return for Assessment Year 2015-16 to 7th September 2015 from 31st August 2015 for taxpayers who were required to file their tax-return by 31st July, 2015. It has been done considering hardships faced by taxpayer in E-Filing Returns of Income on the last date i.e. […]

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  • Sep
  • 02
  • 2015

Central Excise Refund & Sales Tax Remission are admissible deductions u/s 80IC

In the case Manoj Garg Vs. ITO the Hon’ble Kolkata ITAT held that both Central Excise Refund and Sales Tax Remission are eligible deductions u/s 80IC and that the CIT was not justified in initiating proceedings u/s 263 of the Act in the instant case on the ground that the income by way of Central Excise Refund and Sales Tax remission were not eligible for deduction u/s. 80-IC of the Act.

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  • Sep
  • 02
  • 2015

Notice u/s 274 should specify Grounds of Imposition of Penalty

Added In Income Tax
Case Law Citation: Shri B L Dasraj Urs Vs I.T.O (Bangalore ITAT), I.T.A No. 850 to 853/Bang/2014, A.Y. 2004-05 to 2007-08, Date of decision –26-08-2015 Brief of the Case In the case Shri B L Dasraj Urs Vs. ITO the Hon’ble Bangalore ITAT held that show cause notice u/s 274 is defective if it does […]

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  • Sep
  • 02
  • 2015

Slight difference in Person’s Name does not prove transaction is not genuine

Added In Income Tax
In the case ITO Vs. Smt. Mala Gupta the Hon’ble Kolkata ITAT held that slight difference in the name of the person does not mean that it is not the same person provided the genuineness of the transaction is proved.

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  • Sep
  • 02
  • 2015

Technical services utilized for making a source of income outside India is not taxable in India

Added In Income Tax
The Hon’ble Delhi HC in the case of Lufthansa Cargo India held that the fee for technical services would not be taxable in India where such services are utilized forearning income from any sources outside India. Thus, where the assessee has paid overhauling and other charges paid for maintaining the aircraft in the flying condition asper the guidelines of DGCA to possess a valid airworthiness certificate, such charges are not subject to TDS u/s 195 because the aircrafts were wet leased to non-resident operating outside the same India.

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  • Sep
  • 02
  • 2015

Disallowance on account of non-deduction of tax can be removed under non-discriminatory clause of India-Japan DTAA

Added In Income Tax
The ITAT New Delhi in the case of Mitsubishi Corporation India has ruled that the non-discriminatory clause is not applicable only for the limited purpose of transfer pricing adjustments and other additions to income can be removed by taking benefit of non-discriminatory clause of India-Japan DTAA.

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  • Sep
  • 02
  • 2015

How to Register as Reporting Financial Institution & Submit Form No. 61B

Added In Income Tax
Register as Reporting Financial Institution User should register as a Reporting Financial Institution for e-Filing Form No. 61B. Steps involved in Register as Reporting Financial Institution Step 1 – Login to e-Filing portal using User ID (PAN of the Reporting Financial Institution), e-Filing Password and DOB/DOI.

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  • Sep
  • 02
  • 2015

MAT not appliable on FIIs/FPIs for the Period Prior to 01.04.2015

Added In Income Tax
Government accepts the Recommendation of the Justice A.P. Shah Committee to clarify the Inapplicability of MAT to FIIs/FPIs and has decided that an appropriate Amendment to the Income-Tax Act will be carried out; Final Report of the Justice A.P. Shah Committee on Direct Tax Matters Constituted with the Initial Mandate to Examine the Matter Relating […]

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  • Sep
  • 02
  • 2015

Best Practices for Scanning and Uploading of Attachments

Added In Income Tax
You may kindly note that whenever any document is uploaded to any e-Filing website , the following best practices should be complied. Scan settings Scan to a PDF Scan at 300dpi Scan in Black and White only Do not upload files with Read/Write/Password protection

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  • Sep
  • 02
  • 2015

CPC Helpline Number – Income Tax dept, Bangalore with FAQs

Added In Income Tax
To assist taxpayers CPC has established Customer care helpline, a limited call center service at ITD-CPC, Bangalore for queries related to ITR-V Receipt Status, Refund /Refund re-issue, Rectification, Income tax /PAN/TAN, e-Filing of returns, e-Filing Login, Form 26AS and Form 16.

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