Income Tax

Tax Deducted at Source Calculations, Savings and Procedures

TDS is tax deducted at source. This is a method through which the government makes sure you pay the tax while receiving he income rather than paying it latter. There are various situations where TDS is applicable to the income you receive. TDS eases the burden on the person who receives the income as he […]...

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Presumptive Income under Income Tax Act, 1961

Presumptive Income is the concept introduced by the Income Tax Department under the Presumptive Taxation Scheme so as to allow the assessee to disclose his income on presumptive basis under the relevant sections and their provisions thereof. Let us understand them in detail....

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Refund of Excess amount paid- Dispute Resolution Scheme, 2016

The Dispute Resolution Scheme, 2016 has been introduced through Union Budget, 2016. The scheme has been brought with the object to collect tax arrears, clear pendency of appeals, achieve reduction in administrative costs etc. In most of the cases apart from filing appeal, the demand amount, either partly or fully, is generally deposited ...

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5 Things NRIs needs to know when filing Income Tax Returns

The income that NRI earn abroad is not taxable in India. Nevertheless, some NRIs also have an earning in their aborigine country, India in the form of interest from deposits, property rent, etc. This income has a basic limit of exemption, which is Rs2 lakhs. If the NRI earnings from such native sources cross the fixed limit of two lakh...

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Accumulated Repairs Expense on Rented Premises-Deduction Allowable?

The term repairs generally means restoring a thing into a good condition.Etymologically, the word "repair" is derived from O. F. reparer which in its turn is derived from L re (repairer i. e. again to make ready). Repair is a comprehensive word which means "to make good defects" and which therefore must include renewal where that is neces...

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CBDT introduces Paperless PAN & TAN application process

For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL. Under the new process PAN and TAN will be allotted within one day after completion of valid on-line application....

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7 lakh Income Tax Notices in respect of High Value Transactions

Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions- Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purc...

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Equalization Levy- Challan No.ITNS 285 for making Payment

Rules to The Finance Act, 2016 states that with effect from July 1, 2016, equalization levy @ 6% should be deducted by a resident or non-resident (having permanent establishment in India) on the amount of consideration paid or payable to the non-resident not having permanent establishment in India....

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Income Declaration Scheme, 2016- Payment Challan No. 286

The Income Declaration Scheme, 2016 is a part of the Finance Act, 2016. This scheme provides an opportunity to persons who have not paid taxes in full for previous years to declare their undisclosed income for such previous years and pay taxes thereon. The said tax payment has to be made to the Government Account using INCOME DECLARATION ...

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Black money- Recent Steps & Sharing of info by foreign countries

While there is no official estimation regarding black money of Indians stacked in Swiss banks, recent media reports have quoted Zurich based Swiss National Bank as saying that money held by Indians in Swiss banks has fallen by nearly one-third. These reports also say that the funds, described by Swiss National Bank as ‘liabilities’ of...

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AMP expenditure without agreement with AE is not an international transaction

Loreal India P. Ltd. vs. DCIT (Bombay High Court) - Bombay HC held that Advertising, Promotion and Marketing expenses (AMP) cannot be considered as international transaction unless there exist an agreement between the assessee and its AE to share/reimburse the AMP expenditure incurred by the assessee in India....

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Search Assessment in absence of incriminating material not valid

M/s. Jaipuria Infrastructure Developers P. Limited vs. ACIT (ITAT Delhi) - Undisputedly the AO has not made assessment on the basis of incriminating material unearthed during search and seizure operation conducted u/s 132 rather proceeded u/s 153A of the Act on the basis of some pre-search enquiries to make an addition ...

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No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies

Batlivala & Karani Securities (India) Pvt. Ltd. Vs. DCIT (ITAT Kolkata) - The nature of services rendered by the subsidiaries to the assessee were in respect of simple marketing services of introducing foreign institutional investors to invest in capital markets in India so that the assessee would improve its business in India. ...

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Scope of reassessment U/s. 147 in relation to doctrine of merger

United Phosphorus Ltd. Vs. Additional Commissioner Of Income Tax (Gujarat High Court) - The Commissioner by an order dated 15.3.2000 allowed some of the grounds of appeal. Thus, the order of the Assessing Officer stood merged with the order of Commissioner (Appeals) and had no independent existence of its own and as such the assessment could not have been reopened in respect of the sai...

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Scope of assessment U/s.153A in absence of incriminating material

Pr.Cit Vs. Saumya Construction Pvt Ltd. (Gujarat High Court) - Under section 153A of the Act, an assessment has to be made in relation to the search or requisition, namely, in relation to material disclosed during the search or requisition. If in relation to any assessment year, no incriminating material is found, no addition or disallowance can be made ...

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SOP to handle 14 Lakh AIR transactions without valid PAN

F.No. 225/193/2016/ITA.II - (22/07/2016) - Kindly refer to the above subject. Directorate of Systems has processed non-PAN AIR transactions which resulted in identification of around 7 lakh high risk transaction clusters having around 14 lakh non-PAN AIR transactions. These transactions have been assigned priority rating P1 to P3 (P1 being t...

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Promotion of 196 ITO to ACIT grade- Order No. 138 of 2016

Order No. 138 of 2016 - (22/07/2016) - The President is pleased to appoint the following 196 Income Tax Officers, presently posted in the region shown against their names in the grade of Assistant Commissioner of Income Tax (ACIT) on ad hoc basis for the vacancy year 2015-16, in the pay scale of Rs. 15600-39, 100 (plus grade pay of Rs. 5...

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Promotion of 18 ITO to ACIT grade- Order No. 138 of 2016

Order No. 137 of 2016 - (22/07/2016) - President is pleased to appoint the following 18 Income Tax Officers, presently posted in the region shown against their names in the grade of Assistant Commissioner of Income Tax (ACIT) on ad hoc basis for the vacancy year 2014-15, in the pay scale of Rs. 15600-39, 100 (plus grade pay of Rs. 5400/...

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CBDT notifies 37 new districts as backward areas

Notification No. 61/2016-Income Tax - (20/07/2016) - CBDT notifies 9 districts in the State of Telangana, 11 Districts in the State of West Bengal and 17 Districts in State of Bihar as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the Income Tax Act 1961...

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Revised deceleration under Income Declaration Scheme 2016 enabled

Notification No. 60/2016-Income Tax - (21/07/2016) - CBDT has amended Income Declaration Scheme Rules, 2016 to amended form 1 related to deceleration of undisclosed Income and incorporated option to file Revised Return under the scheme. In case of revised return the declerant has to mention Receipt No. and Date of filing original Form-1 and Reason f...

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Recent Posts in "Income Tax"

Tax Deducted at Source Calculations, Savings and Procedures

TDS is tax deducted at source. This is a method through which the government makes sure you pay the tax while receiving he income rather than paying it latter. There are various situations where TDS is applicable to the income you receive. TDS eases the burden on the person who receives the income as he […]...

Read More
Posted Under: Income Tax |

CBDT introduces Paperless PAN & TAN application process

For fast tracking the allotment of PAN and TAN to company applicants, Digital Signature Certificate(DSC) based application procedure has been introduced on the portals of PAN service providers M/s NSDL eGov and M/s UTIITSL. Under the new process PAN and TAN will be allotted within one day after completion of valid on-line application....

Read More
Posted Under: Income Tax |

SOP to handle 14 Lakh AIR transactions without valid PAN

F.No. 225/193/2016/ITA.II (22/07/2016)

Kindly refer to the above subject. Directorate of Systems has processed non-PAN AIR transactions which resulted in identification of around 7 lakh high risk transaction clusters having around 14 lakh non-PAN AIR transactions. These transactions have been assigned priority rating P1 to P3 (P1 being the highest priority) and each non-PAN AI...

Read More

Promotion of 196 ITO to ACIT grade- Order No. 138 of 2016

Order No. 138 of 2016 (22/07/2016)

The President is pleased to appoint the following 196 Income Tax Officers, presently posted in the region shown against their names in the grade of Assistant Commissioner of Income Tax (ACIT) on ad hoc basis for the vacancy year 2015-16, in the pay scale of Rs. 15600-39, 100 (plus grade pay of Rs. 5400/- in pay band 3) with immediate effe...

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Promotion of 18 ITO to ACIT grade- Order No. 138 of 2016

Order No. 137 of 2016 (22/07/2016)

President is pleased to appoint the following 18 Income Tax Officers, presently posted in the region shown against their names in the grade of Assistant Commissioner of Income Tax (ACIT) on ad hoc basis for the vacancy year 2014-15, in the pay scale of Rs. 15600-39, 100 (plus grade pay of Rs. 5400/- in pay band 3) with immediate effect...

Read More

Presumptive Income under Income Tax Act, 1961

Presumptive Income is the concept introduced by the Income Tax Department under the Presumptive Taxation Scheme so as to allow the assessee to disclose his income on presumptive basis under the relevant sections and their provisions thereof. Let us understand them in detail....

Read More
Posted Under: Income Tax |

7 lakh Income Tax Notices in respect of High Value Transactions

Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions- Under the Annual Information Returns (AIR), various types of high-value transactions were being reported to the Income Tax Department. These include reporting of cash deposits of Rs.10,00,000 or more in a saving bank account, sale/purc...

Read More
Posted Under: Income Tax |

CBDT notifies 37 new districts as backward areas

Notification No. 61/2016-Income Tax (20/07/2016)

CBDT notifies 9 districts in the State of Telangana, 11 Districts in the State of West Bengal and 17 Districts in State of Bihar as backward areas under the first proviso to clause (iia) of sub-section (1) of section 32 and sub-section (1) of section 32AD of the Income Tax Act 1961...

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Revised deceleration under Income Declaration Scheme 2016 enabled

Notification No. 60/2016-Income Tax (21/07/2016)

CBDT has amended Income Declaration Scheme Rules, 2016 to amended form 1 related to deceleration of undisclosed Income and incorporated option to file Revised Return under the scheme. In case of revised return the declerant has to mention Receipt No. and Date of filing original Form-1 and Reason for Filing Revised Form 1....

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Revised Payment Schedule: Income Declaration Scheme, 2016

Notification No. 59/2016-Income Tax (20/07/2016)

The date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of undisclosed income shall be as follows, namely:- (a) the 30th day of November, 2016, for an amount not less than twenty-five per cent. of such tax, surcharge and penalty;...

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