Income Tax

31 FAQs on Income Tax for New Tax Return Filers

This FAQ explains about Income Tax, administrative framework of Income-tax, Return Filing Period, who is suppose to pay Tax, how to pay tax, precaution in Tax Payment , when to pay Tax, Advance Tax Calculation, Income Tax Challans, Form 26AS, Exempt Income Taxable, Income, Assessing Officer, Revenue receipt, Capital receipt, Agricultural ...

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Income Tax Provisions When Invoice Value Exceeds Rs. 2 Lakh

LEGAL REQUIREMENTS UNDER INCOME TAX ACT WHEN SELLER OR SERVICE PROVIDER RECEIVED CONSIDERATION MORE THAN Rs. 2 lakh. 1. TAX COLLECTION AT SOURCE : With effect from 1st June, 2016, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per […]...

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Burden of TCS on Sale or Purchase in Cash?

Krishna, the government has brought the provision of TCS (Tax Collected at Source) on sale of every product or service in income tax and everywhere a debate or discussion on it is going on. What exactly is there in this TCS provision?...

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Requirement of PAN and TCS on Cash Transaction

PAN will be required to be quote on invoice / bill at the time of Sale or purchase of any goods or services if a transactions above Rs. 2,00,000/- regardless of the mode of payment (weather in cash or cheque). Where buyer is a minor, in that case PAN of his father or mother or guardian, as the case may be, on the invoice / bill of the sai...

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Clarification regarding TCS on cash sales u/s. 206C(1D)

CBDT after representation from various stake holders has issued Circular No. 23/2016 dated 24.06.2016 regarding clarity of applicability of Section 206C(1D) on transactions where sale consideration received is partly in cash and partly in cheque. Question Clarification Whether Tax Collection at Source under section 206C(1D) at the rate of...

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PM warns Tax Evaders to disclose income before 30.09.2016

For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by paying a penalty, those having undisclosed money can free themselves from various kinds of burden. ...

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Cabinet approves amendment in DTAA with Belgium

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved today the signing of a Protocol amending the Agreement between India and Belgium for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income....

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CBDT Clarification on Threshold Limit of tax audit U/s. 44AB & 44AD

Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shal...

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Clarification regarding News Report on Tax Defaulter Arrest

Certain sections of the press have been carrying news reports today that Income Tax Department is going to arrest wilful defaulters of tax. In this regard, it is clarified that no such statement has been authorised by the Income-tax Department. ...

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Interest Rates on Small Savings Schemes w.e.f. 01.07.2016 to 30.9.2016

On the basis of the decision of the Government, interest rates for small savings schemes are to be notified on quarterly basis. Accordingly, the rates of interest on various small savings schemes for the second quarter of financial year 2016-17, on the basis of the interest compounding/payment built-in in the schemes, shall be as under: ...

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Can Non Resident Assessee avail 10% Tax rate on LTCG?

DDIT Vs. Mitsubishi Motors Corporation (ITAT Delhi) - The assessee had applied tax rate of 10% in the terms of the proviso to section 112(1) of the Income Tax Act. However, the AO has applied tax rate of 20% as the proviso below section 112(1)(c) was not applicable in the case of non-residents. Does as per ITAT - the long-term capital gain earned by th...

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No TDS on commission paid outside India for services received outside India by Non-Residents

DCIT vs. M/s Sess Resources Ltd. (ITAT Panaji) - The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said have deemed to be, income which has accrued and/or arisen in India & therefore no occasion to deduct tax at source in respect of the payment made to the non-resident agen...

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Reopening invalid if AO records satisfaction in mechanical manner & without application of mind

M/S Banke Bihari Properties Pvt. Ltd Vs ITO (ITAT New Delhi) - While the CIT may have proceeded on the basis that the reopening of the assessment was valid, this does not satisfy the requirement of law that prior to the reopening of the assessment, the AO has to, applying his mind to the materials, conclude that he has reason to believe that income of the Asses...

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No addition for mere non-reconciliation of Professional fees with AIR details

CIT Vs. Shri S. Ganesh - It has categorically been explained by the assessee that it is not practically possible to give detailed party wise breakup of fees receipts since the assessee received his fees either directly from the clients or from the instructing advocates or CAs, if they have collected the amounts from the cli...

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Demolition/Redevelopment not amounts to transfer, so no withdrawal of 54F

Shri Dilip Manhar Parekh Vs The Dy. CIT - The assessee has been denied the deduction u/s 54F of the Act. the assessee has duly purchased and made investment in the residential bungalow at Juhu(new asset) along with co-owner Smt. Chhaya B. Parekh. The said bungalow was demolished for the purposes of redevelopment. The Hon’ble Bombay High C...

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TCS on Sale of good/Services only if Cash Receipt exceeds 2 Lakh

Circular No. 23/2016-Income Tax - (24/06/2016) - Question 1: Whether tax collection at source under section 206C(1D) at the rate of 1% will apply in cases where the sale consideration received is partly in cash and partly in cheque and the cash receipt is less than two lakh rupees. Answer: No. Tax collection at source will not be levied if t...

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Corrigendum to Income Tax Notification Number 46/2016

Notification No. 52/2016-Income Tax - (23/06/2016) - S.O. 2185(E).-In the notification of the Government of India in the Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 46/2016, dated the 17th June, 2016, published vide number S.O. 2142 (E), dated the 17th June, 2016,at page 2, in line 5, for to section 115TC read be...

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CBDT notifies dates for General Anti Avoidance Rule

Notification No. 49/2016-Income Tax - (22/06/2016) - Application of General Anti Avoidance Rule- 10U. Chapter X-A not to apply in certain cases.—(1) The provisions of Chapter X-A shall not apply to—any income accruing or arising to, or deemed to accrue or arise to, or received or deemed to be received by, any person from transfer of investments ma...

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Postings/transfers in the grade of ADIT/JCIT

Order No. 122 of 2016 - (24/06/2016) - The following postings / transfers in the grade of Additional /Joint Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-...

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Monitoring of Income Declaration Scheme, 2016 Awareness Programmes

NA - (24/06/2016) - The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 has commenced from 1st June, 2016 and shall remain in force for a period of 4 months up to 30th September, 2016. This scheme provides an opportunity to all persons who have not declared income correctly in earlier...

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Recent Posts in "Income Tax"

31 FAQs on Income Tax for New Tax Return Filers

This FAQ explains about Income Tax, administrative framework of Income-tax, Return Filing Period, who is suppose to pay Tax, how to pay tax, precaution in Tax Payment , when to pay Tax, Advance Tax Calculation, Income Tax Challans, Form 26AS, Exempt Income Taxable, Income, Assessing Officer, Revenue receipt, Capital receipt, Agricultural ...

Read More
Posted Under: Income Tax |

PM warns Tax Evaders to disclose income before 30.09.2016

For those having undisclosed income, the government has provided a special chance to declare it by September 30, 2016. He said by paying a penalty, those having undisclosed money can free themselves from various kinds of burden. ...

Read More
Posted Under: Income Tax |

Income Tax Provisions When Invoice Value Exceeds Rs. 2 Lakh

LEGAL REQUIREMENTS UNDER INCOME TAX ACT WHEN SELLER OR SERVICE PROVIDER RECEIVED CONSIDERATION MORE THAN Rs. 2 lakh. 1. TAX COLLECTION AT SOURCE : With effect from 1st June, 2016, Finance Act 2016 has amended section 206C of the Income-tax Act to provide that the seller shall collect tax at the rate of one per […]...

Read More
Posted Under: Income Tax |

Burden of TCS on Sale or Purchase in Cash?

Krishna, the government has brought the provision of TCS (Tax Collected at Source) on sale of every product or service in income tax and everywhere a debate or discussion on it is going on. What exactly is there in this TCS provision?...

Read More
Posted Under: Income Tax |

Requirement of PAN and TCS on Cash Transaction

Notification No. 95/2015-Income Tax (30/12/2015)

PAN will be required to be quote on invoice / bill at the time of Sale or purchase of any goods or services if a transactions above Rs. 2,00,000/- regardless of the mode of payment (weather in cash or cheque). Where buyer is a minor, in that case PAN of his father or mother or guardian, as the case may be, on the invoice / bill of the sai...

Read More
Posted Under: Income Tax |

Can Non Resident Assessee avail 10% Tax rate on LTCG?

DDIT Vs. Mitsubishi Motors Corporation (ITAT Delhi)

The assessee had applied tax rate of 10% in the terms of the proviso to section 112(1) of the Income Tax Act. However, the AO has applied tax rate of 20% as the proviso below section 112(1)(c) was not applicable in the case of non-residents. Does as per ITAT - the long-term capital gain earned by the assessee non-resident on off market sa...

Read More

No TDS on commission paid outside India for services received outside India by Non-Residents

DCIT vs. M/s Sess Resources Ltd. (ITAT Panaji)

The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said have deemed to be, income which has accrued and/or arisen in India & therefore no occasion to deduct tax at source in respect of the payment made to the non-resident agent arise & thus there is no liability to ...

Read More

Reopening invalid if AO records satisfaction in mechanical manner & without application of mind

M/S Banke Bihari Properties Pvt. Ltd Vs ITO (ITAT New Delhi)

While the CIT may have proceeded on the basis that the reopening of the assessment was valid, this does not satisfy the requirement of law that prior to the reopening of the assessment, the AO has to, applying his mind to the materials, conclude that he has reason to believe that income of the Assessee has escaped assessment. Unless that ...

Read More

No addition for mere non-reconciliation of Professional fees with AIR details

CIT Vs. Shri S. Ganesh

It has categorically been explained by the assessee that it is not practically possible to give detailed party wise breakup of fees receipts since the assessee received his fees either directly from the clients or from the instructing advocates or CAs, if they have collected the amounts from the clients. ...

Read More

Demolition/Redevelopment not amounts to transfer, so no withdrawal of 54F

Shri Dilip Manhar Parekh Vs The Dy. CIT

The assessee has been denied the deduction u/s 54F of the Act. the assessee has duly purchased and made investment in the residential bungalow at Juhu(new asset) along with co-owner Smt. Chhaya B. Parekh. The said bungalow was demolished for the purposes of redevelopment. The Hon’ble Bombay High Court in the case of co-owner Smt. Chhaya...

Read More
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