Income Tax, Wealth Tax and Direct tax Code Related News

  • Aug
  • 03
  • 2015

Interest free loans extended as quasi capital to 100% subsidiary cannot have nil ALP

Added In Income Tax
In this case ITAT examined that whether Arm’s Length Price (ALP) adjustments will also be warranted in case of interest free loans extended as quasi capital and what are the connotations of expression ‘quasi capital’ in the context of the transfer pricing legislation. After considering the facts and circumstances of the matter ITAT decided the issue against the assessee and confirmed the view taken by AO

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  • Aug
  • 03
  • 2015

Entire capital gains have to be included without computing benefits of indexation while computing ‘book profits’

Added In Income Tax
115JB lays down that every assessee for the purpose of this section shall prepare its Profit & loss account for the relevant previous year in accordance with the provisions of part II & III of Schedule 6 of the Companies Act, 1956. Thus, for computing the profit and the taxability u/s. 115JB, it is mandatory for the assessee to compute profit as per Profit & loss account prepared under the relevant provisions of the Companies Act.

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  • Aug
  • 02
  • 2015

CBDT releases e-filing utility for ITR 3, ITR 4 and ITR 7 for A.Y. 2015-16

Added In Income Tax
CBDT has finally enabled released e-filing utility for ITR 3, ITR-4 and ITR-7 for Assessment Year 2015-16.  CBDT has released Excel and Java Utility for ITR-3 and only Java Utility for ITR-4 and ITR-7. CBDT has already released ITR e-filing utility for ITR 1 (SAHAJ), ITR 2, ITR 2A and ITR 4S (SUGAM). CBDT is […]

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  • Aug
  • 02
  • 2015

‘Bhaubali Returns’ is awaited, but wait for New Income Tax ‘Returns’ is over

Added In Income Tax
Krishna, Income Tax department has notified all remaining ITR’s for FY 2014-15. As audience wait for next release of movies, now taxpayers have to wait for next version of returns. Like movie sequels now Income tax returns also have their sequels. So please explain what are the changes made in these ITR.

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  • Aug
  • 02
  • 2015

Gifts Received Not To Be Indicated in ITR

Added In Income Tax
CA Pulkit Agrawal Introduction:- As per Section 56 of Income Tax Act 1961, Gift exceeding Rs. 50,000/- is taxable in the hands of Donee and is to be indicated under the head Income from Other Sources in ITRs. But if gifts received from Donors does not exceeds Rs. 50,000/- then whole of the sum received […]

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  • Aug
  • 02
  • 2015

Refund Under Provisions of Income Tax Act, 1961

Added In Income Tax
Section 237 of the Income Tax Act, 1961 deals with refund of excess tax paid by the assessee. If any person or assessee satisfies the assessing officer that the amount of the tax paid by him or paid by any person on his behalf during any previous assessment year exceeds the amount with which he is properly chargeable under the act for that year, he is entitled to refund of excess amount paid.

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  • Aug
  • 02
  • 2015

Interest Income on Income Tax Refunds

Added In Income Tax
An Assessee is eligible to claim refund of the excess tax paid by him. Tax could be paid in the form of advance tax or tax deducted/collected at source or self – assessment tax or payment of tax on regular assessment. To claim refund, an assessee need to E – file Return of Income submitting the proof of payment of taxes like Advance Tax, TDS/TCS etc. An Assessee can also claim tax refund even if return is filed after the due date.

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  • Aug
  • 01
  • 2015

Agricultural Income – Tax treatment / Taxability

Added In Income Tax
Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. However while computing tax on non-agricultural income agricultural income is also taken into consideration.

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  • Jul
  • 31
  • 2015

CBDT releases Manual on Exchange of Information

Added In Income Tax
The CBDT had, in 2013, brought out a Manual to provide guidance to field officers on the scope and manner of exchange of tax-related information under the various tax treaties and agreements that India has entered into. Since then, there has been an increasing global consensus on the necessity of cooperation amongst countries to tackle the problem of offshore tax evasion and avoidance.

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  • Jul
  • 30
  • 2015

CBDT notifies New ITR-3, ITR-4, ITR-5 ITR-6 & ITR -7 for A.Y. 2015-16

Added In Income Tax
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NEW DELHI NOTIFICATION NO.  61/2015, Dated: July 29, 2015 S.O. 2070 (E).- In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 […]

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