Income Tax

India-Mauritius Tax Treaty- Amendment in Protocol and Its Impact

Recently Government of India has notified the revised tax treaty with Mauritius which was signed by both countries on 10 May 2016 under which India will impose capital gains tax on investments routed through the island nation from 1 April 2017 to curb tax evasion....

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Dahi Handi of Govinda Taxpayers on 30th September!

Krishna, festival of Lord Krishna’s Janmashtami is coming closer on 24th Aug. To break the Dahi Handi, human pyramids are formed. Also, the height of Dahi Handi is being a new topic for political debates....

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IDS 2016 and its impact on Penny Stock or Unquoted Shares

If declaration is made in respect of any investment in shares and subsequently such shares were sold then capital gain is to be calculated and tax to be paid on the difference between the sale considerations and fair market value such assets ( i:e the date of determination of fair market value for the purpose of the scheme)....

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Everything about Employee Stock Options Plans (ESOPs)

Almost all of you must have heard the stories of many drivers, office assistants and secretaries of Infosys becoming millionaire. This all could become possible due to a system of making such stakeholders as stockholder of the Company by granting them what is generally known as ESOP( Employee Stock Options Plan)....

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Tax on Dividend received from Specified Foreign Entities

Dividend received from foreign companies is taxable under the head Income from Other Sources at the rate applicable at assessee level. For example, foreign dividend received by an Indian company shall be taxable @ 30% plus Surcharge and Cess as applicable....

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Deduction U/s 35AC available only up to previous year ending 31-03-2017

Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (...

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Release of Version 2.0 of Income Tax Return Statistics for A.Y. 2012-13

A new version of the income distribution data for AY 2012-13 has now been placed in public domain and is available at www.incometaxindia.gov.in. Version 2.0 of the tax return data includes additional tables containing distribution of gross total income in respect of different types of taxpayers e.g. individuals, HUF, firms, companies, ass...

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Recovery of Black Money-Recent major initiatives

The Government has taken various measures to effectively deal with the issue of black money, particularly black money stashed away abroad. Such measures include policy-level initiatives, more effective enforcement action on the ground, putting in place robust legislative and administrative frameworks...

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Generate EVC by pre-validating your A/c at PNB /Union Bank/ NSDL/ CDSL

Electronic Verification Code (EVC) can be generated by pre-validating your Bank Account on the e-Filing portal. Punjab National Bank and United Bank of India have launched this facility which will facilitate the account holders, who may not have a NetBanking account, to e-verify their return. Other banks are expected to launch this facili...

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Direct / Indirect Tax Collections up to July, 2016

Indirect Tax Collections up to July, 2016 indicate net revenue collections of Rs.2,71,719 crore as compared to Rs.209217 crore in the corresponding period last year and thereby registering an increase of 29.9% over the corresponding period; 34.9% of the Budget Estimates of indirect taxes for FY 2016-17 achieved till July 2016. ...

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Rent Income as main Business: Chargeable as Business Income?

M/s. Rayala Corporation Pvt. Ltd. Vs. Assistant Commissioner of Income Tax (Supreme Court) - The business of the company was to lease its property and to earn rent and therefore, the income so earned should be treated as its business income. The High court was not correct while deciding that the income of the appellant should be treated as Income from House Property....

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Non Completion / Registration of Property & Deduction U/s. 54/54F

Rajeev B. Shah v. ITO (ITAT Mumbai) - Claiming Of Deduction Under Section 54F Of The Income Tax Act, 1961 When Property Builder Could Not Complete The Flat While Assessee Fulfilled Condition Under Above-Mentioned Section....

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Consistent treatment made by assessee of share transactions cannot be disturbed by revenue

The DCIT Circle-2 Vs Shri Mahender Kumar Bader (ITAT Jaipur) - The ITAT Bench Jaipur in the above cited case held that as per CBDT circular 6/2016 dated 29.02.2016 , if the assessee has treated the securities as investment and not as stock in trade earlier years,the revenue is not permitted to take a contrary view in the present year to claim that the securit...

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Date of allotment or date of possession- To Compute Capital Gain?

Richa Bagrodia Vs. DCIT (ITAT Mumbai) - The only issue that is to be decided is whether the date of allotment of the flat or the date of possession of the flat by the assessee should be considered as the date for computing the holding period of 36 months....

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Higher frequency & volume of share transactions with short holding period to be treated as trading activity

Pine Tree Finserve Pvt. Ltd. vs. CIT (Bombay HC): IT Appeal No.- 2242 OF 2013 - Bombay HC in the above cited case held that when the assessee’s volume of purchasing and selling shares is quite high with higher frequency of buying and selling with holding 75 days or less then its prima facie indicate that it is engaged in trading of shares unless assessee provide a sound reaso...

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E-filed exemption forms 10A and 10G time barring on 31.08.2016

F. No. System/ITBA/Exemption Module/e-filing/2016-17/7535 - (19/08/2016) - The e-filed forms 10A and 10G filed during the period 01.02.2016 to 29.02.2016, the orders in respect of which will get barred by limitation on 31.08.2016, have been e­ mailed to the concerned Principal Commissioner of Income Tax (Exemption)/ CIT (Exemption) on their official designation b...

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Request for suggestions for legislative changes in direct tax laws -reg.

Instruction F.No.134/56/2015-TPL - (23/08/2016) - n the past, suggestions for legislative changes were invited from field formation during the budget exercise. In this connection I am directed to intimate you that it has been decided to create an exclusive Email Id (i.e suggestion.tpl@gov.in) for receiving suggestions thought the year for legislati...

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Promotion of 89 officers to the grade of JCIT – reg.

Order No. 149 of 2016 - (22/08/2016) - The President is pleased to promote the following officers of Indian Revenue Service to officiate on regular basis in the grade of Joint Commissioner of income Tax in the Pay Band 3 - Rs.15,600 - 39,100 + (7,600-Grade Pay) (pre-revised) with immediate effect:-...

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CBDT notifies classes of buyers to whom TCS provisions not apply

Notification No. 75/2016-Income Tax - (19/08/2016) - Class or classes of buyers to whom provisions of sub-section (1D) of section 206C shall not apply. 37CB. (1) The provisions of sub- section (1D) of section 206C in relation to sale of any goods (other than bullion or jewellery) or providing any service shall not apply to the following class or class...

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IDS 2016- Reg. Fair market value of immovable property

Notification No. 74/2016-Income Tax - (17/08/2016) - Income Declaration Scheme Rules, 2016 have been amended to provide that where acquisition of an immovable property is evidenced by a registered deed, an option shall be available with the declarant to declare the fair market value of such property by applying the cost inflation index to stamp duty v...

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Recent Posts in "Income Tax"

E-filed exemption forms 10A and 10G time barring on 31.08.2016

F. No. System/ITBA/Exemption Module/e-filing/2016-17/7535 (19/08/2016)

The e-filed forms 10A and 10G filed during the period 01.02.2016 to 29.02.2016, the orders in respect of which will get barred by limitation on 31.08.2016, have been e­ mailed to the concerned Principal Commissioner of Income Tax (Exemption)/ CIT (Exemption) on their official designation based e-mail addresses in PDF files...

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Request for suggestions for legislative changes in direct tax laws -reg.

Instruction F.No.134/56/2015-TPL (23/08/2016)

n the past, suggestions for legislative changes were invited from field formation during the budget exercise. In this connection I am directed to intimate you that it has been decided to create an exclusive Email Id (i.e suggestion.tpl@gov.in) for receiving suggestions thought the year for legislative changes relating to direct taxes from...

Read More

India-Mauritius Tax Treaty- Amendment in Protocol and Its Impact

Recently Government of India has notified the revised tax treaty with Mauritius which was signed by both countries on 10 May 2016 under which India will impose capital gains tax on investments routed through the island nation from 1 April 2017 to curb tax evasion....

Read More
Posted Under: Income Tax |

Promotion of 89 officers to the grade of JCIT – reg.

Order No. 149 of 2016 (22/08/2016)

The President is pleased to promote the following officers of Indian Revenue Service to officiate on regular basis in the grade of Joint Commissioner of income Tax in the Pay Band 3 - Rs.15,600 - 39,100 + (7,600-Grade Pay) (pre-revised) with immediate effect:-...

Read More

Dahi Handi of Govinda Taxpayers on 30th September!

Krishna, festival of Lord Krishna’s Janmashtami is coming closer on 24th Aug. To break the Dahi Handi, human pyramids are formed. Also, the height of Dahi Handi is being a new topic for political debates....

Read More
Posted Under: Income Tax |

CBDT notifies classes of buyers to whom TCS provisions not apply

Notification No. 75/2016-Income Tax (19/08/2016)

Class or classes of buyers to whom provisions of sub-section (1D) of section 206C shall not apply. 37CB. (1) The provisions of sub- section (1D) of section 206C in relation to sale of any goods (other than bullion or jewellery) or providing any service shall not apply to the following class or classes of buyers , namely:-...

Read More

Rent Income as main Business: Chargeable as Business Income?

M/s. Rayala Corporation Pvt. Ltd. Vs. Assistant Commissioner of Income Tax (Supreme Court)

The business of the company was to lease its property and to earn rent and therefore, the income so earned should be treated as its business income. The High court was not correct while deciding that the income of the appellant should be treated as Income from House Property....

Read More

IDS 2016 and its impact on Penny Stock or Unquoted Shares

If declaration is made in respect of any investment in shares and subsequently such shares were sold then capital gain is to be calculated and tax to be paid on the difference between the sale considerations and fair market value such assets ( i:e the date of determination of fair market value for the purpose of the scheme)....

Read More
Posted Under: Income Tax |

Deduction U/s 35AC available only up to previous year ending 31-03-2017

Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be allowed in respect of any assessment year commencing on or after 1st April, 2018. Accordingly, the benefit of deduction under section 35AC of the I.T. Act is available only up to previous year ending 31-03-2017 (...

Read More
Posted Under: Income Tax |

Release of Version 2.0 of Income Tax Return Statistics for A.Y. 2012-13

A new version of the income distribution data for AY 2012-13 has now been placed in public domain and is available at www.incometaxindia.gov.in. Version 2.0 of the tax return data includes additional tables containing distribution of gross total income in respect of different types of taxpayers e.g. individuals, HUF, firms, companies, ass...

Read More
Posted Under: Income Tax |
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