Income Tax

Consequences of Filing Income Tax Return After Due Date

The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed u/s 139(1). For a layman sometimes it may c...

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Analysis of Rules for grant of Foreign Tax Credit

Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax professionals. Absence of well-defined set of rules, coupled with few judicial precedents had resulted in diversified practices. The Central Board of Direct Taxes (‘CBDT’) by Income-tax (18th Amendment) Rules...

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Section 80C deduction on Joint Holding of National Saving Certificate

Sec 80C of Income Tax Act, 1961 allows deductions on National Saving Certificate Investment Maximum Limit allowed is Rs 150000/- per Financial Year...

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Presumptive taxation U/s. 44AD, 44ADA, 44AE with FAQs

Sections 44AD, 44AE and 44 AF cover special provisions of computing profits on a presumptive basis. All the schemes are optional at the discretion of the assessee. Conditions and manner of computation common to all three sections are given at the end after specific provisions applying to each section....

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Permanent Account Number (PAN)

In this article we have covered Meaning of Permanent Account Number (PAN), Its Utility,Procedure to Obtain PAN, Transaction in Which PAN is Mandatory,How to correct any mistake in PAN card or intimate any change in data pertaining to PAN, Why Holding of more than one PAN not allowed, How to know PAN if the PAN […]...

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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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Mere Non Completion / Registration cannot be the reason for denying benefit U/s 54

Rajeev B. Shah v. ITO (ITAT Mumbai) - The only issue is that when the assessee is not able to get the title of the flat registered in his name or unable to get the possession of the flat, which is under construction, due to fault of the Builder, the assessee cannot be denied deduction u/s 54F of the Act. ...

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Interest on investments of Service Co-operative Banks eligible for deduction u/s 80P(2)(a)(1)

The Kizhathadiyoor Service Coop Bank ltd Vs. ITO (ITAT Cochin) - Interest income on investments of Service Co-operative Banks is business income eligible for deduction u/s 80P(2)(a)(1) and not income from other sources. SC decision in Totgar case not applicable in this case....

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Interest free loan to AE – Crime?

Instrumentarium Corporation Limited, Finland Vs. Assistant Director of Income Tax International Taxation (ITAT Kolkata) - The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s. Datex-Ohmeda (India) Pvt. ...

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Satisfaction of need, rendition & benefit test is to be from assessee’s business point of view

GE Money Financial Services Pvt. Ltd. Vs. ACIT (Delhi ITAT) - The ITAT Delhi in the above cited case held that the need , rendition and benefit test for services availed by the assessee from associated enterprises should be applied having regard to the assessee’s business and not in a generic manner. TPO should have given due thought to the requirements ,be...

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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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Clarification on attaining Age of 60 /80 years for Income Tax

Circular No. 28/2016-Income Tax - (27/07/2016) - CBDT clarifies that a person born on 1st April would be considered to have attained a particular age on 31st March, the day preceding the anniversary of his birthday. In particular, the question of attainment of age of eligibility for being considered a senior/very senior citizen would therefore be...

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Import policy of Unmanned Aircraft System/ Aerial Vehicle /Remotely Piloted Aircraft /drones

Notification No. 16/2015-2020 - (27/07/2016) - Import of Unmanbed Aircraft System (UAS)/Unmanned Aerial Vehicle (UAVs)/Remotely Piloted Aircraft (RPAs)/drones is `Restricted'; it would require prior clearance of Directorate General of Civil Aviation (DGCA) and import licence from DGFT....

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CBDT enables view of CIB, AIR & other info of Cases Selected in CASS

CASS - Instruction No. 2 - (25/07/2016) - This year in CASS, two types of cases are selected for scrutiny, one is 'Limited Scrutiny' and other is 'Complete Scrutiny'. The type of case - 'Limited' or 'Complete' — is displayed on the notice issued u/s 143(2), 'Scrutiny Register', 'MIS Report' and on the screen showing details of the case....

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Order No. 140 of 2016- Postings/Transfers in the grade of ACIT/DCIT

Order No. 140 of 2016 - (26/07/2016) - The following postings I transfers in the grade of Assistant/ Deputy Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-...

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‘Letter Template’ for linking of AIR transaction(s) to a valid PAN

The Income Tax Department has received information about large value transactions relating to you under the Annual Information Return (AIR) without a valid PAN. The list of such transactions is provided. You are requested to submit the on-line response as under:...

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Recent Posts in "Income Tax"

Consequences of Filing Income Tax Return After Due Date

The due date for filing income tax return for corporate assessees and other assessees who are required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30th September and for others it is 31st July every year as have been prescribed u/s 139(1). For a layman sometimes it may c...

Read More
Posted Under: Income Tax | ,

Reg. e-mail based communication for Paperless Assessment

As you are aware, the assessment proceedings in all cases selected under scrutiny are now to be conducted through e-mail based communications unless the taxpayer concerned himself desires to opts out of the Paperless Assessment Scheme. The assessing officer also can decide to switch over to the manual mode of assessment, after recording r...

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Posted Under: Income Tax

Clarification on attaining Age of 60 /80 years for Income Tax

Circular No. 28/2016-Income Tax (27/07/2016)

CBDT clarifies that a person born on 1st April would be considered to have attained a particular age on 31st March, the day preceding the anniversary of his birthday. In particular, the question of attainment of age of eligibility for being considered a senior/very senior citizen would therefore be decided on the basis of above criteria....

Read More

Analysis of Rules for grant of Foreign Tax Credit

Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax professionals. Absence of well-defined set of rules, coupled with few judicial precedents had resulted in diversified practices. The Central Board of Direct Taxes (‘CBDT’) by Income-tax (18th Amendment) Rules...

Read More
Posted Under: Income Tax |

Mere Non Completion / Registration cannot be the reason for denying benefit U/s 54

Rajeev B. Shah v. ITO (ITAT Mumbai)

The only issue is that when the assessee is not able to get the title of the flat registered in his name or unable to get the possession of the flat, which is under construction, due to fault of the Builder, the assessee cannot be denied deduction u/s 54F of the Act. ...

Read More

Import policy of Unmanned Aircraft System/ Aerial Vehicle /Remotely Piloted Aircraft /drones

Notification No. 16/2015-2020 (27/07/2016)

Import of Unmanbed Aircraft System (UAS)/Unmanned Aerial Vehicle (UAVs)/Remotely Piloted Aircraft (RPAs)/drones is `Restricted'; it would require prior clearance of Directorate General of Civil Aviation (DGCA) and import licence from DGFT....

Read More

CBDT enables view of CIB, AIR & other info of Cases Selected in CASS

CASS - Instruction No. 2 (25/07/2016)

This year in CASS, two types of cases are selected for scrutiny, one is 'Limited Scrutiny' and other is 'Complete Scrutiny'. The type of case - 'Limited' or 'Complete' — is displayed on the notice issued u/s 143(2), 'Scrutiny Register', 'MIS Report' and on the screen showing details of the case....

Read More

Interest on investments of Service Co-operative Banks eligible for deduction u/s 80P(2)(a)(1)

The Kizhathadiyoor Service Coop Bank ltd Vs. ITO (ITAT Cochin)

Interest income on investments of Service Co-operative Banks is business income eligible for deduction u/s 80P(2)(a)(1) and not income from other sources. SC decision in Totgar case not applicable in this case....

Read More

Order No. 140 of 2016- Postings/Transfers in the grade of ACIT/DCIT

Order No. 140 of 2016 (26/07/2016)

The following postings I transfers in the grade of Assistant/ Deputy Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-...

Read More

Interest free loan to AE – Crime?

Instrumentarium Corporation Limited, Finland Vs. Assistant Director of Income Tax International Taxation (ITAT Kolkata)

The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s. Datex-Ohmeda (India) Pvt. Ltd. (Datex)?...

Read More
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