Income Tax - Page 4

Identification of officials who are either absconding or are on unauthorized leave

F.No. ADG (Exams)/Comm./2017-18/ (21/03/2017)

A Committee was constituted to carry out a one time count of all officers in the Income tax organization and identify such of those Group A officers as are presently on unauthorized leave or are absconding....

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No Tax on off–shore supplies of goods completed outside Indian territory

M/s. Iljin Electric Co. Ltd. Vs Dy. Commissioner of Income Tax (ITAT Mumbai)

Aforesaid appeal of the assessee is against assessment order dated 31st January 2017, passed under section 143(3) r/w section 144C(13) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2013–14 in pursuance to the direction of the Dispute Resolution Panel–1, Mumbai, (DRP), dated 18th November 2016....

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Advertisement expense post Flilm certification by Censor Board allowable

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

Advertisement expenditure incurred after certification by Board of Film Censors cannot be included as part of cost of production, hence, provisions of rule 9A, will not apply. It was held, the expenditure incurred in regular course of business has to be allowed under section 37. ...

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Section 194J TDS not applicable to payment made in kind

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

TDS is applicable in case of payment of any sum towards fees for professional services. He submitted, the term any sum, used in section 194J would denote payment in money terms and not in kind. ...

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Expense on obtaining ISO certificates are revenue expenditure

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are neither intangible fixed asset nor transferrable. Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdrawn if the assessee does not adhere to the...

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Dispensing with requirement for convening meeting of Equity Shareholders not possible: NCLT

Re. JVA Trading Private Limited (National Company Law Tribunal)

In relation to the dispensation of the meeting of the equity shareholders of the Transferor Company is concerned we are not inclined to grant dispensation taking into consideration the provisions of Companies Act, 2013 and the rules framed there under both of which expressly do not clothe this Tribunal with the power of dispensation in re...

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Posted Under: Income Tax | |

Committee on officials who are either absconding or on unauthorized leave

Order No. F.No.ADG(Exams)/Comm./2017-18 (20/03/2017)

A Committee is being constituted to carry out a one time count of all the officers working in the Income tax organization and identify such of those Group A officers as are presently on unauthorized leave or are absconding. The Committee will comprise the following officers...

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Exemption on Income arising out of Maintenance Money of ‘Minor’- Report

Whether the provisions of section 64(1A) of the Income Tax Act, 1961 require an amendment to provide for exemption from clubbing of minor's income accruing by way of interest on the amount deposited by one of the parents of the minor child as maintenance, at the hands of parent/guardian, under an order of the Court. ...

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Posted Under: Income Tax |

Section 54F exemption on investment out of borrowed funds, in the name of Karta by HUF & On Renovation of Existing Unit

Shri Puranchand & Family (HUF) Vs ITO (ITAT Chennai)

This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) – 13, Chennai dated 15.09.2016 and pertains to the assessment year 2012-13....

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Need for amendment in Section 206AA for non-resident investors of ‘Masala bonds’

Non-resident investors have recently shown a great deal of interest in subscribing to Masala Bonds issued by Indian corporates. Masala Bonds is the informal name of Rupee-denominated bonds (RDB) issued by Indian corporates outside India. ...

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Posted Under: Income Tax |
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Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.

Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.

Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.

At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost.

Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.

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