income tax act 1961

An act which a court orders to be done, or money which a court orders to be paid, by a person whose acts or omissions have caused loss or injury to another in order that thereby the person damnified may receive equal value for his loss, or be made whole in respect of his injury; the consideration or price of a privilege purchased; some thing given or obtained as an equivalent; the rendering of an equivalent in value or amount; an equivalent given for property taken or fo.. Full Article

Om Prakash Tewari v. Union of India - Section 139 of the Income-tax Act, 1961, read with rule 12 of the Income-tax Rules, 1962 - Return of income - General - Assessment year 2007-08 - Petitioners, lawyers/advocates, chal­lenged Income-tax (Fourth Amendment) Rules, 2007 which amended rule 12 and introduced new tax return Forms ITR-1 to ITR-8, and contended that Saral 2D Form is easiest way of filing returns which petitioners are using for filing their income-tax returns .. Full Article

Tribunal was not right in holding that there was no obligation on the part of the assessee to comply with the statutory requirements of section 194A by deducting tax deductible at source on interest paid by it for loans availed of by it and repaid by it with interest on the ground that the loans were meant for its directors and not for the assessee. COMMISSIONER OF INCOME-TAX, BANGALORE v. CENTURY BUILDING INDUSTRIES (P.) LTD Full Article

Annual Information Return (AIR) of 'high value financial transactions' is required to be furnished under section 285BA of the Income-tax Act, 1961 by 'specified persons' in respect of 'specified transactions' registered or recorded by them during the financial year. The due date of filing of the return is the 31st of August of the following year. Full Article

Commissioner of Income-tax v. K. Chinnathamban - Section 69A of the Income-tax Act, 1961 - Unexplained money - Firm ‘V’, allegedly floated for carrying on business of prize tickets and for collecting deposits from public, was managed by one ‘K’ - During search certain amount was seized - Assessing Officer on basis of statements given by ‘K’ concluded that firm was not genuine and observing that ‘K’ was not in position to explain source of deposit of seize.. Full Article

The interesting question raised in this petition is, where a company deducts tax at source (TDS) from the salary payable to an employee, but fails to deposit the said amount into the Government treasury, whether, the revenue can recover the TDS amount with interest from the employee concerned in spite of the express bar contained in section 205 of the Income Tax Act, 1961. Full Article