income tax act

Notification No. 74/2009 Section 120(1) and (2) of the Income-tax Act, 1961 – Jurisdiction of income-tax authorities In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 196I (43 of 1961), the Central Board of Direct Taxes hereby  directs that Chief Commissioner specified in column (2) of [...] Full Article

Notification No. 73/2009 Section 118 of the Income-tax Act, 1961 – Control of income-tax authorities – Notified subordinate officers In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Income-tax authorities specified in column (3) of the Schedule [...] Full Article

Notification No. 72/2009 Section 117(1) and (2) of the Income-tax Act, 1961 – Appointment of income-tax authorities – Notified officer In exercise of the powers conferred by sub-sections (1) and (2) of section 117 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby appoints the officer specified in column (2) [...] Full Article

The Examination Committee has taken the following important decisions for the November, 2009 examinations. Students are advised to note them carefully. A.    CA course being a professional course, practical training is an essential part of it and accordingly all papers of Professional Competence Examination as well as Final should be practical oriented questions as also [...] Full Article

The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual or a Hindu Undivided Family [...] Full Article

CASE LAW DETAILS In The case of: CIT vs. Mohd. Farooq, Decided by: (Allahabad High Court – Full Bench), Appeal No.: Income Tax Appeal No. (78) of 2002, Date of Order: 03.09.2009 S. 260A permits the filing of an appeal to the High Court within 120 days. In CIT vs. Velingkar Brothers 289 ITR 382 [...] Full Article

September 30th is the Due Date for filing Income tax Returns for corporate assessees and those who come under compulsory audit. Virtually the Government of India is on a vacation, with Puja and other holidays. Yesterday was a holiday and tomorrow the banks are closed. Full Article

SUMMARY OF CASE LAW Remission of a debt by the lender which was not claimed and allowed as a deduction to the borrower in any manner in any earlier previous year cannot be brought to tax either under section 41(1) or under section 28(iv) of Income-tax Act, 1961. Full Article