income tax assessment

The assessee, a public limited company, filed its return of income for the assessment year 2000-01 on 30-11-2000 admitting an income of Rs.1,04,25,160 and the same was processed u/s 143(1) on 15-3-2001. The assessee had also filed revised return of income on 28-3-2002 admitting an additional income of Rs.2,54,89,190. Subsequently, the case was selected for scrutiny and the assessment was completed u/s 143(3) on 2632003 determining the total income at Rs.1,28,99,070 as pe.. Full Article

“The German Tax authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT Bank of Liechtenstein…Assessments have been reopened under the Income Tax Act, 1961 in all these cases,” said the Minister of State for Finance, S S Palanimanickam, in a written reply to the Rajya Sabha. Full Article

From now on, when you get a gift in kind, valued at more than Rs. 50,000, from your parents or other relatives, make sure you have a sworn affidavit declaring the donor your kin.The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriage or by way of inheritance. Full Article

14 Clarification regarding definition of written down value under subsection(6) of section 43. 14.1 Clause (ii) of sub-section (1) of section 32 provides that depreciation shall be allowed at the prescribed percentage on the written down value (WDV) of any block of assets. Sub-clause (b) of clause (6) of section 43 provides that written down [...] Full Article

Today, the fraud at Satyam Computer Services is one of  the hottest topics around. There are so many questions relating to various taxation issues that are constantly cropping up. One of the common questions going through everyone’s mind is: Can Satyam claim a refund of taxes already paid on its inflated income for all the [...] Full Article