income tax rules

Ranbaxy Laboratories Ltd. v. Additional Commissioner of Income-tax Section 92C, read with section 92CA, of the Income-tax Act, 1961 - Transfer pricing - Computation of Arm's length price - Assessment year 2004-05 - Whether Assessing Officer in light of Instruction No. 3 of 2003, dated 20-5-2003 of CBDT is duty bound to refer matter to transfer pricing officer of international transaction exceeding Rs. 5 crores, having regard to purpose of specialized cell created by reve.. Full Article

NOTIFICATION NO 11/2008, Dated: January 18, 2008 Valuation of specified security not being an equity share in the company. 40D. For the purposes of clause (ba) of sub-section (1) of section 115WC, the fair market value of any specified security, not being an equity share in a company, on the date on which the option vests with the employee, shall be such value as determined by a merchant banker on the specified date. Full Article

HC asks Britannia to return pension money Firm had challenged an Income Tax dept show cause notice on why it withdrew such a huge amount from the employees' fund.Britannia Industries (BIL) has been asked by the Calcutta High Court to pay back the Rs 12 crore it allegedly withdrew from the company’s pension fund. BIL had recieved a showcause notice from the income tax department to explain the withdrawal in 2003. Full Article

The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air-conditioning plant or equipment) or if such furniture is hired from a third party, the actual hire charges payable for the same as reduced by any charges paid or payable for the same by the employee during the previous year. Full Article

NOTIFICATION NO. 264/2007, DATED 23-10-2007 Valuation of specified security or sweat equity share being a share in the company. 40C. (1) For the purposes of clause (ba) of sub-section (1) of section 115WC, the fair market value of any specified security or sweat equity share, being an equity share in a company, on the date on which the option vests with the employee, shall be determined in accordance with the provisions of sub-rule (2) or sub-rule (3). Full Article

Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assessees is the `limit' relating to financial transactions for AIR, specified in one of the `frequently asked' questions, posted recently on www.incometaxindiaefiling.gov.in. Question number 64, the last in the list, reads: "In sch.. 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

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