income

As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the Income Tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXIS bank branches. The Reserve Bank of India has advised income tax assesses to take advantage of these standing arrangements made for th.. Full Article

Section 80DD allows a deduction to an individual or HUF if the person has incurred in the previous year any expenditure on medical treatment (including nursing), training and rehabilitation of a dependant with a disability or paid or deposited any am Full Article

Foreign institutional investors (FIIs) can breathe easy with the Direct Taxes Code (DTC) Bill, 2010 proposing that their income be taxed as capital gains rather than business income. Opinion is divided on whether this will end the uncertainty over FI Full Article

A look at what constitutes as Income on Indian soil and what is not from the perspective of the IT department. The IT department defines certain incomes as Accruing or Arising in India. This is the basis of calculating your income and income tax. Let’s know more. The IT department says that for any company [...] Full Article

32. Whether gross expenses or net expenses (i.e. net of recovery) are to be considered for the purposes of FBT? For example, part of the expenses on various items like travel, may be recovered from the employees. Therefore, whether FBT would be levied on the gross travel expenditure or on the ‘net’ travel expenditure’? Where [...] Full Article

The government is considering a proposal to make tax audit reports mandatory for e-filing of income tax returns. This follows a recommendation by the Income Tax (I-T) department after the Satyam accounting fraud issue broke in January following founder Ramalinga Raju’s confession. I-T officials said since the returns were e-filed, there was no provision to [...] Full Article

Freeing petrol and diesel prices from official control, restoring tax breaks on natural gas production and tax holiday for private oil refiners should be part of the government’s agenda in the first 100 days, industry wished. The Petroleum Federation of India, apex body of public and private oil firms, has submitted to the oil ministry a [...] Full Article

SECTION 120 OF THE INCOME-TAX ACT, 1961 – INCOME-TAX AUTHORITIES JURISDICTION OF – AMENDMENTS IN NOTIFICATION NO. SO 2022 (E), DATED 30-11-2007 NOTIFICATION NO. 47/2009 [F.No. 187/17/2007-IT(A-I) Part] , DATED 1-6-2009 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income tax Act, 1961 (43 of 1961), the [...] Full Article