incomes

Taxation of Agricultural Income- Detailed Analysis

Income Tax - 1. Agricultural Income in India is Exempt from Income Tax u/s 10(1) of Income Tax Act, but agricultural income from outside India is taxable. As per entry number 82 of Union List, Central Govt. shall have the powers to levy income tax on any income except agricultural income....

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Taxation of Co-operative Housing Societies & Income Tax Return

Income Tax - In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are chargeable to Tax....

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TDS on exempt incomes (especially agricultural income)

Income Tax - It is obvious that the TDS provisions are going to be expanded day by day even in the direct Tax Code era. In the process to recover more and more tax through this mode of recovery, in many cases tax is also deducted from incomes which are expressly exempt. Many cases are wandering the corridors of various courts of law on this ground. Th...

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Income from Other Sources – Method of Accounting – Concealment Penalty – Provisional Attachment

Income Tax - In this article, the proposed amendments by The Finance (No. 2) Bill, 2009 relating to sections 56(2), 57, 145A, 271(1) Explanation 5A and 281B, are briefly discussed. These amendments proposed in the Finance (No. 2) Bill, 2009, are aimed towards rationalizing the provisions of the Income-tax Act, 1961 (“the Act”) in order to bring ou...

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New direct tax code for salaried persons

Income Tax - In the previous chapter we studied the impact of proposed tax rates and concluded it is more in favour of the rich and not for middle income group. A similar view has also been expressed by group of Senior Income Tax Officials in which they have stated “under the garb of providing long term stability in the tax regime, the tax code in f...

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CBDT ordered scrutiny of certain type of receipts, Companies deferring TDS transfers & others

Income Tax - The interest paid on delayed compensation to land owners by companies or entities engaged in the creation of Special Economic Zones, industrial parks and infrastructure developments,and payments by electricity distribution companies to transmission line owners,will now attract tax . The Central Board of Direct Taxes has also issued instru...

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Deduction under section 80-IA is not dependent upon the assessee claiming or not claiming depreciation

Plastiblends India Ltd. Vs Addl. CIT (Bombay High Court) - In the present case, the dispute relates to the special deduction allowable under Section 80-IA contained in Chapter VI-A. Relevant provisions contained in Chapter VI-A including Section 80-IA (to the extent relevant),read as follows :-...

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Computation of undisclosed income in case no incriminating document was found during search

ACIT Vs Surindra Engg. Co. P. Ltd. (ITAT Mumbai 'I' Bench) - Searches conducted by the Income Department are important means for unearthing black money. However, under the scheme before insertion of special procedure for assessment of search cases, valuable time is lost in trying to relate the undisclosed incomes to the different years. Tax evaders generally ...

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Loan waived by lender is not taxable in the hand of borrower

Cipla Investments Ltd. Vs ITO (ITAT Mumbai 'C' Bench) - As the facts indicate the holding company has advanced funds to the assessee company in 1998 which was received as share application money, later on transferred to unsecured loan. The amounts were utilised in investments and the incomes thereon were offered under the head 'capital gains' and not as ...

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Section 120(1) and (2) of the Income-tax Act, 1961 – Jurisdiction of income-tax authorities

Notification No. 74/2009 & Notification No. 75/2009 - Income Tax - (30/09/2009) - Notification No. 74/2009 & Notification No. 75/2009 - Income Tax 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...

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Recent Posts in "incomes"

Taxation of Agricultural Income- Detailed Analysis

1. Agricultural Income in India is Exempt from Income Tax u/s 10(1) of Income Tax Act, but agricultural income from outside India is taxable. As per entry number 82 of Union List, Central Govt. shall have the powers to levy income tax on any income except agricultural income....

Read More
Posted Under: Income Tax |

Taxation of Co-operative Housing Societies & Income Tax Return

In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not bother to take PAN No. & file Income Tax returns. This is a wrong perception since though certain types of income of CHS are exempt there are other incomes which are chargeable to Tax....

Read More
Posted Under: Income Tax | ,

TDS on exempt incomes (especially agricultural income)

It is obvious that the TDS provisions are going to be expanded day by day even in the direct Tax Code era. In the process to recover more and more tax through this mode of recovery, in many cases tax is also deducted from incomes which are expressly exempt. Many cases are wandering the corridors of various courts of law on this ground. Th...

Read More
Posted Under: Income Tax | ,

Income from Other Sources – Method of Accounting – Concealment Penalty – Provisional Attachment

In this article, the proposed amendments by The Finance (No. 2) Bill, 2009 relating to sections 56(2), 57, 145A, 271(1) Explanation 5A and 281B, are briefly discussed. These amendments proposed in the Finance (No. 2) Bill, 2009, are aimed towards rationalizing the provisions of the Income-tax Act, 1961 (“the Act”) in order to bring ou...

Read More
Posted Under: Income Tax |

Deduction under section 80-IA is not dependent upon the assessee claiming or not claiming depreciation

Plastiblends India Ltd. Vs Addl. CIT (Bombay High Court)

In the present case, the dispute relates to the special deduction allowable under Section 80-IA contained in Chapter VI-A. Relevant provisions contained in Chapter VI-A including Section 80-IA (to the extent relevant),read as follows :-...

Read More

Computation of undisclosed income in case no incriminating document was found during search

ACIT Vs Surindra Engg. Co. P. Ltd. (ITAT Mumbai 'I' Bench)

Searches conducted by the Income Department are important means for unearthing black money. However, under the scheme before insertion of special procedure for assessment of search cases, valuable time is lost in trying to relate the undisclosed incomes to the different years. Tax evaders generally manage to divert the focus to procedural...

Read More

New direct tax code for salaried persons

In the previous chapter we studied the impact of proposed tax rates and concluded it is more in favour of the rich and not for middle income group. A similar view has also been expressed by group of Senior Income Tax Officials in which they have stated “under the garb of providing long term stability in the tax regime, the tax code in f...

Read More
Posted Under: Income Tax |

New Direct Tax code and the investors

Investment may be grouped under realty (house property), investment in bank deposits, Post office Small Saving Schemes, investment in Mutual Funds, investment in direct equity and debt securities, gold or bullion. The incomes from speculative nature of business are not included here as they are not investment....

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Posted Under: Income Tax |

Section 120(1) and (2) of the Income-tax Act, 1961 – Jurisdiction of income-tax authorities

Notification No. 74/2009 & Notification No. 75/2009 - Income Tax (30/09/2009)

Notification No. 74/2009 & Notification No. 75/2009 - Income Tax 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...

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Loan waived by lender is not taxable in the hand of borrower

Cipla Investments Ltd. Vs ITO (ITAT Mumbai 'C' Bench)

As the facts indicate the holding company has advanced funds to the assessee company in 1998 which was received as share application money, later on transferred to unsecured loan. The amounts were utilised in investments and the incomes thereon were offered under the head 'capital gains' and not as 'business income'. ...

Read More
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