ITR

How To Get Relief From Double Taxation?

In case , one earns income which suffers tax outside India, the Income Tax Act has clear provision of relief from such double taxation. The relevant provision are contained in section 90 and section 91 of the I T Act. Section 90 is applicable for the cases when the tax has been paid in a country with which India has signed comprehensive double taxation avoidance agreements. There are Double Taxation Avoidance Agreements with as many as 79 countries .Comprehensive agreeme..
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Now file Income tax returns from your mobile phone

Online income tax return filing company TaxSpanner today announced launch of mobile version of its solution that would enable users to file income tax returns (ITR) from their handset. After introducing the eFile by eMail option where customers need to just send us an email with a few details, e-filing of taxes through mobile is the next obvious step for the company, Ankur Sharma, CEO, TaxSpanner said in a statement.
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Download Online Free Income Tax Return Filing Software for ITR 5 and ITR 6 – A.Y. 2011-12

Income Tax department on 22.05.2011 releases official Free Online Income Tax Return Preparation / Filing Software- ITR-5 (Applicable to partnership Firms and Limited Liability partnership) and ITR 6 (Applicable to Companies). These ITR are related to Income tax Return Filing for Assessment year 2011-12 / Financial Year 2010-11. Income Tax Department has already released software in respect of ITR -1, ITR-2 , ITR-3 , ITR 4 and ITR 4S.
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PwC bagged the ‘India Tax Firm of the Year’ award from the International Tax Review

PwC has bagged the 'India Tax Firm of the Year' award from the International Tax Review (ITR), an globally reputed magazine focusing on international tax strategy. The award was presented at the ITR Asia Tax Awards ceremony held yesterday in Singapor
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Manner of furnishing of income tax return for taxpayers which are liable for Tax Audit under section 44AB of the Income

As per the Income-tax Rules, 1962 (Rules), a return of income which is required to be filed electronically can be filed either under a digital signature or by transmitting the data in the return electronically and thereafter submitting the signed ver
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Bank interest is not eligible for deduction under sections 80-IB/80HHC

The next two items are penal charges of Rs.5,11,688/ - and Rs. 10,970/-. These amounts have already been held to be business income while discussing the issues of section 80IB. Accordingly, we direct the AO to treat these two amounts as part of business income for computation under section 80HHC.
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Assessee is entitled for depreciation on assets of a closed unit which are part of block of assets

The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of business during the year. Under the circumstances the assets of the said closed unit amounts to use for the purpose of business in the year under consideration , we are, therefore, of the considered view that the assessee is entitled for deprecation. We accordingly allow the claim of the assessee.
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If certain activities are not realy services but more in the nature of stewardship/shareholder activities, the amounts cannot be taxed in India in the absence of a permanent establishment (PE)

The applicant is a US-based manufacturer engaged in manufacturing of engineering goods and is also an R&D-based service provider. It entered a cost al ocation agreement with its India-based group company. The applicant raises invoices on the Indian group company for services rendered based on the formula given in the agreement. The question before the Authority for Advance Ruling was: “Whether payments made for availing services listed out in the agreement are taxabl..
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