tax credit

Analysis of Rules for grant of Foreign Tax Credit

Income Tax - Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax professionals. Absence of well-defined set of rules, coupled with few judicial precedents had resulted in diversified practices. The Central Board of Direct Taxes (‘CBDT’) by Income-tax (18th Amendment) Rules...

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Go Solar and Get More Dollars

Income Tax - Being environment friendly and being able to save a lot of money are a very good combination. To do these, your new best friends are The Energy Policy Act of 2005, The Energy Improvement and Extension Act of 2008 and The American Recovery and Reinvestment Act of 2009. These are the laws that contributed to […]...

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Form 26AS- Check Anywhere Anytime Tax Credit Status

Income Tax - All these three links can also be accessed on national website of Income Tax Department (http://www.incometaxindia.gov.in/Pages/default.aspx). There is an option to view the tax credit wherein the user is taken to e-filling website, internet banking or TRACES website based on the choice of the taxpayer to view his tax credit. Note:‑ For...

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Utilisation of credit of Education and SHE Cess for payment of basic excise duty

Income Tax - Rule 3(7)(b) of the CCR, 2004 has been amended vide Notification No.12/2015-Central Excise (N.T.), dated 30.04.2015 so as to allow utilisation of credit of Education Cess and Secondary & Higher Education Cess for payment of basic excise duty. ...

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MAT, Clarification regarding add back of ‘Provision for diminution in the value of asset’ while computing book profit

Income Tax - It was zero-tax companies, which were profitable and paid dividends to shareholders but owing to various deductions/sops available under the tax laws did not have a taxable income and thus did not pay tax, that caught the attention of the legislators and led to the introduction of MAT. Under the existing provision a company is liable to p...

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CBDT order on Mahindra Satyam won't take effect for 2 weeks

Income Tax - The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect for two weeks so that the IT company may challenge it in an appropriate forum....

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View tax credit in form 26AS through Bank Login

Income Tax - With a new initiative, NSDL enhances Form 26AS viewing facility at internet banking account of PAN holder. For this purpose NSDL has already made the necessary arrangement with all banks under OLTAS. These banks would enable the link for Form 26AS at their Internet Banking pages....

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Tax Credits Available In the Annual Tax Statement for A.Y. 2008-09

Income Tax - The Income Tax Department (ITD) creates Annual Tax Statement of each taxpayer using their Permanent Account Number (PAN) as identifier. The tax statement contains details of tax paid by the taxpayer himself (self assessment/advance tax) and also details of tax deducted/collected from him during the financial year. ...

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Tax credit for tax withheld cannot be denied to the payee upon subsequent refund of the TDS to the deductor

Lucent Technologies Grl Llc Vs DCIT (ITAT Mumbai) - It is pertinent to note that the Central Board of Direct Taxes had issued Circular No. 7/2007 dated 23 July 2007 which provides the procedure and circumstances for refund of tax deducted at source under section 195 of the Act to the tax deductor. How...

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MAT credit should be allowed before calculating Interest U/s. 234B and 234C of the Income Tax Act, 1961

Sucham Finance & Investments Pvt. Ltd. Vs ACIT (ITAT Mumbai) - 6. We have heard the rival contentions and carefully perused the orders. The short question here is whether credits for tax paid as provided in section 115JAA of the Act has to be given before charging of interest u/s 234A & 234B or after charging of interest u/s 234A and 234B of the Act, in the lat...

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Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider

Ahmednagar Merchants Co-operative Bank Ltd. Vs CCE (CESTAT Mumbai) - Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider; once it is found that Cenvat credit was irregularly availed by the assessee and by implication to that extent the service tax on the output service was short paid, it has to be recovered und...

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CBDT notifies rules for Foreign Tax Credit

Notification No. 54/2016-Income Tax - (27/06/2016) - Foreign Tax Credit.- (1) An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or ass...

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Cenvat credit of excise duty/CVD paid on goods used in providing Supply of Tangible Goods service

Trade Notice No. 12/2009 - (13/03/2009) - Supply of tangible goods including machinery, equipments and appliance for use, without transferring right of possession and effective control of such tangible goods is a taxable service in terms of provision of Section 65 (105) (zzzzj) of the Finance Act, 1994. In some case, vehicles, aircrafts, ve...

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Recent Posts in "tax credit"

Analysis of Rules for grant of Foreign Tax Credit

Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax professionals. Absence of well-defined set of rules, coupled with few judicial precedents had resulted in diversified practices. The Central Board of Direct Taxes (‘CBDT’) by Income-tax (18th Amendment) Rules...

Read More
Posted Under: Service Tax |

CBDT notifies rules for Foreign Tax Credit

Notification No. 54/2016-Income Tax (27/06/2016)

Foreign Tax Credit.- (1) An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India, in the manner and...

Read More

Go Solar and Get More Dollars

Being environment friendly and being able to save a lot of money are a very good combination. To do these, your new best friends are The Energy Policy Act of 2005, The Energy Improvement and Extension Act of 2008 and The American Recovery and Reinvestment Act of 2009. These are the laws that contributed to […]...

Read More
Posted Under: Service Tax |

Form 26AS- Check Anywhere Anytime Tax Credit Status

All these three links can also be accessed on national website of Income Tax Department (http://www.incometaxindia.gov.in/Pages/default.aspx). There is an option to view the tax credit wherein the user is taken to e-filling website, internet banking or TRACES website based on the choice of the taxpayer to view his tax credit. Note:‑ For...

Read More

Utilisation of credit of Education and SHE Cess for payment of basic excise duty

Rule 3(7)(b) of the CCR, 2004 has been amended vide Notification No.12/2015-Central Excise (N.T.), dated 30.04.2015 so as to allow utilisation of credit of Education Cess and Secondary & Higher Education Cess for payment of basic excise duty. ...

Read More
Posted Under: Service Tax |

CBDT order on Mahindra Satyam won't take effect for 2 weeks

The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect for two weeks so that the IT company may challenge it in an appropriate forum....

Read More
Posted Under: Service Tax |

Tax credit for tax withheld cannot be denied to the payee upon subsequent refund of the TDS to the deductor

Lucent Technologies Grl Llc Vs DCIT (ITAT Mumbai)

It is pertinent to note that the Central Board of Direct Taxes had issued Circular No. 7/2007 dated 23 July 2007 which provides the procedure and circumstances for refund of tax deducted at source under section 195 of the Act to the tax deductor. How...

Read More

MAT, Clarification regarding add back of ‘Provision for diminution in the value of asset’ while computing book profit

It was zero-tax companies, which were profitable and paid dividends to shareholders but owing to various deductions/sops available under the tax laws did not have a taxable income and thus did not pay tax, that caught the attention of the legislators and led to the introduction of MAT. Under the existing provision a company is liable to p...

Read More
Posted Under: Service Tax |

DTC 2009 – Focus on Outbound investments from India

As a first step towards simplifying and bringing about structural changes in direct taxes, the new Direct Taxes Code („Code?) Bill 2009 has been released for public debate. This is expected to be presented in the winter session 2009 of the Parliament. The Code, once enacted, is proposed to be effective from 1st of April 2011....

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Posted Under: Service Tax |

Carry forward & set off of MAT credit u/s.115JAA & Allowability in the hands of amalgamated company

The reasons in support of and also against the issue under consideration have been set out above. The reasons in support of the argument that, amalgamated company can claim MAT credit of amalgamating company after merger, appears to be reasonable. Such conclusion would also be in accord with the purposive interpretation of the relevant pr...

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Posted Under: Service Tax |
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