taxation

Agricultural Income – Tax treatment / Taxability

Income Tax - Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. Howev...

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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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How To Get Relief From Double Taxation?

Income Tax - 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 d...

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Prepare & File Electronically MVAT Return with Tally

Income Tax - Prerequisite to generate Annexure in Tally. ERP9 for filing your EVAT Return- 1. Press F11 (Company Features) --> Statutory & Taxation. In the displayed window, fill in the VAT Registration Number in the ‘VAT TIN (Regular)' field - 2. Download the e-return templates (i.e, FORM-231.xls, FORM-232.xls and FORM-CST.xls) from the Govt of M...

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NRI and TDS on income earned in India

Income Tax - Who is Non Resident Indian (NRI) as per Income Tax Act and as Fema Provisions? TDS will be deducted only on those incomes of Non Resident Indians (NRIs) which are liable to tax in India. If the income is tax free in India like long term capital gains from equity shares, there would be no TDS. Another important thing to remember is that...

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Corporate India wants no change in tax rates in 2012-13 Budget

Income Tax - Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retained at existing levels even as finance minister Pranab Mukherjee expressed concerns about challenges facing the economy.In their customary pre-Budget meeting with Mukherjee, industry leaders also demanded that h...

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India negotiating changes in DTAA with Mauritius – Pranab Mukherjee

Income Tax - Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. So far as Mauritius is concerned, we are having discussions with them for amendment of the avoidance of double taxation agreement. Talks are going on, Mu...

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5 crore special coins to mark 150 years of taxation

Income Tax - Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for public distribution soon. The coins, released by Finance Minister Pranab Mukherjee on February 26, will be put in public domain and will be a collector's item. These will have no extra price, a senior Finance Minis...

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India signs tax information exchange pacts to avoid tax evasions

Income Tax - India signed Tax Information Exchange Agreements (TIEA) with various countries to avoid tax evasions and fiscal frauds such as money laundering. Talking to mediapersons onboard the aircraft while returning from Paris after attending the G-20 summit, Finance Minister Pranab Mukherjee said: "India has initiated negotiations with other count...

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VAT refund claims to be cross-checked – Sanjay Bhatia

Income Tax - The Maharashtra Sales Tax department is taking steps to apply more caution while disposing of VAT refund applications following discovery of a major refund scam involving officers of the department and traders in Palghar recently. Speaking at an even...

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If the Assessing Officer has made the assessment by making such inquiries as he deemed fit, the order cannot be termed as erroneous

SICAL Logistics Ltd. Vs. Additional CIT (ITAT Chennai) - I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted him to issue show cause notice to the assessee. Profit before taxation of the company as a whole for the year under consideration...

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If certain activities are not really 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)

Invensys Systems Inc. Re (Authority for Advance Rulings) - 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 ...

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Confirmation of addition by tribunal does not mean concealment of income or inaccurate furnishing of particulars of income

ADIT (Intl. Taxation) Vs Precision Drilling (Cyprus) Ltd.(ITAT Ahmedabad 'B' Bench) - The penalty proceedings and the assessment proceedings both are different. Explanation 1to section 271(1)(c) in respect of any fact relating to the computation of total income states that the amount added or disallowed in computing the total income of an assessee shall be deemed to be the income in ...

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Section 14A of IT Act applicable in respect of share of profit from partnership firm

Mr Dharmasingh M Popat Vs ACIT 11(2) (ITAT Mumbai 'H' Bench) - A partnership firm is a separate entity than that of its partners under the Income-tax Act and therefore, partners vis-à-vis partnership firm would stand on the same footing of shareholders vis-à-vis company; accordingly , income charged in the hands of partnership firm cannot be treated as being ...

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Reopening under section 147 by the AO on the same set of facts, without there being any additional information, can only be considered as change of opinion

Fluroscent Fixtures Pvt. Ltd. Vs ITO (ITAT Mumbai 'F' Bench) - As can be seen from the above the adjustment made by the assessee is according to the provisions of the Act. Since both the industrial galas fall within the block the WDV is increased by the actual cost of the asset falling within the block and reduced by the amount payable in respect of the asset s...

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Due Date for MVAT audit in form 704 for financial year 2008-09 extended to 31st March 2010

Trade Circular No. 5 T of 2010 - (28/01/2010) - Representations from various Trades and Associations have been received with a request to extend the due date for submission of Audit Report in Form-704 for the year 2008-09. The Finance Department, Government of Maharashtra has examined and considered aforesaid representations. Accordingly, it has ...

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Taxation of Services Provided from outside India and Received in India

Notification No. 37/2009 – Service Tax - (23/09/2009) - Legal Consultancy Services provided from outside India, in relation to immovable property shall be deemed to be import of services if the immovable property is situated in India. Legal Consultancy Services provided from outside India which are not in relation to immovable property shall be deemed t...

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Notification about composition Scheme for Drug Retailers

Notification No. VAT.1507/CR- 55/Taxation- 1 - (27/11/2008) - In exercise of the powers conferred by sub-section (1) of section 42 of the Maharashtra Value Added Tax Act 2002 [Mah IX of 2005] the Government of Maharashtra hereby amends the Government Notification, Finance Department, No. VAT-1505/CR- 105/Taxation 1 dated the 1st June 2005 as follows namely....

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Securities lending/borrowing Scheme of Securities and Exchange Board

Circular No. 2/2008-Income Tax - (22/02/2008) - CIRCULAR NO-2/2008-Income Tax Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/12/2007, has decided to permit all classes of investors (individuals, institutional, etc.) to short sell. Further, with a view to provide a mechanism for borrowing of sec...

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Procedure for refund of TDS U/s. 195 to person deducting tax- reg

Circular No. 7/2007-Income Tax - (23/10/2007) - CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund of tax deducted under section 195, in certain situations to the person deducting the tax at source from the payment to the non-resident. Representations have been receive...

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Recent Posts in "taxation"

Agricultural Income – Tax treatment / Taxability

Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. Howev...

Read More
Posted Under: Income Tax |

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 |

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 d...

Read More
Posted Under: Income Tax |

Prepare & File Electronically MVAT Return with Tally

Prerequisite to generate Annexure in Tally. ERP9 for filing your EVAT Return- 1. Press F11 (Company Features) --> Statutory & Taxation. In the displayed window, fill in the VAT Registration Number in the ‘VAT TIN (Regular)' field - 2. Download the e-return templates (i.e, FORM-231.xls, FORM-232.xls and FORM-CST.xls) from the Govt of M...

Read More
Posted Under: Income Tax | ,

NRI and TDS on income earned in India

Who is Non Resident Indian (NRI) as per Income Tax Act and as Fema Provisions? TDS will be deducted only on those incomes of Non Resident Indians (NRIs) which are liable to tax in India. If the income is tax free in India like long term capital gains from equity shares, there would be no TDS. Another important thing to remember is that...

Read More
Posted Under: Income Tax | ,

Corporate India wants no change in tax rates in 2012-13 Budget

Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retained at existing levels even as finance minister Pranab Mukherjee expressed concerns about challenges facing the economy.In their customary pre-Budget meeting with Mukherjee, industry leaders also demanded that h...

Read More
Posted Under: Income Tax |

India negotiating changes in DTAA with Mauritius – Pranab Mukherjee

Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country which accounts for the maximum foreign investment in India. So far as Mauritius is concerned, we are having discussions with them for amendment of the avoidance of double taxation agreement. Talks are going on, Mu...

Read More
Posted Under: Income Tax |

5 crore special coins to mark 150 years of taxation

Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for public distribution soon. The coins, released by Finance Minister Pranab Mukherjee on February 26, will be put in public domain and will be a collector's item. These will have no extra price, a senior Finance Minis...

Read More
Posted Under: Income Tax |

India signs tax information exchange pacts to avoid tax evasions

India signed Tax Information Exchange Agreements (TIEA) with various countries to avoid tax evasions and fiscal frauds such as money laundering. Talking to mediapersons onboard the aircraft while returning from Paris after attending the G-20 summit, Finance Minister Pranab Mukherjee said: "India has initiated negotiations with other count...

Read More
Posted Under: Income Tax |

Download Suggested Answers – November 2010 – Professional Competence Course [PCC]

November 2010 suggested, Download Suggested Answers, Download Suggested papers, ICAI suggested, PCC suggested, Suggested for November 2010, Professional Competence Course, PCC, ICAI, Cost Accounting and Financial Management, Taxation, Information Technology and Strategic Management, Advanced Accounting, Auditing and Assurance, Law, Ethics...

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Posted Under: Income Tax |
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