taxman

If in law income has to be taxed in hands of AOP, it has to be taxed as such, and mere fact that the income is taxed in hands of individual members of AOP, does not bar Assessing Officer from taxing AOP-ITAT . In a recent case of Pradeep Agencies-v.- Income-tax Officer Delhi Tribunal held that even if the income is taxed in hands of individual members of AOP, does not bar Assessing Officer from taxing AOP. Full Article

Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assessees is the `limit' relating to financial transactions for AIR, specified in one of the `frequently asked' questions, posted recently on www.incometaxindiaefiling.gov.in. Question number 64, the last in the list, reads: "In sch.. Full Article

Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu Undivided Family (HUF), during a financial year, are taxable in the hands of the recipient. For the purpose of computation of the threshold limit of Rs 50,000, the aggregate value of gifts received from all sources by the recipient needs to be considered. Full Article

Assessee tried to take the benefit of the AAR of British Gas (I) Pvt Ltd….but seem to have failed..!!!! ! Income Tax - Assessee posted abroad for more than 182 days on deputation - DTAA - Income not taxed by the contracting state - Return filed and tax paid in India - Later contended that since he was non-resident during the FY, his income was not taxable in India - Since his income was not brought to tax in the contracting state, such income is taxable in India as the.. Full Article

"It is true that the Division Bench of the High Court has borrowed extensively from the orders of the Tribunal and the Commissioner and passed them off as if they were themselves the author's," noted the apex court. "We feel that quoting from an order of some authority particularly a specialised one cannot per se be faulted as this procedure can often help in making for brevity and precision, but we agree with Mr Vahanavati to the extent that any `borrowed words' used in.. Full Article

Section 254 of the Income-Tax Act, 1961 relates to appeals before the Income Tax Appellate Tribunal (ITAT) by assessees and the tax department. It also deals with the law relating to grant of stay of demand on assessees' petitions. This section was amended w.e.f. June 1, 2001, to provide that where in an appeal filed by the assessee, the Tribunal passes an order granting stay of demand, it shall hear and decide such appeal within 180 days from the date of passing of stay.. Full Article

Hope all of you are familiar with efiling of ITR - 1, 2, 3, 4, &5. I have a message for you.... IT people (You may call them Income Tax People or Inefficient Taxman) are not very clear about Circular No. 5 - 2007. I find it very difficult to convince them that their department has enabled efiling and it is also sufficient to submit a verification form in ITR - V, they are blissfully ignorant about their department's STATE OF THE ART!!!!!!!!!!! Technology in infusion of I.. Full Article