There is a fundamental fallacy in invoking the provisions of the Wealth Tax Act to the application of section 69B of the Income Tax Act, notwithstanding that both the Acts are cognate and have even been said to constitute an integrated scheme of taxation. Under the Income Tax Act, we are to find what was the real and actual consideration paid by the assessee and whether the full consideration has been recorded in the books.
The assessee had not deducted tax at source on the ground that the depositors intended to file form No. 15G/15H in time but Form No. 15G/15H were not filed by the date on which the interest was credited/paid to the depositors. In section 40 the word shall not be deducted in computing the income chargeable under the heads Profits and gains of business or profession have been employed.
Income tax Calculator in excel format calculates tax payable by you on various source of income. It can calculate tax for all categories of Individuals including senior citizens and very senior citizens. It can calculate tax on all categories of income including business income, house property income, capital Gains, income from other sources etc. Calculator is easy and user friendly. Calculator not only consider income from various heads but it also considers the following :-
The Supreme Court has ruled that the details of a person’s income tax returns and performance of an employee are personal information which cannot be divulged under the provisions of the Right to Information Act unless a larger public interest is involved.
Value Added Tax made in first opening in France in 1954. At that time it was not a full VAT system, since it was restricted to manufacturers and whole-sellers. The retailers and agriculturist were kept beyond its purview.
The main issue is with regard to allowability of foreign travel expenditure. The assessee claimed foreign travel expenditure at Rs. 20,35,971. As the assessee not furnished details of expenditure relating to business and pleasure trips, the Assessing Officer disallowed 80% of foreign travel expenses at Rs. 16,28,777. On appeal, the CIT(A) directed the Assessing Officer to allow 1/3rd of the expenditure instead of 1/5th of the expenditure. Against this the assessee is in appeal before us.
NOTIFICATION NO. 19 (RE-2012)/2009-2014 The number of countries from which import of poppy seeds is allowed is increased from 11 to 16 and Slovenia has been replaced by Slovakia in 3(a).
Tribunal had taken the view that when the AIR shows some investment and the assessee denies it, no addition can be made on account of unexplained investments without further evidence to show that the assessee made investments.
It has been brought to notice that innocent citizens are made to believe that they have won/received some international prize/award/parcel and money is demanded to fulfill some Customs formalities. All are hereby informed that Mumbai Customs is in no way concerned with the international prize/award money.
Regarding allowability of exemption u/s. 10(23C)(iiiad)/(vi), we are of the opinion that there is no allegation that the assessee is not imparting education. The argument of the Department is that some benefit given to the founder member of the trust disables the trust from getting exemption u/s. 10(23C)(iiiad)/(vi).
