"05 March 2015" Archive

Notification No. 20/2015 – Income Tax Dated 5/03/2015

Notification No. 20/2015 - Income Tax (05/03/2015)

Notification No. 20/2015 - Income Tax In pursuance of the provisions contained in sub-clauses (vi) and (via) of clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961) read with rule 2CA of the Income-tax Rules, 1962, and in supersession of the notification of the Government of India in the Ministry of Finance, Department of ...

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Old practice of Government-High Court Decision undone!!

It is a very old tactic followed by the government that when the interpretation taken by High Court or Supreme Court on an issue is consistently held against the revenue, the best solution lies with amending the statutory provision or adding explanations to it. This is the strategy that the Modi’s government has adopted in this Budget a...

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Posted Under: Income Tax |

Inter-linkage Budget 2015 and GST

H’ble Finance Minister Shri Arun Jaitley (FM) in his Budget Speech exhibited his commitment to introduce GST from 1st April 2016 by mentioning about Goods and Service Tax (GST) multiple times in his Budget Speech 2015....

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Posted Under: Income Tax |

White Collar Crime – Corporate Espionage – Preview Indian Context

Breaking of law is said to be crime. One who commits a crime is referred to as criminal. The criminal law administration mainly cerntres around the Indian Penal Code,1860 ( `IPC’) and the Criminal Procedure Code,1973 (`CrPC'). Crime is concern to society. Every country world wide works overtime to control crime. But crime is being commi...

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Posted Under: Income Tax |

Place of Effective Management (POEM) in India & Corporate Taxation

The India Budget, 2015 has proposed the amendment of Section 6 of the Income Tax Act which alters the conditions under which a company is resident in India by including the concept of ‘place of effective management’ or POEM. Instead of the clause during that year, the control and management of its affairs is situated wholly in India, ...

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Posted Under: Income Tax |

Budget 2015- Rules for Computation of Net Agricultural Income

[See section 2(13)(c)] PROPOSED RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1.— Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head “Income from other sources” and [&he...

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Posted Under: Income Tax |

Charitable hospital, university or educational institution can appeal before ITAT against order for refusal to register

Orders passed by the prescribed authority under section sub-clauses (vi) and (via) of clause (23C) of section 10 made appealable before Income-tax Appellate Tribunal Sub-clause (vi) of clause (23C) of section 10 provides that any income received by a person on behalf of any university or other educational institution existing solely for e...

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Posted Under: Income Tax |

Section 153C Assessment of income of a person other than the person in whose case search has been initiated

Section 153C- Budget 2015- Assessment of income of a person other than the person in whose case search has been initiated or books of account, other documents or assets have been requisitioned Section 153C of the Act relates to assessment of income of any other person. The existing provisions contained in sub-section (1) of the […]...

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Posted Under: Income Tax |

S. 148 Approval for issue of notice for re-assessment

To bring simplicity, it is proposed to provide that no notice under section 148 shall be issued by an assessing officer upto four years from the end of relevant assessment year without the approval of Joint Commissioner and beyond four years from the end of relevant assessment year without the approval of the Principal Chief Commissioner ...

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Posted Under: Income Tax |

Interest U/s. 234B in case of re-assessment and Income Tax Settlement

Budget 2015 Interest for defaults in payment of advance tax in case of re-assessment and where additional income is disclosed before the Settlement Commission under section 245C The existing provisions contained in clause (3) of section 234B of the Income-tax Act provides that where the total income is increased on reassessment under sect...

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Posted Under: Income Tax |

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