"06 December 2017" Archive

Tax Free / Exempt Income Under Income Tax Act, 1961

As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act. As per section 2(1A), agricultural income generally means...

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Posted Under: Income Tax |

Minimum Alternate Tax and Alternate Minimum Tax

MAT stands for Minimum Alternate Tax and AMT stands for Alternate Minimum Tax. Initially the concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. ...

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Posted Under: Income Tax |

Reduce DDT and bring down maximum rate of Income Tax to 20%- Budget Suggestions

Other suggestions include reduction in Dividends Distribution Tax and to bring down the maximum rate of Income Tax to 20% to encourage investment, at par with other development countries. It was also suggested to create Regulations Free Export Zone for setting-up 100% Export Oriented Units both by domestic and foreign investors which in t...

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Posted Under: Income Tax |

Section 234D- Interest on Excess Refund of Income Tax

At times it may so happen that the taxpayer is granted excess refund. Section 234D provides for levy of interest on excess refund granted to the taxpayer. In this part you can gain knowledge about various provisions relating to interest on excess refund granted to the taxpayer....

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Posted Under: Income Tax |

All about Interest Payable U/s. 234A, 234B & 234C of I.T. Act,1961

Under the Income-tax Act, 1961 different interests is been levied for various kinds of delays/defaults. In this article we will discuss the Manner of computation of interest under as per Rule 119A of Income Tax Rules and provisions of section 234A, 234B and 234C dealing with interest levied for (i) delay in filing the return of income; ...

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All about Online payment of Direct Taxes

There are two modes of payment of direct taxes (i) physical mode i.e. payment by furnishing the hard copy of the challan at the designated bank; and (ii) e-payment mode i.e. making payment by using the electronic mode....

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Posted Under: Income Tax |

Indian Banks Association is a Public Authority Under RTI Act, 2005

Shri R K Jain Vs. Indian Bank Association (IBA) (Central Information Commission)

Shri R K Jain Vs. Indian Bank Association (IBA) (Central Information Commission) Taking into account that the IBA performs functions as State agency and its majority control vests in Government of India appointed Managing Directors of Public Sector Banks, the IBA qualifies to be a public authority under the RTI Act, 2005. The Commission...

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TDS U/s. 194H not deductible on bank guarantee commission

DCIT Vs. PRL Projects & Infrastructure Lt. (ITAT Delhi)

When the bank issues a bank guarantee on behalf of the assessee, all it does is to accept the commitment of making payment of a specified amount to the beneficiary on demand and it is in consideration of this commitment that the bank charges of fee which is termed as ‘bank guarantee commission’...

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Donation received for specific purpose cannot be regarded as income u/s 2(24)(iia)

Touching Heart Ministries Vs. Income Tax Officer (ITAT Visakhapatnam)

Touching Heart Ministries Vs. ITO (ITAT Visakhapatnam) In the instant case, the donations were received for specific purpose for acquiring the fixed assets. This is evidenced by the letters placed before us from the donors. The funds are not freely available to the assessee society, for utilizing its objectives other than acquiring specif...

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Payments made towards making copies of films- TDS U/s. 194C or 194J?

DCIT Vs. Yash Raj Films (P) Ltd. (ITAT Mumbai)

DCIT Vs. Yash Raj Films (P) Ltd. (ITAT Mumbai) In this case stand of assessee has been that assessee company had deducted TDS on the negative processing charges paid to Kodak India Ltd. as per the provisions of section 194J of the Act, as the negative processing involves specific tasks of editing, enhancement of quality […]...

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