M/s. Royal Challenger Sports Pvt. Ltd. Vs DCIT Assessee challenges the addition on account of contribution made to Cricket Academy of Rs.45 lakhs holding it to be capital expenditure. The assessee made a contribution of Rs.45 lakhs to Karnataka State Cricket Association (KSCA) for the purpose of creating a cricket academy. The assessee was also a Franchisee of BCCI-IPL, which […]
Arjuna (Fictional Character): Krishna, 31st July 2014 is near and many taxpayers are hurrying up for filing income tax returns. What are the points to be considered before filing income tax returns?
DCIT Vs M/s. Teleradiology Solutions P. Ltd. (ITAT Bangalore) The learned Counsel for the assessee has contended that it is a business arrangement between the assessee and the consultants/doctors. If the assessee does not pay the licence fee on behalf of the doctors, he has to compensate the doctors by making additional payment for the services. […]
Based on my conversation with my friends who are salaried I gather the impression that majority of the employees are under the impression that they are not required to file any ITR if appropriate income tax has been deducted from their salaries. Most of them take deduction of tax at source as filing of the ITR by the employer.
The house which is not having any actual rental income but self occupied by assessee should be determined as per the municipal ratable value. Accordingly, the matter is restored to file of the Assessing Officer to find out the municipal ratable value of the house for computing income u/s 22 of the I.T. Act. We direct accordingly.
United Spirits Limited Vs CIT (Calcutta High Court) The assessee contends that it was merely in possession of the premises. Litigation was continuing in this Court. They were allowed to retain possession of the premises, by the Court, on payment of occupation charges of Rs. 32,000/- per month. They say that they were not the […]
Discipline in Income tax return is very important. Failing which, you will be liable to file additional penalties on the amount due. However, there are plenty of issues that can result in failure of tax deposits. These issues can be related to individuals or companies. For companies, it can occur due to failure to deposit advance tax or payment of tax which is less than the actual tax liability.
Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under Indian Income Tax Act of 1961.
Form 26AS is, in essence, an acknowledgement of sorts when it comes to Tax Deducted at Source (TDS). Which is to say that Form 26AS shows the amount of TDS, which has been deducted and is available as credit against our Income Tax liability, if any. To understand this concept and in order to make it work in ones favour, one needs to understand the basics with respect to TDS and Form 26AS
Financial independence is important when you are planning for retirement. But, you should also plan for the free time that you will get. Many people have no idea what life’s going to be like once they retire. It can be the most rewarding experience or the most disastrous one. You need to think about the financial side of retirement, but mental and emotional changes can be far more devastating than monetary issues.
