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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
The article attempts to examine whether violation of the conditions laid u/s 13(1)(c), r.w.s 13(3) and 13(2)(b) would lead to only disallowance of monetary value of the benefit given to the prohibited person(s), or would result in denial of the entire exemption claimed by the assessee u/s 11 and 12 of the I.T. Act.
Krishna Mohan Prasad Principal Director General of Income Tax (Legal & Research) krishna.m.prasad@incometax.gov.in Sh. Krishna Mohan Prasad is an IRS officer of 1984 batch and is currently posted as Principal Director General of Income Tax, Directorate of Legal & Research, New Delhi. He had worked extensively as Commissioner (Appeals) and Commissioner(Judicial). He had been part […]
Executive Summary A separate code on transfer pricing under sections 92 to 92F of the Income Tax Act, 1961 (hereafter, the ITA) covering intra-group cross-border transactions became applicable from 1 April 2001. The regulations are based on the arm’s length principle and provided for determination of arm’s length price of international transactions between associated enterprises. The Rules 10A to 10 E of the Income Tax Rules, 1962 (hereafter, the Rules) deals with procedural aspects regarding the implementation of transfer pricing law.
Valuable resources of the nation get wasted in pursuing the litigation in various courts of law before a final or conclusive view emerges out. Since, conventional methods of appeal and further appeals have proven to be time consuming and costly better way to manage disputes would be to have clarity in advance in which context the institution of ‘Advance Ruling’, needs to be fine tuned and strengthened on the above suggested lines which if done will go a long way in improving the dispute management.
The concept of Advance Rulings has global background and perspectives. The system is in vogue in several countries though procedurally there may be dissimilarities. The first document which shed light on this important concept is the International Bureau of Fiscal Documentation (IBFD) which was published in 1997-2000. It contained articles by authors of various countries on the fundamentals of Advance Rulings
Deposit of TDS deducted to the credit of the Central Government with delay of 12 months without having reasonable cause was punishable with rigorous imprisonment of 3 months and fine of Rs.5,000/ (Rs. Five Thousand only) each for having committed offence..
Maximize your tax savings with these income tax tips for pensioners. Learn about deductions, exemptions, and filing options for the Assessment Year 2019-2020.
Let us understand the concept of Interest in the context of cross-border taxation with the help of an example. When an Indian Company borrows money by way of Loan from a person resident of Germany, the Indian Company will pay Interest at agreed rate to such Non-resident. Now, the question arises, which country gets the right to tax such Interest Income of the Non-resident?
If you are a salaried employee and want to know how to e-File your tax returns or file your Income Tax return online, please read this. Salary is the primary source of your income, for a salaried employee. You may also have interest income from a bank. A salaried employee needs to choose Form ITR-1 […]
Extension of due date of filling Income Tax Return for FY 2018-19 (AY 2019-20) Introduction Due date for filling Income Tax Return for the financial Year 2018-19 (Assessment Year 2019-20) is extended from 31st July 2019 to 31st August 19 by CBDT vide its order under section 119 dated 23rd July 2019. In case Individual taxpayer had […]
