"30 November 2019" Archive

Taxability of rental income earned from India

1. Income that accrues or arises in India is taxable in the hands of both Resident taxpayers as well as Non-Resident taxpayers. Thus, if a Non-Resident has a property located in India, he is liable to be taxed in India on the rental income from that property, as that income accrues or arises in India. […]...

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Posted Under: Income Tax |

Taxation of Sale of Immovable Property by Non Residents

Non residents are liable to pay income tax on capital gains on sale of immovable property (land/ building / land or building both). If the period of holding of the capital asset is more than twenty four months, it will be taxed as long term capital gains and otherwise, it will be taxed as short […]...

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Posted Under: Income Tax |

Presumptive Taxation for Small Tax Payers in Business or Profession

Presumptive Taxation of Certain Eligible Businesses Or Professions Under The Income Tax Act 1961 1. What is presumptive Taxation? To give relief to small taxpayers from the tedious job of maintenance of books of account and getting the books of account audited, the Income tax Act has framed the Presumptive Taxation Scheme under sections 4...

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Posted Under: Income Tax |

Independent Director: Feasible or not?

With the increased focus on shareholders’ wealth maximisation as the key corporate objective, regulators worldwide have understood the role independent directors can play to safeguard the interests of minority shareholders....

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Posted Under: Income Tax |

Refund of excess duty paid cannot be denied on basis of not reassessing bill of entries

Micromax  Informatics Limited Vs Union of India (Bombay High Court )

Refund applications could not be denied merely because the assessment orders were not challenged by assessee or reassessment of the bill of entries was not done...

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Deploy e-Form PAS-6 & Clarify on due date of e-Form PAS-6: ICSI

We request you to arrange to deploy the e-form PAS -6 at the MCA website or issue clarification that for the half year ending September 30, 2019, the period of sixty days for filing of e-form PAS-6 would start from the date of deployment of said e-Form....

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Posted Under: Income Tax |

Taxation of Overseas Income upon Return To India

Taxation of overseas income upon return to India 1 An individual under the Income Tax Act can either be (i) Resident Ordinary, (ii) Resident but Not Ordinarily Resident, or (iii) Non-Resident. The determination of exact status is important to know the tax incidence. We must remember that Residential status under the Income-Tax Act is diff...

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Posted Under: Income Tax |

Adhoc disallowance of expenses not justified without pointing any defects

TUV India Pvt. Ltd. Vs DCIT (ITAT Mumbai)

No enquiries were conducted by the AO/learned CIT(A) even during appellate/remand proceedings . The books of accounts were not rejected by authorities below nor any defect is pointed out by the AO/learned CIT(A) in the books of accounts maintained by the assessee. There is no allegation by Revenue that the assessee claimed any bogus expen...

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Assessment order framed in the name of non-existing person was void ab initio

Pr. CIT Vs Maruti Suzuki India Ltd. (Supreme Court)

Notice under section 143(2) under which jurisdiction was assumed by AO was issued to a non-existent company. The assessment order was also issued against amalgamating company. This was a substantive illegality and not a procedural violation of the nature adverted to in section 292B. Accordingly, assessment order framed in the name of non-...

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FAQs on Issues faced by field users in Assessment module of ITBA

While uploading Manual order for the A Y 2017-18 user is getting the following message: Manual Order cannot be uploaded for this PAN AY as processing of Assessment order u/s 147 is still pending on ITBA...

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Posted Under: Income Tax |

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