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Income Tax : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...
Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...
Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
The Finance Ministry will make a presentation before a parliamentary panel on the bill on Direct Taxes Code (DTC), which is scheduled to replace archaic income tax act from April 1, 2012. “It”s a preliminary introductory meeting for the first time..
Plan your Home Loan Payment Schedule to take maximum tax benefit. Partial or full prepayment makes sense, but only in some cases. When Jabalpur resident Mahavir Ojha received Rs 80 lakhs from selling an ancestral property, he decided to part-pay his
IASB Exposure Draft on Severe Hyperinflation (proposed amendment to IFRS 1) (Comments to be received by November 26, 2010) – (19-11-2010) The International Accounting Standards Board has issued this Exposure Draft on Severe Hyperinflation a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment proposes guidance on how an entity […]
India has begun the trail for money allegedly stashed away in secret bank accounts in tax havens. Finance minister Pranab Mukherjee on Friday told delegates at the Hindustan Times Leadership Summit that has India has written to 78 countries for amend
The Greater Mohali Area Development Authority (GMADA) came under the scanner of Income Tax (I-T) department on Wednesday. A team of I-T sleuths, headed by Assistant Commissioner Preneet Suri, swooped on the GMADA office at PUDA Bhawan in Sector 62
In Coca Cola India Inc vs. ACIT 309 ITR 194 the P&H High Court upheld the constitutional validity of Chapter X & laid down far-reaching principles on the applicability of transfer pricing provisions to cases where the non-resident was also assessed in India and there was supposedly no cross-border transaction or erosion of tax revenue. On appeal by the assessee, HELD disposing off the SLP: “The issue in this special leave petition concerns the application of the principle of Transfer Pricing. In the case of assessee herein, Notice was issued under Section 148 of the Act for some of the Assessment Years. On the question of jurisdiction, a writ petition was filed by the assessee, which has been disposed of by the High Court in the writ jurisdiction. However, on going through the papers, we find that foundational facts are required to be established which could not have been done by way of writ petition. For the afore-stated reasons, we are of the view that the assessee should be relegated to adopt proceedings, which are pending, as of date, before various Authorities under the Act … We, accordingly, direct these Authorities to expeditiously hear and dispose of pending proceedings as early as possible. If the petitioner-assessee herein is aggrieved by the orders passed by any of these Authorities, it will have to exhaust the statutory remedy provided under the Act. We make it clear that each of the Authorities will decide the matter uninfluenced by any of the observations made in the impugned judgement.”
Supreme Court disposed off a civil appeal arising out of a special leave petition involving a transfer pricing dispute, in the case of Maruti Suzuki India ltd. v. ADIT [Civil Appeal No. 8457 of 2010].The Delhi High Court , in the taxpayer’s case, had earlier, inter-alia held that the obligatory use of brand/logo of a foreign associated enterprise should be accompanied either by an appropriate payment by the foreign trademark owner or by a rebate to the Indian licensee. Furthermore, the HC also held that if the advertisement, marketing and promotion expenses incurred by a domestic enterprise, being even an entrepreneurial licensed manufacturer, which mandatorily uses the brand/logo of a foreign associated enterprise, are more than those incurred by independent domestic comparables, the foreign associated enterprise should provide arm’s length compensation to the domestic enterprise. Such compensation would be required for brand building and increased brand awareness in the domestic market, i.e., for creation of marketing intangible for the foreign associated enterprise.
Mumbai Income-tax Appellate Tribunal in the case of M/s. Goldcrest Exports v. ITO held that compensation payable for breach of contract to a foreign company would not be taxable in the hands of the foreign company in the absence of a permanent establishment of the foreign company in India. The Tribunal further held that interest included in compensation merges with and partakes the character of compensation itself, and hence, would not be taxable under the tax treaty between India and UK . Therefore, deduction claimed by the assessee for compensation including interest cannot be disallowed on account of non-withholding of taxes therefrom.
:Bangalore bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Bosch Ltd. v. CIT [2009-TIOL-736-ITAT-BANG]held that the taxpayer company was entitled to claim depreciation on the skill and the know-how brought by the employees of the transferee company classified as ‘business information’ under the category of ‘other identifiable intangibles’ (goodwill) under section 32(ii) of the Income-tax Act, 1961 (the Act).
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Kotak Mahindra Bank Ltd. v. ACIT (2010-TII-ITAT-MUM-INTL) dealt with the issue of whether passing of an order by the AO is necessary for filing an appeal before the Commissioner of Income-tax (Appeals) [CIT(A)] under section 248 of the Income-tax Act, 1961 (the Act) for a declaration that no tax was deductible on such income. The Tribunal held that Section 248 of the Act does not require any order being passed by the AO as a condition precedent for filing an appeal before CIT(A) . Further, the taxpayer also fulfilled all the necessary conditions required by the provision of the Act. Therefore, the taxpayer was right in filing an appeal before the CIT (A).
