The issue under consideration is whether the writ petition filed against credit rating agency by stating that they are not authorised to discharge “Public Functions” as it is not characterised as ‘State ‘ will be sustain in law?
The issue under consideration is whether the Income received for sale of specialized software and maintenance and support services is considered as ‘Royalty’ as per India-Finland Tax Treaty?
The issue under consideration is whether the TDS u/s 194I is applicable on the rent if the accommodation services were taken on a casual basis?
The issue under consideration is whether the Payment towards placement services is covered under technical service and TDS u/s 195 is applicable on the same?
ITO Vs New Era Advisors P. Ltd. (ITAT Mumbai) Conclusion: Even if amount received in form of huge share premium was not utilized for the purpose of section 78(2) of the Companies Act, 1956, the same would not have any relevance for the purpose of Income Tax Act, 1961. Further, while the utilization of premium […]
The direct tax proposals of budget 2014 have been tax friendly. It is also worth noting that budget proposals have received the assent of President and now it is law of land under Indian Income Tax Act. It provides for tax advantage in the form of increased basic exemption limit for individuals by Rs.50K.
Online fantasy sports games offered on the Dream 11 platforms were not considered as gambling/betting as the format of online fantasy game offered by Dream 11 was a game of mere skill and their business had protection under Article 19(1)(g) of the Constitution of India.
Any coercive or intrusive action for recovery of tax demands should be taken only after exhausting alternative means of recovery as mentioned in Para 2((i) of Board’s letter F.No. 275/29/2020-(IT(B) dated 21st September, 2020.
The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Section 115JB levies minimum alternate tax (MAT) at 10% of book profits (plus surcharge and cess thereon) if such tax is higher than the tax payable under the normal provisions of the Act. Book profits, for this purpose, needs to be calculated by making certain specified adjustments to the net profit as shown in the profit & loss account prepared in accordance with the Companies Act and after taking into account accounting policies and accounting standards adopted for preparing such accounts.
Court under Section 260A would not interfere with the Tribunal’s finding of fact could not be applied to the facts of case because the Tribunal did not record any finding of fact that the finding of fact recorded by AO was erroneous and not borne out by records. Thus, the order passed by Tribunal for not calculating the undisclosed income was set aside
