Where in case any person fails to deduct or pay the whole or any part of the tax on the sum paid or on the sum credited to the account of a person, he shall be deemed to be an assessee in default in respect of such tax.
In the case of The Income-tax Officer vs M/s. Shree Kastbhanjan Dev Developers, the Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) proclaimed in its recent order that firm cannot be assessed for unexplained cash credits in respect of capital introduction by its partner.
The Honorable Finance Minister has, in para 176 of his Budget Speech [Union Budget 2016-17] stated that non-residents without PAN are currently subjected to a higher rate of TDS
The Finance Act (No. 2), 2009 raised the limit to pay advance tax under section 208 to Rs. 10,000. Considering the inflationary conditions prevailing in the country, it is felt that the said limit needs to be revised upwards so that the amount payable in one installment of the advance tax exceeds at least Rs. 5,000.
Punjab & Haryana High Court upholds ITAT decision deleting share transaction addition in Prem Pal Gandhi case; finds no substantial question of law.
M/s. Parisons Foods Pvt. Ltd. Vs. Joint Commissioner Of Commercial Taxes (Kerala High Court) The appeal arises from a Clarification Order issued under Section 94 of the Kerala Value Added Tax Act, 2003 (‘KVAT Act’ for short). The appellant/dealer, inter alia, is engaged in the manufacture of ‘bakery shortening’. The clarification sought for was the […]
Admittedly, the mobile phone and charger are sold as part of a composite package. The primary intent of the contract appears to be the sale of the mobile phone and the supply of the charger at best collateral or connected to the sale of the mobile phone.
With a view to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by companies and persons to whom tax audit is applicable, on voluntary compliance basis, the government has proposed to introduce new Rule 39A and Form No. 28AA in the Income-tax Rules, 1962 (the Rules).
It is suggested that the TDS limit for payment of professional or technical fees under section 194J may be increased from Rs. 30000 to Rs. 100000.
ACIT Vs. Sh. Mohinder Singh (ITAT Chandigarh) Nature of receipt of income over and above the registered sale consideration in the hands of seller The nature of receipt of the income over and above the registered sale consideration in the hands of seller would not fall under the head ‘Capital Gains’ but ‘income from other […]
