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Income Tax : Explore the concept of agricultural income under Income Tax Act 1961, including definitions, exemptions, and conditions for income...
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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 : ITAT Pune remands the appeal of Mula Parisar Serva Seva Sangh regarding TDS refund claim for 2018-19, citing past precedents....
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Income Tax : ITAT directed AO to verify Factory Premises rental income and compute taxability under section 57, allowing proportionate expense...
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Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Income Tax : Delhi Building and Other Construction Workers Welfare Board receives tax exemption on cess, fees, and interest income under Sectio...
However, it is to be made clear that if no material was found during the search which could show suppression of income, no estimation of undisclosed income of block period by resorting to section 145 could be made. In other words, where there is a material, such an estimation of income can be made. It is not necessary that addition should be limited to what is found during the search.
MEASURES TO PREVENT CIRCULATION OF UNACCOUNTED MONEY -1. Share Premium in excess of Fair Market Value.Onus on the Company to explain source of shareholders’ funds. Unexplained income, investments, etc. to be taxed at maximum marginal rate. Compulsory Penalty on undisclosed income in course of search and seizure [Insertion of Sec 271AAB]. Compulsory filing of return for residents having assets abroad [Amendment of Section 139] 6. Time limit for reopen of assessment increased to 16 years where any asset is located outside India
The making of a new claim if any before the Assessing Officer is required to be done only by way of filing the revised return of income and not by way of letters or by way of filing revised computation etc. But when comes to the Tribunal or for that matter the Commissioner (Appeals), who is also not the Assessing Officer, but who is the appellate authority, assessee does not have to initiate a new claim before them by way of filing the revised return of income.
REVERSE CHARGE MECHANISM -Primary Liability to pay service tax lies on the service provider. The service provider collects the service tax from the service receiver and is liable to take registration with the Service Tax Department and complete all the formalities in respect of deposit and filing return of service tax. The Budget 2012 proposes to shift this liability in certain cases to the service receiver. Presently, the service receiver has to discharge service tax liability only in a couple of case like import of services and goods transport agency.
Apex Court in the case of Goetze (India) Ltd. v. CIT [2006] 284 ITR 323 has clearly held that for making a claim other than what was originally made in return of income, filing of a revised return is mandatory. Neither the A.O. nor the CIT(Appeals) have considered these fundamental aspects regarding status and validity of a claim made other than through revised return.
The question arises is whether the assessee is entitled for the deduction under section 80P(2)(a)(i). Section 80P(2)(a)(i) is explicitly clear that if the co-operative society is engaged in the business of banking or providing credit facilities to its members the co-operative society is entitled for the deduction. There is an embargo put by section 80P(4) which was introduced into the statute by the Finance Act, 2006 with effect from 1-4-2007. This section denies the deduction to a co-operative bank. It is a fact that prior to the insertion of sub-section (4) ,the assessee was getting the deduction under section 80P(2)(a)(i).
It is not in dispute that the Central Government has not issued any notification in terms of section 2(14)(iii)(b). An agricultural land is not a capital asset; it becomes a capital asset if it is the land located under section 2(14)(iii)(a) & (b). Section 2(14)(iii)(a) covers a situation when the subject agricultural land is located within the limits of municipal corporation, notified area committee, town area committee town committee of cantonment committee and which has a population of not less than 10,000.
The deduction of Rs. 20000 under Section 80CCF for investment in infrastructure bonds was extended to A.Y. 2012-13 in last year budget to promote investment in infrastructure sector for its growth and development. But this time Mr. FM was silent on its continuance or otherwise. The lack of clarity on its scraping is a major concern. Views and expectations of Industry are mixed one, some expecting its continuance and some anticipating its scrapping. In my considered view the deduction shall likely be available next year also even though there is no announcement in the Budget in this regard. This view is further supported from the fact that Government has allowed Rs. 60000 Crore to be raised via tax-free infrastructure bonds this year.
The CBDT has vide Order No. 60 of 2012 dated 28.3.2012 informed that the President has appointed several Income Tax Officers, presently posted in the region shown against their names, to officiate on regular basis in the grade of Assistant Commissioner of Income Tax (ACIT) in the pay scale of Rs 15,600-39,100/- (Plus Grade Pay of Rs.5400/- in Pay Band-3) with immediate effect and until further orders.
Requirement of section 54EC to the effect that investment in specified assets is to be made within a period of six months from the date of transfer, was put to some clarification by the CBDT in Circular No 791 (supra). The question arose before the CBDT regarding exemption of a long term capital asset which had arisen on conversion of a capital asset into stock-in-trade.
