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Income Tax : Explore India's digital taxation measures like Equalization Levy, Significant Economic Presence, and GST on online services. Learn...
Income Tax : Learn about ITR-U, a form for updating income tax returns. Understand eligibility, filing process, deadlines, and additional tax i...
Income Tax : This article explores the evolution of digital taxation, its implications for businesses and economies, the challenges associated ...
Income Tax : In this blog post here, we would like to address the impact of progressive taxation on income inequality in India with regard to t...
Income Tax : This blog compares the Old Tax Regime and New Tax Regime in detail, highlighting their key features and helping taxpayers make an...
Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
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 Surat remands penalty case under Section 271B to AO, ruling that bank transactions alone cannot determine turnover. Fresh con...
Income Tax : ITAT Mumbai restores MITC Metals case for fresh adjudication, ruling that assessment order was not void ab-initio despite ongoing ...
Income Tax : Explanation to Section 14A has only a prospective effect from April 1, 2022, and cannot be retrospectively applied to earlier asse...
Income Tax : ITAT Ahmedabad dismisses Somnath Kelavni Mandal's income tax appeal due to continuous absence in proceedings. Case pertains to une...
Income Tax : ITAT Delhi held that provision of section 43A of the Income Tax Act not invocable when there is only reinstatement of fluctuation ...
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...
UOI vs. Vodafone International Holding (Supreme Court) (Review Petition) -Union of India filed a review petition in the Supreme Court seeking a review of its judgement in the case of Vodafone International Holdings B.V. vs. UOI in which it held that Vodafone was not liable to pay capital gains on the transfer of shares. HELD by the Supreme Court dismissing the review petition: We have carefully gone through the review petition filed by the Union of India on 17th February, 2012. We find no merit in the review petition. The review petition is, accordingly, dismissed.
CA Jitendra Goyal, CA Rajender Handa RATES OF INCOME TAX FOR THE ASSESSMENT YEAR 2013-14 Slab Rates For Individuals( below 60 years) , HUF, AOP/BOI, (other than co-operative societies) For resident women age below 60 Years For senior citizens (Age between 60 – 80 Years) For Super Citizens (Age above 80 Years) Upto 200000 Nil […]
Till the date of budget, there is always confusion on treatment of director’s remuneration. There is conflict about whether it is salary income or it is a business income chargeable under the head business and profession. In this union budget, we have got a new clause u/s 194(J) that is 194(J)(1)(ba) that defines Any remuneration or commission paid to director of the company are liable to tax deduction at source at the rate of 10%. In my point of view, this will end the debate on TDS liability on director remuneration.
The case of the assessee is that the assessee could not comply with the provisions of section 54 within the time prescribed for reasons beyond her control, inasmuch as the money, which was blocked by her by paying advances to procure the property, was not realized within the time and, therefore, she could not make any alternative investment within the prescribed time. It is the case of the assessee that the acquisition of the property has been completed in 2001-02 and, therefore, deduction under section 54 may be granted, condoning the period of delay caused in complying with the time-limit prescribed under section 54.
It was held that consideration paid by the Indian customers or end users to the assessee – a foreign supplier, for transfer of the right to use the software/computer programme in respect of the copyrights falls within the mischief of ‘royalty’ as defined under sub-clause [v] to Explanation 2 to Clause [vi] of section 9[1] of the Income-tax Act, 1961.
The APA provisions are proposed to be implemented in the Indian Income-tax Act, 1961 through the Budget recently presented before the Indian Parliament. An APA mechanism can be – Unilateral, Bilateral and Multilateral. A Unilateral APA is the one which is entered into between the tax assessee and government of a country with respect to taxability of particular cross-border transfer pricing transaction(s) in that country.
Finance Minister Pranab Mukherjee said, We are not going to reopen cases from 1962. Please remember this is the legal requirement — when we interpret something and if legislation says this is my intention, it goes back to the date it was originally enacted. But, there is also another provision in the Income Tax Act that says we cannot reopen cases beyond six years. We are not going to reopen cases from 1962.
The assessee cannot be heard to say that the Tribunal was obliged to inform the petitioner about the dismissal of the order. Assuming that the Tribunal is required to send a copy of the order to the assessee/appellant, the assessee is also obliged to be vigilant about the proceedings initiated by him.
Deduction in respect of payment of Life Insurance Premium [section 80C] Deduction for life insurance premium as regards insurance policies issued on or after 1 April 2012 shall be available only if premium payable does not exceed 10% of actual capital sum assured. (reduced from 20 %)
On the changes suggested by the panel in the DTC, Mukherjee said two recommendations, General Anti Avoidance Rule (GAAR) and Advance Pricing Agreement (APA), have already been proposed in the Budget 2012.
