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Income Tax : The faceless tax assessment scheme in India faces legal disputes over jurisdiction between JAO and FAO. Learn about key court ruli...
Income Tax : Budget 2025 raised the Section 87A rebate limit to ₹12 lakh but restricted its use on special rate income. Learn about key chang...
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 : 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 : Delhi HC rules AO functus officio post-assessment, quashing reassessment notice against Vivo India for lack of due process and vio...
Income Tax : ITAT Ahmedabad ruled that mere suspicion cannot justify tax additions, deleting an Rs. 18 lakh addition in a property investment d...
Income Tax : Karnataka High Court held that TDS is not deductible on payment to non-residents for advertisements in several social medias like ...
Income Tax : ITAT Mumbai removes addition in Kamal Clearing & Forwarding case, ruling that income was already declared and no evidence of money...
Income Tax : ITAT Lucknow held that cash deposits out of the past savings during demonetization being reasonable and as per social standing of ...
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...
After Nifty index futures, the Singapore Exchange will start trading in Nifty options in the next six months which will give investors one more avenue, a senior official said. “We have been doing Nifty futures and the next obvious thing is to give investors more options…there is a good interest in it,” SGX’s Senior Vice-President (Derivatives), Janice Kan told reporters on the sidelines of a conference here today.
The Mumbai bench of the Income-tax Appellate Tribunal, (“Tribunal”) in a ruling’ in the case of Citicorp Banking Corporation, Baharain v. Addl. Director of Income Tax (I.T.)-Range 1-[2011-T11-40-1TAT-MUM-INTL] , held that losses arising on cancellation of foreign exchange forward contracts entered into by the assessee for protecting it against the risk of currency fluctuation would be characterised as capital loss and the said loss can be set-off against other capital gains under the provisions of the Income-tax Act, 1961 (the “Act”). Further, the Tribunal also held that section 115AD provides for tax rates on income from securities or capital gains and it has nothing to do with determination of the nature of gain or loss i.e. capital or revenue.
Section 2(47) of Income-tax Act defines transfer, which, inter alia includes sale, exchange, relinquishment of the asset or extinguishment of any rights therein. In the case of Phulchand Sons Investments Pvt. Ltd. v. ACIT the Mumbai Bench of Income Tax Appellate Tribunal observed that the assessee had undertaken a loan transaction and not sale of shares during the subject assessment year. The revenue authorities were unable to bring any evidence on record to establish that the assessee had engaged in a sale transaction and not a loan transaction. Accordingly, the Tribunal held that lending of shares is not a ‘transfer’ within the meaning of section 2(47) of the Act, and hence, is not taxable.
VNU International B. V., AAR No. 871 of 2010, order dated 28 March 2011- Whether capital gains earned by the applicant on transfer of shares of the Indian company would be liable to tax in India as per the provisions of the Income-tax Act, 1961 („the Act‟) and the Tax Treaty between India and The Netherlands? If the capital gain is not taxable in India, whether the applicant is required to file any return of income under section 139 of the Act? Whether the transfer of shares by the applicant would attract transfer pricing provisions under sections 92 to 92F of the Act? Whether the purchasers were liable to withhold tax at source under section 195 of the Act and if so, on what amount should the tax have been deducted?
DIT vs. Maersk Co Ltd as agent of Mr. Henning Skov – In the instant case, it was held that the assessee was not liable to pay interest under section 234B upon failure on the part of the employer to deduct tax at source as the obligation to deduct tax at source is upon the employer. The assessee was only liable to pay tax directly under section 191 of the Act.
Gold and Silver rates as on April 1, 2011 (Mumbai) : Standard Gold Rs. 20,775; Pure Gold Rs. 20,875; Silver Spot Rs. 56,900
State-owned Oriental Bank of Commerce (OBC) today launched the Income Tax payment facility through ATMs for their customers. The process of income tax payment through ATMs is user friendly and would lead to higher compliance by spreading the tax net to cover individual taxpayers resulting in higher Direct Tax revenues, Revenue Secretary Sunil Mitra said after launching the facility here.
This Notification is containing summary of Income Tax Amendment made by Budget 2010 which are applicable for Assessment Year 2011-12 and Financial Year 2010-11. Topis which are covered are as follows:- 1. Rates of income-tax in respect of incomes liable to tax for the assessment year 2010-11. 2. Income deemed to accrue or arise in India to a non-resident. 3. Computation of exempted profits in the case of units in Special Economic Zones .4. Cancellation of registration obtained under section 12A. 5. Weighted deduction for scientific research and development. 6. Investment-linked deduction for specified businesses. 7. Disallowance of expenditure on account of non-compliance with TDS provisions. 8. Limit of turnover or gross receipts for the purpose of audit of accounts and for presumptive taxation 9. Conversion of a private company or an unlisted public company into a limited liability partnership (LLP).
Centralized Processing Center (CPC), Bangalore has been actively processing of returns for AY 2010-11. As on 01/4/2011 it has processed over 44.7 lakh e-filed returns of AY 2010-11 in all categories of ITRs including Corporate Returns and generated refunds in over 15.45 lakh cases. The Income Tax Department has now extended the last date for sending ITR Vs for AY 2010-11 to 31st July, 2011 or 120 days whichever is later.
INSTRUCTION NO. 4/2011 [F. NO. 279/MISC./M-20/2011-ITJ], DATED 9-3-2011 – Several instructions and directions have been issued by the CBDT from time to time emphasizing upon the need for timely filing of appeals/SLPs in the Supreme Court and proper conduct of litigation. However, a number of SLPs are being filed with inordinate delay. In the wake of repeated displeasure expressed by the Hon’ble Supreme Court on the present state of affairs, Ld. Attorney General for India has advised the Board to work towards a “Zero Delay Regime” in the matter of filing of appeals/SLPs.
