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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 : 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 : ITAT Bangalore held that delay in cash deposits, during demonetization, due to unforeseen circumstances like laxmi pooja and staff...
Income Tax : ITAT Kolkata held that mere non-production of director cannot be the ground for making any addition in the hands of assessee under...
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...
In a recent decision, in the case of Entertainment One India Ltd. v. ITO [2010-TIOL-210-ITAT-MUM] (“the assessee”), the Income-tax Appellate Tribunal (“the Tribunal”) has held that there is no liability to withhold tax under sections 194C and 194J of the Income-tax Act, 1961 (“the Act”) on payments made to producers, directors and actors for financing film production.
The Mumbai Bench of Income-tax Appellate Tribunal (“the Tribunal”), in its recent ruling in the case of M/s Hinduja TMT Ltd. [2010-T11-18-ITAT-MUM-TP] , has held that the onus is on the assessee to prove the arm’s length nature of its international transactions with associated enterprises. In this regard, the uncontrolled comparable data as well as other relevant details submitted by the assessee must be examined by the Revenue. Arm’s length price (“ALP”) must eventually be established with reference to appropriate uncontrolled comparable data and other relevant details, and by applying the methods prescribed in the Indian Transfer Pricing Regulations. In the same ruling, on a separate ground of appeal, the Tribunal considered whether the sale of investment made by the assessee was in the nature of capital gain or business income. Based on the facts, the Tribunal has, without giving any findings, restored the file back to the assessing officer (“AO”) so that the AO may take a view, consistent with those taken in earlier assessment years on identical issues, after considering the assessee’s contentions and having regard to the decision of the Bombay High Court in the case of Gopal Purohit (228 CTR 582; 188 Taxman 140).
Income from services in connection with seismic surveys, data acquisition, processing and interpretation of such data is covered under Section 44BB of the IT Act, 1961 and cannot be regarded as ‘fees for technical services’
In a recent case of SET Satellite Singapore Pte Ltd.1 the Income Tax Appellate Tribunal, Mumbai (“ITAT”) has held that royalty payments made by a resident of Singapore to another Singaporean entity, as consideration of rights to transmit and broadcast matches etc. in India, are not subject to Indian withholding tax requirements. The ITAT in this case relied on Article 12(7) of the India-Singapore Tax Treaty (“Treaty”), which provides that royalty payments will be considered to arise in India, only if the royalty is paid by a resident of India or incurred in connection with its permanent establishment (“PE”) in India and such royalty is borne by such PE.
It is mandatory for the assessee to follow one of the methods prescribed in Section 92C of the Income Tax Act, 1961 read with Rule 10B of the Income Tax Rules, 1962 and demonstrate that the international transactions entered with the associated enterprise are at arm’s length.
The government has decided to cap the number of national commodity exchanges at eight to foster sustained growth of the commodity futures market. “The Consumer Affairs Ministry in consultation with the sector regulator FMC has decided to allow only e
Shri Anand Sharma, Union Minister for Commerce & Industry today flagged off the implementation of the Coffee Debt Relief Package, 2010 by distributing the first batch of certificates to those small coffee growers whose loans have been waived under th
In a major crackdown, the Income Tax department is conducting nationwide searches on more than 70 premises of major real estate developers in the NCR including Paras and Amrapali group over alleged tax evasion. According to sources, more than 450 off
The government will look into more cross-border mergers involving Indian assets, like the Vodafone-Hutchison deal, after the Bombay High Court on Wednesday rejected UK-based Vodafone’s petition against the imposition of tax by authorities here.
The Supreme Court on Thursday rejected the income-tax department’s contention that companies based in India were liable to deduct tax when they make any payment overseas, offering relief to domestic firms and multinational companies based here that w
