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Income Tax : Overview of key income tax changes for non-residents, charitable trusts, and individuals, including SEP rules, fund management, an...
Income Tax : Budget 2025 focuses on economic growth, tax reforms, and infrastructure. Key changes include new tax rates, financial sector refor...
Income Tax : Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for med...
Income Tax : Understand tax rules for debt mutual funds based on purchase date. Learn about slab rates, LTCG tax, indexation, and rebate eligib...
Income Tax : Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at...
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 : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Delhi High Court sets aside ₹14.63 crore penalty on Property Plus Realtors, ruling the order was issued beyond the statutory lim...
Income Tax : Delhi High Court dismisses appeal in PCIT vs Thapar Homes Ltd, ruling penalty under Section 271E was time-barred under Section 275...
Income Tax : ITAT Bangalore ruled on the taxability of Transferable Development Rights (TDR) in the case of Smt. Sowmya Sathyan vs. ITO, clarif...
Income Tax : ITAT Pune ruled on capital gains in Smt. Vimal Baburao Jadhav Vs ITO. The Tribunal held Section 50C inapplicable, recalculating LT...
Income Tax : ITAT Pune allows Foreign Tax Credit for Kasper Pieter Tideman, ruling that Form 67 filing is procedural, not mandatory. Read the c...
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...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
THE High Court stays the transfer of a file from one ITO to another; the transferred ITO ignores the High Court order and proceeds with the assessment. Later on the High Court quashing the transfer, the old ITO proceeds with assessment. Tribunal rules that it is time barred; High Court concurs.The Income Tax Appellate Tribunal, Hyderabad Bench, by its order dated 23.01.1995, referred the following question, which according to it covered the controversy raised in the four questions proposed by the Revenue, for the opinion of this Court under Section 256(1) of the Income Tax Act
This appeal by the taxpayer for the AY 2004-05 is directed against the order of Commissioner of Income-tax (CIT) partially setting aside assessment under Section 263 of IT. Act made vide order dated 30 March, 2005 with directions to the Assessing Officer for the fresh determination of Arm’s Length Price of international transaction with AEs in the light of his directions.
FOR the Income Tax Department, the latest ruling of the Larger Bench of the Punjab & Haryana High Court amounts to a big win. And, at the centre of the dispute was whether the interest paid on borrowed capital for purchasing new plant and machinery before the same is put to use is revenue expenditure or to be added to the ‘actual cost’ of the asset? What further complicated the issue was the fact that the assessee was a running company and wanted to set up a new plant by buying new machinery out of borrowed capital.
15. In so far as the assessee’s contention that as the remuneration paid to the directors were increased in a properly called meeting of the Board of Directors, such payment is to be considered as reasonable and not excessive, we are of the view that this contention of the assessee would be of no much assistance to the assessee as discussed hereafter. There is no dispute in the fact that the Board of Directors
ANY business is a tricky ‘business’ for its doers ! It is tricky because of the presence of many parameters beyond the control of the doers. Under such circumstances, what is to be treated as normal expenditure of business is the sum of compensation which a business-doer has to incur as expenditure for paying damages in case of non-fulfilment of certain obligations under a contract. Now, the major question is whether such an expenditure can be treated as wholly and exclusively for the purposes of business as mandated by the provision of the Sec 37(1) of the Income Tax Act?
Taxi and bus fleet owners and contractors providing raw materials, electrical work and furniture in civil construction are likely to come under the presumptive income tax net from 2008-09.An announcement in this regard is likely in the coming Budget.Presumptive tax is a procedure for computing profits of contractors that supply labour for civil construction or are in the business of plying, hiring and leasing transport for goods.
The Income Tax Department here has put on its website the list of income tax refunds of all salary tax payers which could not be sent to the concerned persons for want of correct address. Salary taxpayers who have not received refunds for assessment years 20034 to 20067 can long on to the website (www.incometaxindia.gov.in (mumbai region) and query using the PAN number and assessment year whether any refund due to them has been returned undelivered from the menu `undelivered salary refund management system’, an official release said on Monday.
THE assessee company was incorporated during the financial year 1997-98. Originally, there was a company jointly promoted by Tatas and IBM , which were known as Tata IBM. During the financial year 1997-98, it was mutually agreed between the two promoters to bifurcate the business activities into separate entities viz. IBM Global Services India Private Limited (the assessee company) and Tata IBM . As per the agreement entered into, various assets of the erstwhile Tat IBM were transferred to the assessee company has paid amounts of Rs. 9,38,57,925/ – and Rs. 5.3 Crore on account of transfer of certain employees to the assessee company and on account of transfer of the data base of the domestic business. The assessee company actually paid a sum of Rs. 18.4 crore for the transfer of the employees to the assessee company but claimed an expenditure of Rs. 9,38,57,925/ – as the remaining sum of around Rs. 9.01 crore was attributable to STP Unit, income of which was exempt.
The assessee is a partnership firm constituted by the Deed of Partnership dated 22.1.1980 and consisted of two partners, viz., Ms. J. Jayalalitha and Ms. V Sasikala . In terms of the Deed of Partnership, the Assessee carries on the business of all types of printing and publishing of newspapers, magazines, periodicals etc. and such other business or businesses as may be mutually agreed to between the partners. On 30.4.1990, the Assessee purchased a factory shed consisting of ‘ 3650 sq.ft. along with a factory building from Shri K. Viswanathan as per the sale deed dated 30.4.1900. It was the contention of the Counsel that the Assessee had installed a printing press in the factory premises and started its business of printing and publishing the political newspaper titled ‘ Namadu MGR ‘ for circulation among public and various agencies. While completing the original assessments the Assessee ‘ s claim was not fully allowed by the Assessing Officer. The Assessee went in appeal before the C.I.T.(Appeals) and he set aside the same. Since the Assessee failed to produce the contemporaneous primary evidence relating to the issue, he restricted the claim of the Assessee in all these years
Amadeus Global Travel vs. DCIT (ITAT Delhi) (i) The Amadeus system, by which subscribers in India are enabled to perform the functions of reservation and ticketing, represents a business connection because it extends to the Indian territory in the form of connectivity in India and generates income in India when the booking is completed on the subscribers’ computer; (ii) In determining the extent of profits attributable to such business connection, one has to look into the factors like functions performed, assets used and risk undertaken. On facts, as the major part of the work was processed at the host computer in Germany, only 15% of the revenue accruing to the assessee in respect of bookings made in India can be said to have accrued or arisen in India;
