Income Tax

Transfer pricing guidelines– Global/Indian scene: Latest income tax obligations of entities

The following article has been written to explain the salient features of the reporting requirements enforced on corporations in India/abroad which are said to assist tax authorities around the world to use transfer pricing audit to get the tax due to their countries from corporations who seemed to have found various ways to avoid the tax...

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Basic Understanding on Form 15CA and 15CB

Earlier, the person making a remittance to Non-Resident was required to furnish a certificate in specified format circulated by RBI. Basic purpose was to collect the taxes at a stage when the remittance is made as it may not be possible to collect the tax from the NR at a later stage....

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Budget 2018- 36 Suggestions on Direct Taxes and 21 on Indirect Tax by Apex CMA body

Pre Budget Memorandum 2018-2019 By: The Institute of Cost Accountants of India- The CMA Professionals would ethically drive enterprises globally by creating value to stakeholders in the socio economic context through competencies drawn from the integration of strategy, management and accounting...

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Treatment of Exchange Fluctuation under Income Tax Laws

When any entity enters into any transaction in foreign currency, it is exposed to exchange fluctuation risk on such transaction unless the same is hedged by the entity through hedging techniques like Forward Contracts, Currency Invoicing etc. ...

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All About FATCA Compliance and Related Notices to Indian Tax Payers

FATCA stands for the Foreign Account Tax Compliance Act. It is a United States legislation which was primarily enacted to prevent tax evasion by US taxpayers using non-US financial institutions and offshore investment instruments....

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Defaulter of Income Tax TDS arrested and sent to jail

Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case. ...

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Keep foreign companies under presumptive taxation having PE in India outside the purview of MAT: ICAI

The Ministry of Finance has clarified that foreign company not having a permanent establishment in India will be exempt from MAT. An appropriate amendment has been made in the Act in section 115JB in this regard vide the Finance Act, 2016....

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Allow setting off of MAT credit for 10 Years after completion of period of exemption/deduction U/s. 10A to 10C & 80-IA to 80-IE

It is suggested that for setting off of MAT credit, a fresh period of 10 years be allowed after the completion of period of exemption under section 10A to 10C and deduction under section 80-IA to 80-IE under normal provisions of the Act provided it is the exclusive business of the assessee....

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Clarify on MAT u/s 115JB: ICAI

The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on various issues. These issues need to be clarified to reduce litigation before the appellate authorities, which is one of the aims of the Government....

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ICAI Suggestions on Proposed amendment to Section 115JB(2A)

MAT-Ind AS Committee placed its report dated 17 June 2017 providing recommendations on proposed amendments to the provisions of the Section 115JB of the Act in respect of Ind AS Compliant Companies....

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When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle

Oracle Systems Corporation vs. Deputy Director Of Income Tax, International Taxation (Delhi High Court) - When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle...

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Amendment in sec 43B is curative in nature and applies retrospectively

M/s. Simbhauli Sugar Mills Ltd. Vs. Addl. CIT (Allahabad High court) - Hon'ble Allahabad High court has in the case of M/S Simbhauli Sugar Mills Ltd in ITA No 607 of 2011 has held that amendment is sec 43B is curative in nature and would apply retrospectively....

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Omission of clause from statue- Deemed to be from inception or not?

Texport Overseas Private Limited Vs. Dy. CIT (ITAT Bangalore) - Pursuant to the amendment made by Finance Act 2017, omission of clause (i) of Section 92BA of the IT Act, 1961 be deemed to be removed from statute since the beginning until and unless there is some saving clause or provision that pending proceedings shall be continued and be disposed off under old ...

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Payment of Upfront Fees by DIAL held to be Revenue Expenditure

ACIT vs. Delhi International Airport Pvt. Ltd. (ITAT Delhi) - Delhi ITAT held that mere entry in the books of accounts and classifying the said payment as capital, i.e., it has been capitalised in the books will not at all be determinative as it has to be seen on the facts whether such a payment or expenditure falls in the capital filed or revenue field. ...

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ALP adjustment for excess credit period to AEs without charging any interest

Nuance Transcription Services India (P.) Ltd. v Dy. CIT (ITAT Bengaluru) - ITAT Bengaluru held in the case of Nuance Transcription Services India (P.) Ltd. v Dy. CIT that Outstanding Receivables from AE is an international transaction as per Explanation to Section 92B inserted by the Finance Act 2012 and non-charging of interest for a period exceeding 6 months requires ALP...

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Sec. 10(46) CBDT notifies ‘Central Registry for Securitization Asset Reconstruction and Security Interest of India’

Notification No. 3/2018-Income Tax - (18/01/2018) - Central Government hereby notifies for the purposes of section 10(46) the Central Registry for Securitization Asset Reconstruction and Security Interest of India, a body set up under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, ...

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Sec. 10(46) CBDT notifies ‘West Bengal Electricity Regulatory Commission, Kolkata’

Notification No. 1/2018-Income Tax - (18/01/2018) - Central Government hereby notifies for purposes Section 10(46) ‘West Bengal Electricity Regulatory Commission’, Kolkata, a commission constituted by the Government of West Bengal, in respect of the following specified income arising to that commission, namely:—...

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Notification No. 2/2018-Income Tax, Dated: 18.01.2018

Notification No. 2/2018-Income Tax - (18/01/2018) - S.O. 282(E).—In exercise of the powers conferred by clause (39) of the section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance...

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Order No. 14/2018 – Promotion to CCIT grade on notional basis

Order No. 14 of 2018 - (18/01/2018) - ORDER NO. 14 OF 2018 Consequent upon the approval of Competent Authority, the following officers are, hereby, promoted to the grade of Chief Commissioner of Income Tax (then HAG) in the pay scale of Rs. 67,000 — 79,000 (pre-revised) against the vacancy year 2013-14, on notional basis with effect f...

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Processing of ITR-1 to 6 & applicability of section 143(1)(a)(vi)

Circular No. 01/2018-Income Tax - (10/01/2018) - Since section 143(1)(a)(vi) of the Act is being applied for the first time while processing the returns, it has been decided that before issuing an intimation of the proposed adjustment, initially an awareness campaign would be carried out to draw the attention of the taxpayer to such differences....

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Recent Posts in "Income Tax"

Defaulter of Income Tax TDS arrested and sent to jail

Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case. ...

Read More
Posted Under: Income Tax |

Keep foreign companies under presumptive taxation having PE in India outside the purview of MAT: ICAI

The Ministry of Finance has clarified that foreign company not having a permanent establishment in India will be exempt from MAT. An appropriate amendment has been made in the Act in section 115JB in this regard vide the Finance Act, 2016....

Read More
Posted Under: Income Tax |

Allow setting off of MAT credit for 10 Years after completion of period of exemption/deduction U/s. 10A to 10C & 80-IA to 80-IE

It is suggested that for setting off of MAT credit, a fresh period of 10 years be allowed after the completion of period of exemption under section 10A to 10C and deduction under section 80-IA to 80-IE under normal provisions of the Act provided it is the exclusive business of the assessee....

Read More
Posted Under: Income Tax |

Clarify on MAT u/s 115JB: ICAI

The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on various issues. These issues need to be clarified to reduce litigation before the appellate authorities, which is one of the aims of the Government....

Read More
Posted Under: Income Tax |

ICAI Suggestions on Proposed amendment to Section 115JB(2A)

MAT-Ind AS Committee placed its report dated 17 June 2017 providing recommendations on proposed amendments to the provisions of the Section 115JB of the Act in respect of Ind AS Compliant Companies....

Read More
Posted Under: Income Tax |

Tax on distributed profits of domestic companies – Section115-O(1A)

As per the provisions of Section 115-O of the Act, the domestic holding company will not have to pay DDT on dividends paid to its shareholders to the extent it has received dividends from its subsidiary company on which DDT has been paid by the subsidiary. ...

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Posted Under: Income Tax |

Amend Section 115QA to remove tax when holding results in losses due to foreign exchange fluctuation

In view of the concerns faced by foreign investors after introduction of section 115QA, suitable amendments may be carried out in the Income-tax Act, 1961 so that foreign investors do not have to pay tax when their holding results in losses only due to foreign exchange fluctuation....

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Posted Under: Income Tax |

Taxes on buyback of Shares effected on or after 01.06.2016 needs clarification: ICAI

As per the amendment to Explanation (ii) to section 115QA(1), (effective from 1.6.16), consideration received by company on issue of shares to be bought back is to be determined as per the Rules to be prescribed....

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Posted Under: Income Tax |

New regime (section 115TCA) may be made applicable for distributions on or after 1st June 2016

The Finance Act, 2016 inserted section 115TCA to provide for transition of securitisation trusts from distribution tax regime to complete pass through regime (with TDS on distributions). However, the cut-off date between old and new regime is not clear....

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Posted Under: Income Tax |

Section 132B rws 245C(1)- Application of seized or requisitioned assets

After search, as per amended provision by the Finance Act 2010, where assessee files application with Settlement Commission for settlement of his cases, the cash seized during search be permitted to be adjusted against the tax due as per the offer made by the assessee in the settlement application....

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Posted Under: Income Tax |
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Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.

Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.

Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.

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