FATCA Treaty (Agreement) between India and USA (A) Foreign Account Tax Compliance Act (FATCA) Non Tax Treaty 1. Introduction on Non DTAA Treaties between India and USA India and USA has tax + non tax (both) treaties like: (i) Double Taxation Avoidance Agreement (DTAA) tax treaty (ii) Foreign Account Tax Compliance Act (FATCA) for disc...
Read MoreTaxation is an integral part of any economy for financial management of any Government. Such taxes are not of recent origin rather there is evidence that taxes were levied since ancient times in various forms which may be in kind like grains, gold and forest produce or it may be in the form of money....
Read MoreIf you are a person in India you may remit amount outside India for various purposes such as foreign trip, education, medical facilities, investment abroad, sale proceeds of investment in India, income earned in India. In order to regulate such remittances laws have been framed under Foreign Exchange Management Act, 1999 and Income Tax Ac...
Read MoreIn every subject and stream of education and in their practical application has some unique features or feature to any sense. But no other subjects in the universe whether in science, commerce, humanities have such inherent undemocratic disparity as like legal education and its application. Now question is which special feature it has ren...
Read MoreFinance Act 2022 inserted the section 194R. This section mandates a person (who provides any benefit or perquisite to resident) to deduct tax at source @10% of the value /aggregate value of such benefit. These benefits must arise in the course carrying any Business or Profession. However no deduction is to be made if value […]...
Read MoreDirect & Indirect Taxes : Monthly Updates Date & Time – 3rd December 2022 (Time:11 a.m to 12:30 p.m) Tax Guru is Organizing a 1 and Half Hour Workshop for discussions on ‘Direct & Indirect Taxes : Monthly Updates’ on the following topics- GST – 1. Replying to notices for ITC denial for- A. Mismatch [&hellip...
Read MoreAt present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is [&h...
Read Mores agricultural land is not covered under the definition of Capital asset, capital gains on transfer of the same is not taxed. Suitable provisions may be introduced to exclude this Capital gain while calculating Book Profit for the purpose of MAT....
Read MoreChartered Accountants Association Surat (CASS) Comprehensive Pre-Budget 2023-24 Memorandum by CAAS highlighting hardships and areas of improvement where Income-Tax can become taxpayer friendly tax. Sr. No. Existing provision under the I. T. Act, 1961 Section 2 of Finance act: – Tax rates for non-corporate Tax payers 1 Difficulty / I...
Read MoreKey Features – Return Preparation Utility (RPU) version 4.4 e-TDS/TCS Return Preparation Utility Ver. 4.4 for Regular & Correction Statement(s) from FY 2007-08 onwards. 5 new section codes are added under Annexure I (i.e. deductee details) of Form 26Q which are as below: Section Nature of payment (description to be populated for thi...
Read MoreSikandar And Company Vs ITO (ITAT Pune) - Sikandar And Company Vs ITO (ITAT Pune) AO has to power to reopen, provided there is tangible material to come to the conclusion that there is escapement of income from other assessment. Further, there must be reasons recorded showing live link with the formation of the belief that there is escapeme...
Read MoreNeelima Pravinkumar Khamkar Vs ITO (ITAT Pune) - Admittedly, the AO deployed Inspector to verify whether there is any construction/residential house constructed by the assessee. The Inspector submitted report on 19-12-2016 stating that no construction or residential house is existing at House No. 4, Ward No. 12, Ichalkaranji which clearly establis...
Read MoreMufg Bank Ltd Vs CIT (Delhi High Court) - Delhi High Court held that assessee is free to settle any appeal under Direct Tax Vivad se Vishwas Act, 2020 and is not required to settle all the pending appeals filed by the respondent-revenue for an assessment year....
Read MoreRuikar Trust Vs ACIT (CPC) (ITAT Pune) - Ruikar Trust Vs ACIT (CPC) (ITAT Pune) Brief facts relating to the case are that the assessee is a charitable trust. The assessee claimed exemption u/s. 11 of the Act in the return of income. The CPC, Bangalore denied the said exemption for non-filing of Form 10 within time. Having aggrieved, the as...
Read MoreIndogulf Cropsciences Ltd. Vs ACIT (ITAT Delhi) - ITAT Delhi held that as receipt of an interest subsidy received under the scheme is not income at all and hence the same has to be excluded while computing book profits under section 115JB of the Income Tax Act....
Read MoreInstruction No. 06 of 2022 - (28/11/2022) - It is observed that, in certain cases, consequent to the issue of intimation u/s 245, the assessees had responded on the demand portal that the demands are incorrect, in as much as that the demands are stayed by Assessing Officer/ITAT/High Court....
Read MoreNotification No. 126/2022-Income Tax, [S.O. 5555(E).] - (30/12/2022) - CBDT notifies Federation Internationale de Football Association Under-17 Women’s World Cup, 2022 as the international sporting event for Income Tax Exemption under Section 10(39) vide Notification No. 126/2022-Income Tax | Dated: the 30th November, 2022. MINISTRY OF FINANCE (Department of Revenue...
Read MoreF.No. 282/15/2022-IT (Inv.V)/267 - (22/11/2022) - Now AO can also do survey u/s 133A of the Income Tax with the prior approval of concerned Principal CCIT/ DG F.No. 282/15/2022-IT (Inv.V)/267 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) **** Civic Centre, New Delhi- 110002 Dated 22nd Nov, 2022 ORDER ...
Read MoreNotification No. 125/2022-Income Tax, [S.O. 5345(E).] - (16/11/2022) - CBDT notifies sovereign wealth fund, namely, Public Investment Fund vide Notification No. 125/2022-Income Tax | Dated: 16th November, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 125/2022-Income Tax | Dated: 16th November, 2022 S.O. 5...
Read MoreOffice Order -2 - (14/11/2022) - Office Order -2 Setting up of Units under sub-section (3) of section 144B of the Income-tax Act, 1961 - reg In pursuance of sub-section (3) of section 144B of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following amendments in the Office Order – 2 of even num...
Read MoreSikandar And Company Vs ITO (ITAT Pune) -
Neelima Pravinkumar Khamkar Vs ITO (ITAT Pune) -
Mufg Bank Ltd Vs CIT (Delhi High Court) -
Ruikar Trust Vs ACIT (CPC) (ITAT Pune) -
Indogulf Cropsciences Ltd. Vs ACIT (ITAT Delhi) -
Deven Supercriticals Pvt. Ltd. Vs DCIT (ITAT Pune) -
Eduwizards Info solutions P. Ltd. Vs ACIT (ITAT Delhi) -
Sai Bhargavanath Infra Vs ACIT (ITAT Pune) -
Instruction No. 06 of 2022 - 28/11/2022
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