Income Tax

Taxation of Digital Economy in India

Residents are taxed on worldwide income and non-residents are taxed only on income sourced in India. Companies are treated as residents on satisfying either of the conditions: (a) incorporation in India (b) Place of Effective Management (‘POEM’) is in India. Accordingly, a company incorporated outside India and having its POEM outside...

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Reopening of Assessments after 4 Years -Section 148 -Income Tax Act – Special Considerations

The reopening of an assessment is carried out by the Assessing Officer by first issuing a notice under Section 148 of the Income Tax Act, 1961 (the Act) and thereafter proceeding to make a reassessment order under Section 147 of the Act. Yet, in certain circumstances, the assessee is advised or he decides to challenge […]...

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Judicial Discipline

Every walk of human life needs self-discipline in the like manner every judicial decision should be based on judicial discipline. The judicial discipline is a vital factor in adjudication proceedings. The adjudicating authorities should be bound by the precedent judgments of the higher authorities in the identical cases. Then only the jud...

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Buy-backs – Proceed with caution

Buy-backs have been the topic of discussion in corporate corridors in India since Budget (No. 2) 2019 has extended the existing tax on buy-back of shares to listed shares. Earlier, listed companies used buy-backs as an alternative to reward shareholders, as dividend was proving an expensive alternative from a tax perspective. A buy-back i...

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Brief on Black Money (Undisclosed Foreign Income & Assets) & Imposition of Tax Act, 2015

Brief Analysis of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Basis of charge Undisclosed asset outside India is defined to mean asset (including financial interest in any entity) located outside India, held by assesee in his own name or in respect of which he is beneficial owner, and he […]...

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Cabinet approves Taxation Laws (Amendment) Bill, 2019

In order to attract fresh investment in manufacturing and provide boost to 'Make-in India' initiative of the Government, another provision was inserted to the IT Act, to provide that a domestic manufacturing company set up on or after 1st October, 2019 and which commences manufacturing by 31st March, 2023, may opt to pay tax at 15% plus s...

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Cross border Transactions and Investments (2019)

India is now one of the front runners among the developing countries for attracting FDI. Its strong and stable growth and commitment to institutional reforms has made it one of the most attractive destinations for FDI. Cross border flow of capital, human resource and technology has increased manifold over the period of time, which in [&he...

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Technical Guide on Expatriates Taxation (Revised 2019 edition)

Continuous and rapid global integration has impacted the economies of different countries differently and in a positive manner. Consequently, knowledge, experience and skills of human capital have also been seamlessly shared, which in turn has placed expatriate employees in the most vital position. The income of an inbound expatriate or a...

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Guidance Note on Report U/s. 92E of Income Tax Act, 1961

Following is the Exposure Draft of the Guidance Note on Report under section 92E of the Income-tax Act, 1961 (Transfer Pricing), issued by the Committee on International Taxation of ICAI for comments. Changes have been made to the extent of amendments made by the Finance Act, 2017....

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Income Tax Dept seizes substantial amount of cash in Tamil Nadu

On 15.11.2019, the Income Tax Department commenced a search action under section 132 in the case of a company in a tier 3 city in Tamil Nadu. The company is in the business of manufacturing certain specialized materials which are supplied to the health sector in India and abroad....

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Income on account of undisclosed sundry debtors surrendered to be considered as deemed income u/s 69

DCIT Vs Khurana Rolling Mills (P) Ltd (ITAT Chandigarh) - Surrender offered by assessee on account of undisclosed sundry debtors was purely related to business carried out by assessee, therefore, same had to be assessed as deemed income under sections 69, 69A/B/C and assessee was entitled to claim the benefit of set off of losses both current and brought f...

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HC explains Entire law on formation of AOP & taxability of off-shore supply & services 

Linde AG, Linde Engineering Division And Anr. Vs DDIT (Delhi High Court) - Linde AG, Linde Engineering Division & Anr. Vs DDIT (Delhi High Court) Hon’ble high court held that  ‘mere cooperation’ between consortium members not results in an AOP. High Court held that where there is an independent / separate scope of work for each member coupled with no...

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Assessment proceedings not conclude till assessment order served upon Assessee

M3M India Holdings Pvt. Ltd Vs ITSC (P&H High Court) - M3M India Holdings Pvt. Ltd Vs ITSC (P&H High Court) For purposes of making an application for settlement, a case i.e. an assessment would be pending till such time as the assessment order is served upon the assessee. The assessee is entitled to proceed on the basis that till the service of the ...

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Addition cannot be made for mere credit in form 26AS without examination

i2i Telesource Pvt. Ltd. Vs ITO (ITAT Mumbai) - Where assessee claimed that there was wrong credit entry by payer-client in Form 26AS, AO was required to examine its genuineness before making any addition on account of mismatch between receipts reflected in Form 26AS and in profit and loss account. Thus, matter was remanded for re-adjudication....

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Deal with cases in which there is stay of Tax recovery on higher priority: HC to ITAT

PCIT Vs Nokia Solutions & Networks India Pvt. Ltd. (Delhi High Court) - In cases where there is stay of recovery of demand of tax, the Tribunal should deal with the appeals pending before it on a higher priority. The Tribunal should consider forming a separate list of such cases which should be heard on priority after arranging the cases on the basis of their seniority ...

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IBBI (Bankruptcy Process For Personal Guarantors To Corporate Debtors) Regulations, 2019

Notification No. IBBI/2019-20/GN/REG051. - (20/11/2019) - Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 issued by IBBI on 20th November, 2019. Also Read-IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors INS...

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CBDT notifies Form no. 16D & 26QD for TDS Payment & Return|Section 194M

Notification No. 98/2019-Income Tax [G.S.R.858(E)] - (18/11/2019) - The CBDT has notified that any sum deducted under section 194M shall be paid to the credit of the Central Government within a period of thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QD. Every person responsible ...

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Verification check list for assistance of AOs for OCM Cases

Instruction No. 15 - (15/11/2019) - In this regard, board has issued an instruction related to the verification checklist in the cash deposit cases during the demonetization period for providing the assistance to the AOs for verification of cash deposits and framing of assessment in the demonetisation related cases....

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Corrigendum Notification No. 97/2019- Income Tax Dated: 13.11.2019

Notification No. 97/2019- Income Tax/ S.O. 4084(E) - (13/11/2019) - The name of the approved organization Diabetes Research Centre Foundation, Chennai shall be read as Prof. M. Viswanathan Diabetes Research Centre, Chennai with effect from 01.04.2010....

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Empanelment of officers for promotion to Principal CIT grade for Year 2019

No.18/65/2017-EO(SM.II) - (11/11/2019) - Empanelment of the following officers for promotion to the grade of Chief Commissioner of Income Tax (CCIT) in the Indian Revenue Service (Income Tax) in Level 16 in the Pay Matrix (Rs.205400-224400/-) for the panel years 2018 (Supplementary Panel) and 2019 (Regular Panel), w.e.f. the date of assump...

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Recent Posts in "Income Tax"

Income on account of undisclosed sundry debtors surrendered to be considered as deemed income u/s 69

DCIT Vs Khurana Rolling Mills (P) Ltd (ITAT Chandigarh)

Surrender offered by assessee on account of undisclosed sundry debtors was purely related to business carried out by assessee, therefore, same had to be assessed as deemed income under sections 69, 69A/B/C and assessee was entitled to claim the benefit of set off of losses both current and brought forward in accordance with law against th...

Read More

Taxation of Digital Economy in India

Residents are taxed on worldwide income and non-residents are taxed only on income sourced in India. Companies are treated as residents on satisfying either of the conditions: (a) incorporation in India (b) Place of Effective Management (‘POEM’) is in India. Accordingly, a company incorporated outside India and having its POEM outside...

Read More
Posted Under: Income Tax |

HC explains Entire law on formation of AOP & taxability of off-shore supply & services 

Linde AG, Linde Engineering Division And Anr. Vs DDIT (Delhi High Court)

Linde AG, Linde Engineering Division & Anr. Vs DDIT (Delhi High Court) Hon’ble high court held that  ‘mere cooperation’ between consortium members not results in an AOP. High Court held that where there is an independent / separate scope of work for each member coupled with no profit / loss or risk sharing between t...

Read More

Assessment proceedings not conclude till assessment order served upon Assessee

M3M India Holdings Pvt. Ltd Vs ITSC (P&H High Court)

M3M India Holdings Pvt. Ltd Vs ITSC (P&H High Court) For purposes of making an application for settlement, a case i.e. an assessment would be pending till such time as the assessment order is served upon the assessee. The assessee is entitled to proceed on the basis that till the service of the assessment order, […]...

Read More

Addition cannot be made for mere credit in form 26AS without examination

i2i Telesource Pvt. Ltd. Vs ITO (ITAT Mumbai)

Where assessee claimed that there was wrong credit entry by payer-client in Form 26AS, AO was required to examine its genuineness before making any addition on account of mismatch between receipts reflected in Form 26AS and in profit and loss account. Thus, matter was remanded for re-adjudication....

Read More

Deal with cases in which there is stay of Tax recovery on higher priority: HC to ITAT

PCIT Vs Nokia Solutions & Networks India Pvt. Ltd. (Delhi High Court)

In cases where there is stay of recovery of demand of tax, the Tribunal should deal with the appeals pending before it on a higher priority. The Tribunal should consider forming a separate list of such cases which should be heard on priority after arranging the cases on the basis of their seniority as well as the quantum involved in the s...

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Penalty cannot be imposed when income was estimated by applying a percentage

Mr. Mohammed Sharif Vs ITO (ITAT Mumbai)

We find that in this case the assessment was framed by the AO after making ex-parte addition of Rs.16,54,146/-towards 100% of the bogus purchases which the co-ordinate bench of the Tribunal in quantum proceedings reduced to 12.5% of such purchases. In our opinion, this is a clear cut case where the income has been estimated by applying a ...

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Section 153A: If No incriminating material found during search than no addition could be made

PCIT Vs Daksha Jain (Rajasthan High Court)

Since no incriminating material was unearthed by AO during the course of search operation under section 132, therefore no addition could be made during the relevant assessment year under section 153A by reopening the assessment on the matter, which was examined earlier during original assessment....

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Join Online Certification Course on GST & Income Tax by TaxGuru Edu

TaxGuru Edu, an educational wing of Taxguru bring you the best in class Online Certification Courses on GST and Income tax. Learn taxes in a Practical way and become an Expert in this field.  Online Certification Course on Income Tax – Batch 2 The Online Income Tax Course covers major aspects of Income Tax Law […]...

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Posted Under: Income Tax | ,

 Section 68 additions cannot be made merely on doubts, conjectures or surmises

ITO Vs. Ambika Metalchem Impex P. Ltd. (ITAT Mumbai)

ITO Vs. Ambika Metalchem Impex P. Ltd. (ITAT Mumbai) In the present case, we find that the assessee has duly discharged the initial onus of proving the identity of the investors, creditworthiness of the transactions and genuineness of the transactions. Notices issued u/s 133(6) have been responded to. In such a scenario, the onus to [&hel...

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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. At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost. Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.