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Income Tax : Explore the alignment of Section 286 of the Income Tax Act 1961 with OECD BEPS Action Plan 13, emphasizing Country-by-Country Repo...
Income Tax : Article explains effective tax planning strategies to maximize returns and minimize liabilities. Know about Income Tax deductions,...
Income Tax : Explore how Tax Deduction at Source (TDS) acts as a powerful tool to combat tax evasion and streamline tax administration, enhanci...
Income Tax : Understand taxation on online gaming: Learn about TDS, net winnings calculation, & rules for withdrawals. Complete guide for gamer...
Income Tax : Learn about the meaning of slump sale, its framework under the Income Tax Act 1961, constituents of a valid slump sale, and tax im...
Income Tax : Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down ...
Income Tax : CBDT Circular No. 6/2024 extends relief to taxpayers from tax demands arising from inoperative PANs. Learn about the conditions an...
Income Tax : Explore the grievance redressal mechanism by CPC Bangalore Income Tax Department. Learn about petition submission methods, officer...
Income Tax : Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e....
Income Tax : Release of File Validation Utilities (FVUs) and Return Preparation Utility for e-TDS/TCS Statements File Validation Utility (FVU)...
Income Tax : Despite legal contention that addition under section 69 was erroneous, ITAT emphasized necessity of substantiating genuineness of ...
Income Tax : Learn how the Bombay High Court ruled on Al Jamia Mohammediyah Education Society vs. CIT regarding trust management's delay in fil...
Income Tax : Explore how ITAT Kolkata ruling on Britannia Industries Ltd. CSR contributions clarifies tax deductions under Section 80G....
Income Tax : Delve into the detailed analysis of the ITAT Jabalpur's decision in the case of Kalyanika Infra Mega Ventures Pvt. Ltd. Vs Dy.C.I....
Income Tax : Bombay High Court ruling favors Tata Steel, allowing its Rs. 212.52 crores contribution to Compensatory Afforestation Fund as reve...
Income Tax : Get insights on Circular No. 7/2024 issued by CBDT, extending due dates for filing Form No. 10A/10AB under the Income-tax Act, 196...
Income Tax : Explore Notification No. 41/2024-Income Tax regarding Kerala Autorickshaw Welfare Fund Scheme, Kollam. Analysis, impact, and impli...
Income Tax : Learn about CBDT Circular No. 6/2024 offering relief to TDS deductors for transactions up to March 31, 2024, when PAN becomes oper...
Income Tax : Explore the notification under section 80G(2)(b) of the Income Tax Act 1961 for Shree Ramanuj Kot Trust in Indore. Details of vali...
Income Tax : Discover the significant amendments in Income Tax regulations by the Ministry of Finance, Department of Revenue, Central Board of ...
Today health care services are the most expensive industry. It is nearly impossible to stay healthy and fit in the polluted environment that gives birth to the number of health problems in such case we need to live a safe and secure life. This is one of the major reasons for buying Health insurance, but […]
In a Record created by CBDT it has released ITR before the start of the Assessment Year for the Assessment Year 2016-17 and released e-filing Utility of all the ITRs within 15 days from the start of Assessment Year. CBDT has today released e-filing Utility of ITR 6 and ITR 7 for AY 2016-17 […]
Who can use this Return Form- This Return Form is to be used by an individual whose total income for the assessment year 2016-17 includes:- (a) Income from Salary/Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding winning from lottery and income from Race Horses)
Key Features of e-TDS/TCS File validation utility (FVU) version 5.0 for FY 2010-11 onwards 1. Remark ‘B’ is made applicable for Section code 192A (Payment of accumulated balance due to an employee) for Form 26Q. 2. New Section code 194IA (Payment on transfer of certain immovable property other than agricultural land) has been added under list of sections available under Form
e-TDS/TCS RPU version 1.5 for Statement(s) from FY 2007-08 onwards is released (13/04/2016). Key Features – Return Preparation Utility (RPU) version 1.5 Remark ‘B’ is made applicable for Section code 192A (Payment of accumulated balance due to an employee) for Form 26Q. New Section code 194IA (Payment on transfer of certain immovable property other than […]
The OECD Secretary-General’s report proposes that the G20 take additional steps to ensure that all countries and jurisdictions immediately endorse and implement all global standards devised and implemented by the Global Forum on Transparency and the Exchange of Information for Tax Purposes.
High Court held that as the issue of service of notices under sections 148, 142(1) and 143(2) are concerned, it is an admitted position that the said notices were never served on the Petitioner. The Revenue seeks to justify service of these notices on the Petitioner by contending that they have served the said notices on the last known address of the Petitioner which was the address of Ingram Micro India [earlier known as Tech Pacific India], the downstream company of the Petitioner.
Bombay High Court held In the case of M/s. Sesa Resources Ltd. vs. DCIT/Union of India that in the Judgment of the Division Bench in the case of Gujarat Reclaim & Rubber Products Ltd. Income Tax Appeal No.169/2014 dated 08.12.2015, it was held that before effecting deduction at source one of the aspects to be examined is whether such income is taxable in terms of the Income Tax Act.
High Court held that section 10(33) provides that any income by way of (i) dividends referred to in section 115-O; or (ii) income received in respect of the units from the Unit Trust of India established under the Unit Trust of India Act, 1963; or (iii) income received in respect of units of a mutual fund specified under section 10(23D), shall be exempt from tax.
In the absence of any addition having been made on incomes which the AO had reason to believe had escaped assessment, no addition of any other income could have been made and that the AO had exceeded his jurisdiction in passing the impugned order u/s 147.
