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Income Tax : Understand income tax rules for set-off and carry forward of losses, including inter-source, inter-head adjustments, and condition...
Income Tax : This article explores the binding nature of tribunal orders, exceptions, and the role of larger benches in maintaining judicial co...
Income Tax : Understand the rules for disclosing foreign assets and income by resident Indians. Learn eligibility, required ITR schedules, due ...
Income Tax : Learn steps for calculating and paying advance tax for corporates, due dates for instalments and penalties for delayed payments u...
Income Tax : Bombay HC grants interim relief allowing taxpayers to claim Section 87A rebate for AY 2024-25. Revised ITR deadline extended to 15...
Income Tax : Govt rationalizes long-term capital gains tax, reducing rates to 12.5% and simplifying holding periods. Relief provided for pre-Ju...
Income Tax : The Government's report on income tax return filings, including the percentage of filers, income categories, zero income declarati...
Income Tax : Analysis of a 25% rise in income tax returns filed over five years, with key government initiatives like pre-filled forms, updated...
Income Tax : The PIL challenges the TDS system's constitutionality, citing undue burdens, forced labor, and Article 14, 19, and 21 violations, ...
Income Tax : Exploring the need for relaxation in Vivad Se Vishwas II Scheme, 2024, addressing issues of pending appeals filed after July 23, 2...
Income Tax : ITAT Kolkata condones 186-day delay, remands Umang Webtech Private Limited's case to AO for fresh examination due to ex-parte asse...
Income Tax : ITAT Kolkata remands Usha Dhamala's case to the AO for reassessment of her tax exemption claim under Section 10(26AAA) for Sikkime...
Income Tax : ITAT Kolkata rules in favor of Goldman Stocks, deleting ₹4.82 Cr addition as unexplained cash credit, citing genuine sales trans...
Income Tax : ITAT Kolkata quashes PCIT’s order under Section 263 of the Income Tax Act, citing precedents from the Calcutta High Court and Su...
Income Tax : ITAT Hyderabad remands Sunil Jayantilal Sachdev case for fresh assessment after NFAC confirmed AO's action without considering tax...
Income Tax : The CAG's 2024 report on direct taxes highlights tax issues, recovery, and errors in corporate and income tax assessments, with co...
Income Tax : The Central Silk Board gains tax exemption for specified income from grants, royalties, fees, and interest, effective for 2024-202...
Income Tax : Govt. issues notification exempting TDS on payments to Credit Guarantee Fund Trust for Micro and Small Enterprises under Income-ta...
Income Tax : Circular No. 19/2024 offers clarifications on the eligibility and settlement under the Direct Tax Vivad Se Vishwas Scheme, 2024....
Income Tax : CBDT amends Notification No. 44/2020 under Section 10(23FE) of Income-tax Act. Changes take effect from publication in the Officia...
CBDT has Vide Order No. 92 of 2013 dated 31.05.2013, ordered the transfer/ posting of several officers in the grade of Chief Commissioner of Income-tax (CIT) with immediate effect. CBDT has Vide Order No. 94 of 2013 dated 31.05.2013 ordered the transfer/ posting of several officers in the grade of Deputy Commissioner of Income-tax (DCIT) / Assistant Commissioner of Income-tax (ACIT) with immediate effect.
There is a peculiar history regarding the amendments of section 90 of the Income-Tax Act, 1961 (the Act), by the Finance Act, 2012 and the Finance Act, 2013, in respect of the requirement of Tax Residency Certificate (TRC) to be obtained by an assessee, in order to avail of the benefit of Double Taxation Avoidance Agreement (DTAA) between India and the country of his residence.
Notification No. 39/2013 – Income Tax Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven 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.26QB
In our opinion, the amount representing 2118.84 is towards investment in share capital of the subsidiaries outside India as the transactions are not in the nature of transactions referred to section 92-B of the IT Act and the transfer pricing provisions are not applicable as there is no income.
Once the CBDT has issued instructions for assumption of jurisdiction for selection of cases of corporate assesses for scrutiny and assessment thereof, the same have to be followed in letter and spirit by the AO .
Whether A Person Can Refuse To Provide Information Relating To Its ‘Personal’ Income Tax Returns, Financial Statements Etc., If Such Information Is To Be Provided To A Government Body In The Course Of Application For Certain Licenses, Permits, Grants Etc.
No.F.3(33)/P-II/ VAT/ Misc j2006/206-216 , Dated: 27/05/2013 Sub-rule (1) of Rule 67 of the Delhi Value Added Tax Rules, 2005 and Rule 4 of the Central Sales Tax(Delhi) Rules, 2005 for furnishing of reconciliation return in Form DVAT-51; and,
Notification No. 38/2013 – Income Tax In exercise of the powers conferred by section 295 read with sub-section (1) of section 35CCC of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Fourth Amendment) Rules, 2013. (2) They shall come into force on the date of their publication in the Official Gazette.
The Mumbai Bench found that short deduction of TDS, if any, could have been considered as liability under the Income-tax Act as due from the assessee. Therefore, the disallowance of the entire expenditure, whose genuineness was not doubted by the assessing officer is not justified. A similar view was also taken by the Kokatta Bench of this Tribunal in the case of CIT vs M/s S.K. Tekriwal (supra).
In this article I am discussing the Service tax provisions in respect to the Services provided TO the Educational Institutions. An illustrative list of services provided to Educational Institutions – Works Contract Services, Renting Services, Transportation, Security Services, Information Technology Services
