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Income Tax : Learn about deductions allowed under Section 57 of the Income Tax Act, 1961, for income from other sources, including family pensi...
Income Tax : This blog explores the implications of this tax policy, the distinction between games of skill and chance, the applicability of Ta...
Income Tax : New TDS Rules Under Section 194T: Impact on Taxpayers & Businesses – Effective from 1st April 2025 Introduction The Finance ...
Income Tax : Explore the economic impact of AI, automation, and recession on India. Understand how income tax laws may evolve to address unempl...
Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...
Income Tax : CBDT invites stakeholder suggestions on simplifying Income Tax Rules and Forms under the Income Tax Bill, 2025. Submit feedback vi...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : ITAT Pune dismisses revenue appeal, upholding CIT(A)'s decision that a tax reassessment based on a cancelled PAN was invalid....
Income Tax : Advocate Amardeep Soni & Advocate Harsha Soni Gemplus India Pvt. Ltd. Vs ACIT (ITAT Bangalore) A Case Study of ITAT BANGALORE...
Income Tax : Karnataka High Court rules on TDS applicability under Section 195 of the Income Tax Act in the case of Abbey Business Services Ind...
Income Tax : ITAT Delhi rules that Section 50C adjustments cannot be made under Section 143(1) without referring valuation disputes to the DVO,...
Income Tax : ITAT Pune rules no addition under Section 69 if investment source is disclosed in the balance sheet. Partial relief granted for un...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Import of challan file (.csi file): Import of challan file downloaded from the TIN website (Challan Status Inquiry) has been made mandatory at the time of validating the quarterly TDS/TCS statement, if the TDS/TCS is deposited through challan. This will be applicable in case of regular statement and for correction statement in the scenarios as below:
Section 80CCG: Section 80CCG has been incorporated for Form no. 24Q Q4. Section code 80CCG is applicable for FY 2012-13 onwards. Section 80CCF: Quoting deduction under section 80CCF has been restricted to FY 2010-11 and 2011-12.
Services / Form 24G / Procedure to obtain duplicate copy of Provisional Receipt Number In case if Account Office needs duplicate copy of Provisional Receipt Number, AO is required to send request letter to NSDL.
File Validation Utility (FVU) for Form 15CA Bulk upload (version 1.3) released on 07/03/2013 The Form 15CA FVU is a Java based utility. JRE (Java Run-time Environment) [versions: SUN JRE: 1.4.2_02 or 1.4.2_03 or 1.4.2_04 or IBM JRE: 1.4.1.0] should be installed on the computer where the Form 15CA FVU is being installed. Java is […]
. Facts in brief are that the assessee during the assessment year 2007- 08 had provided software programming services to the parent company in the US for which the assessee had received a sum of Rs.5,39,40,81,065/-. Since the assessee had entered into an international transaction with an associate enterprise, the income arising from such transaction in view of the provisions of section 92C has to be computed having regard to arm’s length price. Section
From the above second proviso to Section 92C(2), it is evident that if the variation between the arm’s length price and the price at which international transaction was actually undertaken does not exceed the specified percentage, then only the price at which the international transaction has actually been undertaken shall be deemed to be arm’s length price. Thus, the benefit of tolerance margin would be available only if the variation is within the tolerance margin. Once the variation exceeded the tolerance margin, then there would be no benefit even up to tolerance margin. Then, the ALP as worked out under Section 92C(1) shall be taken as ALP without any benefit of tolerance margin.
The Special Judge for CBI cases, Visakhapatnam has convicted Sri Akella Venkata Subramanya Sastry, the then Income Tax Officer, Eluru, West Godavari District (Andhra Pradesh) U/s 13(2) r/w 13(1) (e) of P.C Act 1988 in Disproportionate Assets case and sentenced him to undergo Five Years Rigorous Imprisonment with fine of Rs.10,000/-. The Special Judge […]
The demand uploaded by AO’s on the CPC Portal together with demand in IRLA is way short of the total demand reported in CAP-I. And the demands uploaded, are sometimes incorrect or non-existent leading to grievances and causing aberrations in projection of total collection figures.
Assessing Officer committed an error in resorting to explanation to section 73 of the Act. The issue before him was whether the income earned by the assessee through sale of shares should be taxed as business income or should be treated as capital gain. Such issue had to be decided on the basis of the question whether the assessee is involved in any business of buying and selling shares or had purchased and sold the shares by way of investment.
Issue of whether the petitioner fell within the category of a ‘scientific research association’ or in the category of ‘other institution’ partly doing scientific research should be considered by the central government afresh in the manner indicated above and in accordance with law. To enable this, we are setting-aside the notification dated 12.04.2007 and direct the central government to decide this question afresh within three months. The central government will examine the observations above as also the requirements of Rule 5D of the Income Tax Rules, 1962. The writ petition is disposed of accordingly.
