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Income Tax : Learn about Section 40(b) limits on partner remuneration and the introduction of Section 194T for TDS on remuneration, effective A...
Income Tax : Budget 2025 has brought significant simplification in the tax treatment of house properties, particularly for self-occupied proper...
Income Tax : Understand how to compute total income and tax liability under the Income Tax Act, including adjustments for business, capital gai...
Income Tax : Learn about income tax filing requirements for proprietors in the USA, including forms, schedules, deductions, deadlines, and pena...
Income Tax : Understand the changes to the Cost Inflation Index for FY 2024-25, including indexation removal on long-term capital gains and new...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : Supreme Court confirms that Section 153C notices issued without a valid satisfaction note are invalid, aligning with the Delhi Hig...
Income Tax : Telangana HC upholds tax addition under Section 69A, ruling that the assessee’s land was not under cultivation, rejecting agricu...
Income Tax : ITAT Mumbai upholds CIT(A) order favoring Fitrite Packers, dismissing Revenue’s appeal over disallowances related to penalty and...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
Where a foreign company gives a technical know-how and obtains equity shares in the new company, the amount attributable to technical know-how was not revenue expenditure under section 37 of the Act. However, it was treated to be of capital nature.
The petitioner is a share broker. A survey was conducted under Section 133-A of the Act on 24.4.2001 in which a large number of incriminating documents were found. The AO proceeded to make enquiries in which it was found that there were serious defects in the books of accounts. Shri Ravindra Kumar Agrawal-the Director had created large number of fictitious concerns, which were not doing any business. In the circumstances the AO completed the assessment on protective basis.
A short question which arises for determination in these civil appeals is, whether texturing and twisting of polyester yarn amount to ‘manufacture’ for the purpose of computation of deduction under Section 80IA of the Income Tax Act, 1961. This question has been squarely answered by this Court in the case of CIT v. Emptee Poly-Yarn (P.) Ltd. [2010] 188 Taxman 188.
Question no.1 pertains to the business connection of the appellant in India and Question Nos. ‘b’, ‘c’ and ‘d’ relate to Permanent Establishment viz. whether ANR as its agent could be treated as Permanent Establishment. It was submitted by Mr. S. Ganesh, learned Sr. Counsel appearing for the appellant/review petitioner that in para 35 of the judgment, his submission is recorded that the issue of Arm’s Length Price be decided first and in case it is held that the payment of commission to ANR was an Arm’s Length Price, the question of business connection or PE would be rendered academic
Section 151(2) mandates that the satisfaction has to be of the Joint Commissioner. That expression has a distinct meaning by virtue of the definition in Section 2(28C). The Commissioner of Income Tax is not a Joint Commissioner within the meaning of Section 2(28C).
The assessee has not produced any evidence to indicate the apportionment of the OTS amount of Rs.91 lacs towards principal and interest. It is obvious that a part of above amount was towards interest for the OTS amount was admittedly more than Rs.72 lacs (principal amount).
Notification No. 39/2012-Income Tax Government has now vide notification No. NOTIFICATION NO. 39/2012 [, DATED 17-9-2012 released the following forms which are applicable from 1st day of April, 2013 :- FORM No. 10FA – Application for Certificate of residence for the purposes of an agreement under section 90 and 90A of the Income Tax Act, 1961 FORM No. 10FB – Certificate of residence for the purposes of section 90 and 90A
Notification No. 38/2012-Income Tax S.O. 2 187(E):- In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O.709 (E), dated the 20th August, 1998
1. The Cabinet has approved the proposal of the Department of Industrial Policy & Promotion (DIPP) for permitting FDI in multi-brand retail trading, subject to specified conditions. The proposal had earlier been approved by the Cabinet in its meeting on 24-11-2011. However, implementation of the proposal had been deferred, for evolving a broader consensus on the subject.
The question is as to whether interest under section 234B and 234C of the Act can be charged for default in payment of advance tax and for deferment of advance tax, respectively, where the payment of tax became due only because of the amendment by way of insertion of Explanation 1(h) to s. 115JB (2) of the Act, the amendment having been made operative retrospectively. It was due to the filing of the revised statement of assessable income,
