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Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
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 : 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 : ITAT Pune rules that late filing of Form 67 does not bar foreign tax credit under Section 90. Read about the case of Shashank Sada...
Income Tax : ITAT Ahmedabad sets aside CIT(A)'s dismissal of appeal due to non-appearance, directing fresh consideration with a proper hearing ...
Income Tax : ITAT Bangalore remits the case of Gold Palace Jewellers back to CIT(A) for fresh consideration, citing a 4-year delay and lack of ...
Income Tax : ITAT Pune confirms CIT's order under Section 263, finding errors in reassessment proceedings for Gourishankar Education Society. A...
Income Tax : ITAT Mumbai rules in favor of B. Braun Medical India, deleting ₹2 Cr addition u/s 68, citing it as an advance payment, not unexp...
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...
The term ‘slump sale’ has been defined to mean a transfer of a business undertaking or a business for a lumpsum consideration with all its assets and liabilities, without values being assigned to individual assets/liabilities. The said term has no other significance and we should not read into and understand that the word ‘sale’, used in the term ‘slump sale’, as a cause/reason to give a restrictive meaning to slump sale, i.e. it can only apply to sales in a narrow sense and not to transfers under Section 2(47).
On a difference of opinion among the two Members of the Tribunal, the ld.Third Member was called upon to answer two questions on which there was difference of opinion among the two members who framed the questions and the ld.Third Member in a well considered order, answered the reference by giving sound and valid reasons agreeing with the views of the ld. Judicial Member. Thus, the majority view was in favour of the assessee.
For application of Sec.50C that the transfer must be of a capital asset, being land or building or both. If the capital asset under transfer cannot be described as land or building or both then section 50C will cease to apply. From the facts of the case narrated above, it is seen that the assessee has transferred booking rights and received back the booking advance. Booking advance cannot be equated with the capital asset and therefore section 50C cannot be invoked.
These appeals were originally posted for hearing on 09.11.2011 (vide AD card) and at the request of the assessee it was adjourned from time to time and finally posted for hearing on 04.04.2012 on which date none appeared on behalf of the assessee. Though the assessee has raised several grounds no material, whatsoever, was filed to contradict the findings of the learned CIT(A). Under these circumstances, applying the decision of the Hon’ble Bombay High Court in the case of M/s. Chemipol vs. Union of India in Central Excise Appeal No. 62 of 2009 we dismiss the appeals filed by the assessee for want of prosecution. Assessee is at liberty to move appropriate application for recall of the order, if permissible under the law.
According to a CBDT Notification, only a specified class of persons has been exempt form the requirement of furnishing a return of income for the assessment year 2012-13 subject to certain conditions. Class of persons implies an individual whose total income for the assessment year 2012-13 (in financial year 2011-12) does not exceed Rs. 5 lakh (i.e. it is Rs. 5 lakh or below Rs. 5 lakh) for the whole of 2011-12 and consist of only incomes chargeable to income tax under the income heads of ‘salaries’ and / or ‘income forms other sources’ earned by way of interest from a saving bank account in a bank not exceeding Rs. ten thousand.
The attached form has an input sheet in which You have to fill all the details and Form 16 will automatically get filled. To Display new Indian Rupee font user have to install the new Indian Rupee font on his computer. Font is available on many websites for free. One such website is http://blog.foradian.com/rupee-font-version-30
TDS on Salary Calculator for Employers for A.Y. 2012-13 F.Y. 2011-12. Calculate TDS of more then one employee in single file. 1 Fill the data in sheets Bonus, arrear, Apr to Dec only 2 Estimates will be automatically calculated 3 ESI and PF in Estimate calculation applied only for applicaple employee, formula can be copied or deleted as and when applicable 4 in TDS sheet Green colour cells only should be filled manually apart from that Emp Id, Name, Gender and Designation can be filled.
Instruction No.1979 dated 27.3.2000, provided that no appeal would be filed before Tribunal if the tax effect was less than Rs.1.00 lacs, and thereafter Instruction dated 17.7.2003 clarified that monetary limit/tax effect mentioned in the Circular has to be read as revenue effect which would mean tax, interest, penalty. Further, vide circular dated 24.10.2005 CBDT enhanced monetary limit for filing appeal before the Tribunal to Rs.2.00 lacs and vide Instruction No.16.7.2007 it was clarified that the tax effect would mean tax only and no interest. CBDT by subsequent Instruction No.5 of 2008 dated 15.5.2008 clarified that the tax effect would also mean notional tax effect in cases of losses.
It was improper for Commissioner of Income-tax (Appeals) to comment on the judgment of the Division Bench while disposing of the application expressing reservation about his powers to grant the interim order. Therefore, it has to be stated that the Appellate Authority has not proceeded to appreciate the points raised by the petitioners in support of his prayer for grant of interim order based on materials available before him, Instead, he has ventured into discussions which are irrelevant and impermissible having regard to the binding precedent in the form of a direction issued by the Division Bench.
As per the Finance Act, 2011, income-tax is required to be deducted under Section 192 of the Income-tax Act 1961 from income chargeable under the head “Salaries” for the financial year 2011-2012 (i.e. Assessment Year 2012-2013) at the following rates:
