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Income Tax : Discover key changes in the Income Tax Bill 2025, including enhanced rebates, simplified trust provisions, and extended registrati...
Income Tax : Section 194T mandates 10% TDS on partner payments exceeding ₹20,000 annually, effective April 1, 2025. Learn its impact, complia...
Income Tax : Understand income tax rules for business & profession in India. Covers business, profession, vocation, occupation, and deduction g...
Income Tax : In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Busines...
Income Tax : The Indian taxation framework, as delineated by the Income Tax Act of 1961, may initially seem daunting. Nevertheless, acquiring a...
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 : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...
Income Tax : The Finance Bill 2025 revises tax slabs, reducing the burden on middle-class taxpayers. The changes aim to boost savings and consu...
Income Tax : Corporate tax revenue distribution follows Finance Commission guidelines, with states receiving 41% of shareable taxes. Incentives...
Income Tax : Kerala High Court halts recovery proceedings against Pulikkal Medical Foundation, pending appeals on income tax orders under Secti...
Income Tax : ITAT Kolkata rejects appeal delayed by 2655 days, citing assessee negligence despite CA/advocate failure; Sumita Roy Chowdhury cas...
Income Tax : Key highlights of the ITAT Cochin order in Premalatha Korottoliprasantham Vs ITO for AY 2017-18, addressing non-filing of returns ...
Income Tax : Kerala High Court halts income tax recovery against SML Finance Ltd. until ITAT disposes of pending appeal for assessment year 201...
Income Tax : ITAT Pune mandates CIT(A) to decide cases on merit, even ex parte, remanding Santosh Varade's income addition dispute for reassess...
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...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Section 206AA of the Income Tax Act, which provides for furnishing a permanent account number, is contrary to Section 139A and discriminatory and therefore, read down from the statute for those persons, whose income is less than the taxable limit [A. Kowsalya & Others v. Union of India & Others (W.P 12780-12782/2010)]
The expression ‘reasonable cause’ used in Section 273B is not defined under the Act. Unlike the expression ‘sufficient cause’ used in Section 249(3), 253(5) and 260A(2A) of the Act, the legislature has used the expression ‘reasonable cause’ in Section 273B of the Act. A cause which is reasonable may not be a sufficient cause. Thus, the expression ‘reasonable cause’ would have wider connotation than the expression ‘sufficient cause’. Therefore, the expression ‘reasonable cause’ in Section 273B for non-imposition of penalty under Section 271E would have to be construed liberally depending upon the facts of each case.
Boskalis Dredging India P.Ltd, is a company incorporated in India on 5th January,1996. It is engaged in the business of undertaking inter alia capital and maintenance dredging projects and providing technical related services in dredging. However, during the relevant year, the income was earned from hire of personnel, hire of equipment and services rendered to group companies and not from dredging contracts. The assessee had leased dredger Gemini and Multicat Coby to associate enterprise, Boskalis International BV (‘BIBV’) since 1997, under the Standard Bareboat Charter Agreement.
In the said assessment year, the assessee had earned premium of Rs.12,26,140/- on sale of export quota. The Assessing Officer held that this premium is covered by Section 28 (iiia/b/c) and accordingly computed deduction under Section 80HHC but without giving benefit of provisos under sub Section (3) to Section 80HHC. He observed that the export turnover in the previous year was exceeding Rs.10 crores and the assessee had not complied with the several conditions mentioned in the provisos. The sale proceeds received from sale of quota rights were excluded from benefit under the provisos to Section 80HHC(3) as this was not the regular business income of the assessee.
The assessee has made an attempt to suppress the true colour of the payment towards the goodwill by stating that payments were made towards non compete fee, IPR on brand/brand value, etc. In fact the assessee as well as its sister concern M/s. Pentafour Technologies Limited do have a common CEO and the companies are working under a common management. There is interlacing of activities and interlocking of funds.
The impugned order passed by the Settlement Commission deserves to be upheld as the assessee, it is apparent, is caught in its own web, which it stoutly and strongly deny. Even now in the writ petition they have urged and argued that their conduct and actions were bona fide and solely guided by the noble and honourable desire to come clean with their inglorious past. The assessee claims that they without any motive or intention to help a third person, declared undisclosed taxable income of Rs. 1,36,08,897. It is being recorded that the undisclosed income has been partly accepted and immunity from penalty and prosecution stands granted, but the ‘wrong’ is checkmated and corrected by the Settlement Commission.
Order No. 5/FT&TR/2012 In partial modification of Order No. 4/FT&TR/2012, and in exercise of powers conferred under section 144C of the income-tax Act, 1961, the Board hereby reconstitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of Income-tax as Members of DRP at the places given below, who shall perform such duties. In addition to their regular duties with immediate effect and until further order:
Transfer pricing until now was applicable to companies having cross border transactions with their ASSOCIATED ENTERPRISE. However, Finance Bill 2012, honoring the supreme court ruling in case of CIT vs. M/S Glaxo Smithkline Asia (P) Ltd. (Special Leave to Appeal (Civil) No(s).18121/2007), expanded the ambit of transfer pricing to specified domestic transactions w.e.f 01 April 2013.
Australian Finance Ministry passes Tax Law Amendment (Cross Border Transfer Pricing Bill) Act (No. 1) 2012 with retrospective 01 July 2004. The Tax Law Amendment (Cross Border Transfer Pricing Bill) Act (No. 1) 2012 was passed by the house of representatives without amendments on 19 June 2012.
ORDER NO. 126 OF 2012 The President. is pleased to order that the following IRS officers in the grade of Assistant. Commissioner of Income Tax (Junior Time Scale) be promoted to the grade of Deputy Commissioner of Income Tax (Senior Time Scale) in Pay Band-3 Rs.. 15,600-39,100 plus Grade Pay of Rs.6,600 with effect from the date of assumption of the charge of the post :-
