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Income Tax : Recent Chennai ITAT decisions address unexplained income, underreporting, and penalties under Sections 69A, 68, 270A, and 271. Key...
Income Tax : Explore why the Income Tax Department is disallowing Section 87A rebate on capital gains under the new tax regime, leading to unex...
Income Tax : Learn the financial penalties of TDS/TCS non-compliance, including interest and disallowance. Prevent errors by managing deadlines...
Income Tax : Learn about penalties for misreporting income, late filings, and other violations under the Income Tax Act, 1961, to avoid serious...
Income Tax : Learn about the partition of Hindu Undivided Family (HUF), its legal process, tax implications under Section 171, and the criteria...
Income Tax : A PIL filed in Gujarat HC contests the denial of Section 87A rebate, highlighting unfair demands and confusion among middle-class ...
Income Tax : A PIL filed in Gujarat High Court contests the denial of the Income Tax rebate under Section 87A, impacting middle-class taxpayers...
Income Tax : Over 34 lakh Audit Reports filed on the e-filing portal by October 7, 2024, showing a 4.8% increase from last year, according to t...
Income Tax : ICAI requests CBDT to allow rebate u/s 87A on short-term and long-term capital gains under Sections 111A and 112, citing inconsist...
Income Tax : CBDT forms a committee to review the Income-tax Act and invites public suggestions on simplification and compliance via the e-fili...
Income Tax : ITAT Surat condoned the delay of 159 days in filing of an appeal as delay in filing appeal is not intentional nor deliberate and a...
Income Tax : ITAT Ahmedabad held that interest on loans and advance to small advances on debit/ credit balances of suppliers and contractors ar...
Income Tax : ITAT Kolkata ruled that penalties under Section 140A(3) are not applicable for non-payment of taxes on self-assessed income post-A...
Income Tax : Merely relying on the statement of a third party without any corroborating evidence could not justify income tax additions. In the...
Income Tax : Bombay High Court in the case of Shree Sai Baba Sansthan Trust held that anonymous donation received by religious and charitable t...
Income Tax : CBDT exempts tax collection at source (TCS) on payments received from the Reserve Bank of India under Section 206C(1F) of the Inco...
Income Tax : CBDT issued Income-tax (Ninth Amendment) Rules 2024, amending tax collection and credit provisions under Section 206C. Effective f...
Income Tax : The Ministry of Finance amends Income Tax Rules with Notification 112/2024, streamlining tax deduction processes and compliance re...
Income Tax : The Income Tax Amendment Rules, effective October 1, 2024, revise Form No. 10A and 10AB for registration under sections 12A and 80...
Income Tax : Learn about the eligibility, rates, forms, and timelines under the Direct Tax Vivad se Vishwas Scheme, 2024....
Amid reports that the government is planning to make tax evasion a criminal offence, a finance ministry official today said it could be done only if the source of income is illegal. But ‘if it is a tax evasion alone, it is a civil offence,’ the official said. He, however, asserted that ‘if there is an element of illegality about the source of income or if funds are used for illegal purpose…we can think of classifying these as criminal tax offences’.
M/s Total Securities Ltd Vs DCIT (ITAT Mumbai) – Whether penalty paid by a registered broker is not a fine for any infringement of law and hence allowable – Whether admission fee paid by the assessee to stock exchange for acquiring membership is revenue – Whether salary paid to directors can be disallowed on the ground that the assessee has failed to prove the genuineness of services rendered when similar payments have been allowed in subsequent years – Whether payments made to arbitragers and jobbers is covered by 194C and hence the same is not allowable if TDS is not deducted.
M/s. Perfetti India Ltd. Vs. ACIT (ITAT Delhi) Considering all the aspects and principle of consistency propounded by the Hon’ble Supreme Court in the case of Radha Swami Satsand vs. ITO reported in 193 ITR 321, we are of the opinion that loss suffered by the assessee on account of exchange rate fluctuation is allowable expenditure in this year also. The assessee may not be able to produce evidence of the utilisation of the capital before the AO but from the orders of the AO in earlier years and in subsequent years impliedly, it is ascertainable that it is used for the working capital which is in a revenue account.
Shanker Raju Vs UoI (Supreme Court) – CAT – Appointment of Member – A person who has completed ten years as a Member of Tribunal is ineligible to be re-appointed as Member even if he has not attained 65 years of age – Plain reading of proviso to sec. 10A makes it clear that the Chairman and Members appointed prior to Amending Act of 2006, on completion of either their term of service or on attainment of 65 years in the case of Chairman or 62 years in the case of Members of the Tribunal, whichever is earlier, may be considered for fresh appointment – Proviso to sec. 10A provides that such fresh appointment could be made only when the criteria prescribed under amended sec. 8 is satisfied and it is further subject to the condition that the total term of office of the Chairman shall not exceed 5 years and that of a Member, ten years.
Delhi High Court in the case of CIT v. Oracle India Pvt. Ltd. (ITA No. 383 of 2009, 987 of 2010, 1242 of 2010 and 1247 of 2010) held that once the Transfer Pricing Officer (TPO) has accepted a royalty payment to be at arm’s length, the Assessing Officer (AO) could not disallow the expenditure by applying Section 37 of the Income–tax Act, 1961 (the Act). The High Court further observed under Section 37 of the Act the AO had powers only to examine whether the expenditure claimed has been actually expended and was incurred wholly and exclusively for the purpose of business, and not its reasonableness, which lies solely in the domain of the businessman.
Delhi High Court in the case of CIT v. M/s Mediworld Publications Pvt. Ltd ( ITA no 549 of 2011) held that transfer of intangible assets with right to carry on business was taxable as capital gains and not as business income.
ITAT Mumbai has in the case of ITO v. Mahavirchand Mehta [2011] 11 taxmann.com 194 (Mum) held that the expression ‘liable to tax’ as used in Article 4(l) of India-UAE tax treaty (the tax treaty) does not mean that the person should actually be liable to tax in that contracting state by virtue of an existing legal provision. It will also cover cases where the other contracting state has the right to tax such person, whether or not such a right is exercised.
The High Level Committee constituted by Finance Minister Pranab Mukherjee, in its first meeting held today, decided to seek public comments on ways to unearth black money. The Committee, headed by CBDT Chairman Prakash Chandra, was set up last month to examine ways to strengthen laws to curb generation of black money in India, its illegal transfer abroad and its recovery.
A. Procedure for preparation of return -Deductors’ Manual for quarterly returns -Dos and Don’ts for Deductors/Collectors B. Forms Form 24Q Form 26Q Form 27Q Form 27EQ Form 27A or statement pertaining to FY 2010-11 and onwards File Format for Form 24Q (1st, 2nd & 3rd Quarters) File Format for Form 24Q (4th Quarter) File Format for Form 26Q Q1 to Q4 File Format for Form 27Q Q1 to Q4 File Format for Form 27EQ Q1 to Q 4
CIT v Atma Ram Tulsyan and Others (Allahabad High Court) – AO was of the view that the possibility of appreciation in the price of shares of lesser known companies in such short period appears to be remote. On this premise, the benefit of capital gains was denied. Evidently, in the absence of any contrary material, it is but obvious that the assessment order was framed on presumptions and assumptions.
