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Income Tax : Learn about TDS on payments to non-residents, including business connection rules, royalty provisions, and significant economic pr...
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 : 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 : 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 Assessee is aggrieved by the information received pursuant to application under Right to Information Act, 2015, whereby the As...
Income Tax : ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual ...
Income Tax : ITAT Ahmedabad held that assessment order passed u/s. 143(3) is neither erroneous nor prejudicial to the interest of revenue. Henc...
Income Tax : During pendency of the assessment proceedings, respondent No.1 filed application u/s. 245C(1) before the Income Tax Settlement Com...
Income Tax : Bombay High Court held that exercising extraordinary jurisdiction under Article 226 of the Constitution of India not justified as ...
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...
The Special Judge for CBI Cases, Bhopal has convicted Shri S.K.Soni, the then Income Tax Officer, Bhopal U/s 13(2) r/w 13(1)(e) of PC Act and sentenced him to undergo three years Rigorous Imprisonment with a fine of Rs.35 lakh in disproportionate assets case. A case was registered on 13/09/1999 against Shri S.K.Soni, the then Income Tax Officer, Bhopal U/s 13(2) r/w 13(1)(e) of PC Act, 1988 on the allegations that he had amassed huge wealth to the tune of Rs.6,25,000/- disproportionate to his known sources of income.
Hon’ble Supreme Court in the case of CIT vs Reliance Petro Products Pvt. Ltd reported in 322 ITR 0158(SC). has clearly held that the return of income is the only document where the assessee can furnish his particulars of income, where as in the instant appeal, the appellant company has not disclosed the receipt of premium received on renunciation of rights in its return of income nor in the computation of income accompanied with the return of income. So penalty for Concealment of Income is imposable U/s. 271(1)(c) of the Income Tax Act, 1961.
The number of effective income tax assesses as well as the number of registered Central Excise and Service Tax assesses during the years 2006-07 to 2010-11 are as under:
Rule 4 in Part A of the Fourth Schedule provides for conditions which are required to be satisfied by a Provident Fund for receiving or retaining the status of “recognized provident fund”. One of the requirements of rule 4 [clause (ea)] is that the establishment shall obtain exemption under section 17 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (EPF & MP Act).
The following government amendments have been proposed in the provisions relating to General Anti-Avoidance Rules (GAAR) contained in the Finance Bill 2012. i) To remove the onus of proof from the tax-payers to the Revenue Department before any action can be initiated under GAAR. ii) To introduce an independent member, not below the rank of Joint Secretary from the Ministry of Law, in the GAAR approving panel to ensure objectivity and transparency.
Vide Order dated 11.5.2012 passed in Pursuance of the consultations of the collegiums of the Income tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Income Tax Appellate Tribunal have been transferred,
The Finance Bill, 2012 as passed by the Lok Sabha amends Sections 245N and 245R wef April 1, 2013. After the amendment any person (resident or non-resident) may make an application to AAR for determination by it whether an arrangement, which is proposed to be undertaken by him/it, is an impermissible avoidance agreement as referred to in Chapter X-A or not.
The assessee is a company engaged in management consultancy, implementation of internal controls, system audits, arranging finance from financial institutions and financing and advisory services in the capital markets. It is also doing NBFC business and is a Non-banking Finance Company registered with the Reserve Bank of India and is engaged in financing business sine 1986. During the impugned assessment year it disclosed long-term capital gain of Rs. 43,16,233/- along with short-term capital gain of Rs. 13,21,932/- (STT paid) and STGS of Rs. 19,865/-.
This Excel utility is fully automated. Just put the data in Data input sheet and it will prepare the Form-16 automatically. User can also take printout of Form 16 prepared through this utility. Format if form 16 is latest and applicable from A.Y. 2013-14 and F.Y. 2012-13.
Till date, India has signed Bilateral Investment Promotion and Protection Agreements (BIPAs) with 82 countries, starting with the United Kingdom in 1994. Of these 82 countries, BIPAs with 72 countries have been enforced. The list of 82 countries and texts of 72 enforced BIPAs are available on the Ministry of Finance website http://finmin.nic.in. Besides, India has signed 17 Free Trade Agreements (FTAs)/Comprehensive Economic Partnership Agreement (CEPA)/Comprehensive Economic Cooperation Agreement (CECA)/Preferential Trade Agreements (PTAs). The details of these Agreements are available on Department of Commerce’s website http://commerce.gov.in.
