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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...
Senior IRS officer Laxman Das has been appointed as the new Member (Revenue) in the Central Board of Direct Taxes (CBDT). Mr Das is a 1974-batch Indian Revenue Service (IRS) officer and has held senior positions like that of Chief Commissioner (Income-Tax) in the past.
In thie case ITAT held that the non-compete fees was in the nature of capital expenditure and entitled for depreciation as intangible asset under Section 32(1 )(ii) of the Act. ITAT followed the in view of the Chennai Tribunal’s decision in the case of Real Image Tech. Export turnover of Export Oriented Unit can be included in export turnover of business while determining deduction under Section 80HHC of the Income-tax Act
The following persons should apply for allotment of PAN in Form 49A‑ Every person whose assessable income exceeds the maximum amount which is not chargeable to tax or any person carrying out business or profession whose total sales/turnover is likely to exceed Rs 5,00,000 in a year. A person who is required to furnish return under sub-section (4A) of section 139. An employer who is required to furnish return of fringe benefits tax. The Central Government has power to specify by notification any class or classes of persons by whom tax is payable under the Income-tax Act or any tax or duty is payable under any other law for the time being in force.
Dy. Commissioner of Income Tax Vs Shri Hridey Vikram (ITAT Delhi)- CBDT, vide above instruction has clearly laid down that the revenue should not prefer appeals against assessees before ITAT if the tax effect involved in the appeal, excluding interest, is less than Rs. 3 lacs. The tax payable in the present appeal being below Rs. 3 lacs, the revenue’s appeal is dismissed as not maintainable in view of CBDT Instruction.
Baker Technical Services Private Limited Vs ITO (ITAT Mumbai) – As per order of the Ld. CIT (A) the appeal was posted for hearing on 8.02.2010. On the said date, the assessee sought the adjournment. Again the appeal was fixed on 20th February 2010. But it appears that there was no response from the assessee. Nowhere, it is mentioned by the Ld. CIT (A) that notice was duly served on the assessee fixing the date of hearing. Otherwise also, no prejudice should have been caused to the Ld. CIT (A) if one opportunity would have been given. In our opinion, the Ld. CIT (A) has disposed off the appeal in undue haste. We, therefore, set aside the order of the Ld. CIT (A) and restore the entire matter to his file for fresh adjudication as per law after giving opportunity to the assessee of being heard.
ACIT (E) Vs. India ITME Society (ITAT Mumbai) Since the assessee has not maintained separate books of account for these activities of providing other services and charging with a margin, the notification issued u/s 10(23C)(iv) will not applicable in respect of such income from other activities and therefore, the exemption u/s 10(23C)(iv) is not available in respect of the income earned by the assessee from the activity of providing power installation, electricity, telephone facilities, compressed air hire etc. etc. Accordingly, the Assessing Officer is directed to allow exemption with respect to the receipt and accumulations from the holding and organizing the exhibition and hence, the income from other activities in providing other services by charging huge profit has to be taxed as income of the assessee. Accordingly, the appeal filed by the revenue is partly allowed.
issue of Long Term Infrastructure Bonds by Srei Infrastructure Finance Limited – Issue of first tranche of infrastructure bonds (Bonds) by the Company under Section 80CCF of the Income Tax Act, 1961. Resident individuals and HUFs eligible for deduction of up to Rs 20,000 in computation of taxable income for the current financial year. CARE AA Credit Rating by CARE indicating high degree of safety with regards to timely servicing of financial obligations. The Bonds Issue opened on December 31, 2011 and closes on January 31, 2012 The Bonds are proposed to be listed on BSE Limited
ORDER NO. 14 OF 2012 -In continuation of this Department’s order No. 175/2011 dated 27.10.2011, on promotion to the grade of Joint Commissioner of Income Tax on ad hoc basis, following transfer/posting of officers are ordered with immediate effect and until further orders:
ORDER NO. 13 of 2012 – The following officers in the grade of Additional/Joint/Deputy/Assistant Commissioner of Income Tax are hereby transferred and posted at the station indicated against each in the Directorate of International Taxation and Transfer Pricing with immediate effect and until further orders:
CIT Vs. Radhe Developers (HC of Gujrat at Ahemdabad)- In the present case, we find that the assessee had, in part performance of the agreement to sell the land in question, was given possession thereof and had also carried out the construction work for development of the housing project. Combined reading of Section 2(47)(v) and Section 53A of the Transfer of Property Act would lead to a situation where the land would be for the purpose of Income Tax Act deemed to have been transferred to the assessee. In that view of the matter, for the purpose of income derived from such property, the assessee would be the owner of the land for the purpose of the said Act. It is true that the title in the land had not yet passed on to the assessee. It is equally true that such title would pass only upon execution of a duly registered sale deed. However, we are, for the limited purpose of these proceedings, not concerned with the question of passing of the title of the property, but are only examining whether for the purpose of benefit under Section 80IB (10) of the Act, the assessee could be considered as the owner of the land in question. As held by the Apex Court in the case of Mysore Minerals Ltd. vs. Commissioner of Income Tax (supra), and in the case of Commissioner of Income-Tax vs. Podar Cement Pvt. Ltd. and others (supra), the ownership has been understood differently in different context. For the limited purpose of deduction under Section 80IB(10) of the Act, the assessee had satisfied the condition of ownership also; even if it was necessary.
