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Income Tax : Ensure tax compliance before March 31, 2025. Key tasks include filing returns, verifying TDS, updating accounts, and making necess...
Income Tax : Partnership firms must comply with new tax rules from April 1, 2025. Changes include higher partner remuneration limits and mandat...
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 : 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 : 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...
CIT Vs. Amadeus India Pvt Ltd (Delhi HC) – Role of Transfer Pricing Officer (TPO) is limited to determination of the Arm’s Length Price (ALP) in relation to the international transaction(s) referred to him by the Assessing Officer (AO). The TPO, on a suo moto basis, cannot take cognizance of any other international transaction not specifically referred to him by the AO.
De Beers UK Limited Vs. DCIT (ITAT Mumbai)- The Tribunal held that the payment for VAS has to be considered partly as royalty under para 3(a) of Article 13 of the tax treaty being the payment for various types of information of commercial nature acquired based on past experience and partly as FTS under para 4(a) of Article 13 of the tax treaty being the payment attributable to the services rendered by the Key Account Manager (KAM) or through workshops, etc. which were ancillary and subsidiary to application or enjoyment of the information or being payment for marketing consultancy services which were ancillary and subsidiary to the application or enjoyment of brand.
The decision of CIT Vs. America Counting Corporation 123 ITR 513, noted above also supports the view that taxes paid on behalf of the assessee is a perquisite or a benefit, but not income from business. It could not be taxed except under clause (iv) of Section 28 which provided that a benefit or perquisite was liable to be charged to tax.
The Income Tax Department has received more than 30,000 pieces of information from various countries on stashed black money under the Double Taxation Avoidance Agreement, DTAA. The Financial Intelligence Unit (FIU), under the Finance Ministry has gathered voluminous data on suspicious transactions, the department informed a global Organisation for Economic Cooperation and Development, OECD conference held in New Delhi recently.
It has been observed during the processing of vigilance complaints wherein Assessing Officers have claimed that the particular action/decisions were taken after discussion with and as per the directions of their controlling Range Head, though, no such written directions were found on the record. In a few cases, an office note was found to be recorded stating, that issues involved in the order were discussed with the Range Head but the office note was not found to have been ratified by the controlling Range Head.
IFCI is in the process of raising more than Rs 100 crore from tax saving infrastructure bonds to fund infra projects. According to the offer document, the issue comprises of Rs 100 crore plus unspecified green shoe option. These bonds are of two maturities – 10 years with coupon of 9.09% and 15 years with coupon of 9.16%, it said.
The Income Tax Department has invited fresh bid for setting up centralised processing centres (CPCs) for bulk processing of I-T returns at Manesar and Pune, as the earlier tender received no interest. Two new CPCs, announced in the Budget 2011-12, were supposed to become operational by May. Another proposed I-T return processing centre at Kolkota was supposed to become operational in 2012-13.
Automated Tax Calculation with Form-16 for Central Government Employees F. Y. 2011-2012 / A. Y. 2012-13
DCIT v. Bharat Aluminium Company Ltd (ITAT Delhi)- The Delhi Tribunal in this case has held that interest for deferment of advance tax is leviable under Section 234C of the Act where there is a shortfall in payment of advance tax while computing ‘book profit’ under the existing MAT provision under Section 115JB of the Act.
The government today said it paid Rs 68,994 crore as income tax refunds till November this fiscal as compared to Rs 75,160 crore for the entire 2010-11. In a written reply to Lok Sabha, Minister of State for Finance S S Palanimanickam also said the number of refund claims pending as on October 1 stood at 19.41 lakh.
