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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 : Revision order was remanded back for re-examination of assessee qualification as venture capital as where the amount had been rece...
Income Tax : Further, revenue also contested that whether the ld. CIT(A) was justified in treating the excise duty refund of Rs 1,63,15,661/- a...
Income Tax : ITAT Mumbai held that capital gain arising out of sale of shares not taxable in the hands of foreign company since holding is less...
Income Tax : Kerala High Court held that TDS never deducted and entire amount of TDS was paid along with penal interest hence initiation of pro...
Income Tax : The ITAT Mumbai remands the case of Ashok Ghelabhai Patel for fresh examination after the assessee failed to provide adequate evid...
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....
Income Tax : 26.09.2024 Due date for online Filing of Audited Accounts with the Office of the Charity Commissioner, Maharashtra stands extended...
Income Tax : CBDT notifies tax exemption for Haryana's District Legal Service Authorities under Section 10(46) of Income Tax Act, 1961, for spe...
The assessee, an Indian company remitted mobilization & demobilization charges of Rs. 8.65 crs by way of reimbursement to its parent company, a company based in Netherlands. The assessee applied to the AO u/s 195 (2) for a Nil withholding rate though the AO held that tax had to be deducted at 11%.
The Finance Act, 2009 inserted Section 35AD to allow deduction of capital expenditure (other than land, goodwill and financial instrument) incurred by the assessee engaged in the business of setting up and operating cold chain facility, warehousing facility for agriculture produce and laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution / storage.
TELECOM giant Vodafone has told the Delhi high court that the discount offered by it to the prepaid distributors is not commission and hence the company is not liable to deduct tax at source on the sale of talk time by the company. It has challenged revenue department’s demand of about Rs 5 crore alleging non-deduction of tax at source for April 2009-Feb 2010
The Madras High Court has stayed the operation of an Income Tax Act provision, which requires debenture-holders to furnish the Permanent Account Number along with Form 15G to claim exemption from tax deduction at source. Justice KN Basha granted the interim relief to PS Kamala, saying the condition was contrary to the relevant provisions of the Income Tax Act.
Under the provisions of section 35, a person carrying on business or profession, is entitled to the deduction of the expenditure (revenue as well as capital) incurred by it on scientific research. In specified cases, the weighted deduction is given to the person incurring the expenditure. For providing further impetus to the activities of research, the weighted deduction has been enhanced as mentioned below:
Extensive provisions have been made in the Finance Bill, 2010, for expanding the scope of benefits given to the research so as to embrace non-scientific research (social science) and statistical research. Parity has been provided for the social science and statistical research with scientific research.
The applicant, a resident of Mauritius, was a subsidiary of a USA company. It received capital contribution and loans from the USA parent which were used to purchase shares in ILFS, an Indian company. On sale of the shares, the applicant earned capital gains which were chargeable to tax under the Act.
Notification No. 18/2010-Income Tax In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct taxes), number 9/2010 dated 18-02-2010 bearing S.O. 424(E) and published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated 18th February, 2010 –
The Committees will meet at least once a quarter. The Committees would discuss not only the cases which are ripe for write off/scaling down but also the cases which are being processed for write off and cases which have recommended to the Directorate of Income Tax (Recovery), New Delhi, for further processing. This will ensure a continuous review of the unrealizable demand on the registers of the department.”
Presently, the corporate entities are liable to pay 15% tax on its book profits u/s. 115JB of the Act, if the said amount is more than the tax computed under the other normal provisions of the Act. Due to the effect of surcharge, education cess and secondary and higher education cess, the effective rate of MAT worked out to be 16.995%.
