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Income Tax : Learn about the clubbing provisions under the Income Tax Act, covering income transfers, revocable transfers, and taxation of inco...
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Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : The Central Action Plan 2024-2025 by CBDT aims to optimize India's direct tax system, focusing on revenue, litigation, taxpayer se...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : ITAT Mumbai deletes disallowance of capital gains by DCIT after confirming investment in property with Charity Commissioner approv...
Income Tax : ITAT Mumbai held that confirmation of addition u/s. 69A and 68 of the Income Tax Act without finding any fault with the evidence s...
Income Tax : Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary�...
Income Tax : ITAT Ahmedabad held that invocation of section 263 by PCIT unjustified due lack of sufficient evidence to support claim that the o...
Income Tax : ITAT Ahmedabad held that deduction under section 54 of the Income Tax Act towards Long Term Capital Gains admissible even when ret...
Income Tax : Finance Act 2023 updates the process for filing applications under Section 10(46A) of the Income-tax Act. Standardized procedures ...
Income Tax : On August 16, 2024, President Droupadi Murmu officially granted her assent to the Finance (No 2) Bill, 2024. With this move, the b...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
5. From the facts of this case, it transpires that the Hon’ble Supreme Court has not laid down any universally applicable principle that income from immovable property, be invariably taxed under the head ‘Income from House Property’. It was on the consideration of the cumulative effect of all the factors prevailing in case, which have been noted above, that the income from immovable property was held to be taxable under this head
8. We have heard the arguments of both the sides and also perused the relevant material on record. It is observed that there is no dispute about the fact that the payments in question were made by the assessee company in cash in excess of Rs.20,000/- towards service charges to the crew. The dispute, however, is that whether the said payments were covered by the exceptions prescribed in Rule 6DD(j)
7. We have carefully considered the relevant facts, arguments advanced and the case laws cited. It is not in dispute that the assessments sought to be reopened were earlier completed only by accepting the same under section 143(l)(a) of the Act. When assessments are completed under section 143(l)(a) it cannot be said that the Assessing Officer has expressed any opinion on the correctness or otherwise
Foreign telecom firms operating without a permanent establishment in India are no more required to pay any tax on income from carrying international calls and data services in pacts with domestic operators. Giving a ruling on an application from Cable & Wireless Networks India which proposed
Medical and Educational Institutions : Extension of time limit for filing applications for tax exemption under section 10(23C) : Now such institutions having receipts of more than rupees one crore can file an application for seeking exemption till 30th September following the end of the financial year for which the exemption is sought. Tax relief […]
Further restrictions on benefits in respect of Housing Projects : In the run up to the budget virtually every stake holder in the real estates wanted that benefits of section 80IB(10) of the Income Tax Act, 1961 be restored which have ceased to be operative except for the projects approved on or before 31 03 […]
PAN is the basic ‘penetrating needle’ for the Income tax Department to rope in every income earning person. It is a fact that our taxbase continues to be a major concern for policy makers. And in order to widen the taxpayers’ base the I-T Department intends to ride the vehicle of PAN in a big […]
The existing provisions of section 50C provide that where the consideration received or accruing as a result of the transfer of a capital asset, being land or building or both, is less than the value adopted or assessed by a stamp valuation authority, the value so adopted or assessed is deemed to be the full […]
Employees enjoying perks such as rent-free accommodation, cars, chauffeurs, credit cards and club memberships may have to pay tax on the value of these benefits, with the government proposing a shift in the tax burden on perquisites (perks) from the employer to the employee. Prior to FY06, employees paid tax on certain perquisites. However, with the […]
The assessee purchased bottles and crates costing less than Rs. 5,000/- and was allowed 100% depreciation thereon u/s 32 (1) (ii). When the bottles and crates got worn out, they were sold by the assessee. The question arose whether the said sale proceeds were assessable to tax. Prior to AY 1988-89, the sale proceeds would have been assessable as a “balancing charge” u/s 41 (2)
