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Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
The assessee had received interest free deposit in respect of shops given on rent. The Assessing Officer added to the assessee’s income notional interest on the interest free deposit at the rate of 18 per cent simple interest per annum on the ground that by accepting the interest free deposit, a benefit had accrued to the assessee which was chargeable to tax under section 28(iv).
In a case where the partnership deed does not specify the remuneration payable to each individual working partner but lays down the manner of fixing the remuneration, would the assessee- firm be entitled to deduction in respect of remuneration paid to partners?
The assessee filed his return of income which contains a claim for carry forward of losses a day after the due date. The delay of one day in filing the return of income was due to the fact that the assessee had not reached the Central Revenue Building on time because he was sent from one room to the other and by the time he reached the room where his return was to be accepted, it was already 6.00 p.m. and he was told that the return would not be accepted because the counter had been closed.
Mere tax residence certificate may not be the conclusive determinant of residential status of the Mauritius company. It may be essential to substantiate the residential status based on the place of effective management. Documents like board minutes etc would need to be authenticated by the government agency in Mauritius in order to be relied upon as evidence in case of dispute on place of effective management.
The Ruling recognizes that a partnership firm, albeit a fiscally transparent entity, can be regarded as an entity liable to tax and hence eligible for benefits under the DTAA. The Tribunal has also observed that the fiction of deeming the PE to be a distinct and separate enterprise is for the limited purpose of preventing the manipulations that may arise in intra-group transactions. The Tribunal has also held that income from services rendered offshore for Indian projects are taxable in India in the hands of the PE even if they are not directly connected to the PE by interpreting the “direct or indirect profits attribution rule” in the India-UK DTAA in a wide manner.
Commerce and Industry Minister Anand Sharma today said that he has conveyed investor concerns over the proposed withdrawal of fiscal benefits to SEZs to Prime Minister Manmohan Singh and assured the industry of protecting the exemptions.
The crime branch of Delhi Police has arrested a 24-year-old man who allegedly posed as an income tax commissioner and demanded Rs 30 lakh from a businessman in return of closing a fictitious complaint against the victim. The accused, Dinesh Kumar, was arrested last Friday from the Millennium Park area in southeast Delhi.
When American Senator Charles Schumer described Indian software firms as `chop shops’, few imagined that the taxman back home could add salt to the slur. Indeed, Indian income-tax authorities are beginning to claim tax on the money that software firms make by sending their boys to work with companies in the US, Europe and other markets—a business that is known as onshore software development, or simply ‘body shopping’.
The Supreme Court has asked the Central Board of Direct Taxes (CBDT) and other tax authorities to get the help of technical experts while deciding income tax liability of cellular service providers. The order came after a batch of appeals by income tax authorities against the ruling of the tribunal favouring Bharti Cellular Ltd and other service providers.
The Income Tax Settlement Commission, even after commencing the proceedings, is empowered to examine the authenticity of such full and true disclosure of the unaccounted return of the assessees, said the apex court dismissing the plea of real estate major Ajmera Housing Corporation and others.
