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Income Tax : Section 87A tax rebate on STCG led to disputes after ITD software changes. Bombay HC & CIT(A) rulings clarify eligibility. Learn a...
Income Tax : Learn about Section 87A rebate applicability on short-term capital gains under the new tax regime for FY 2023-25. Explore legal ch...
Income Tax : Explore the Principal Purpose Test (PPT) in international tax law, its impact on treaty benefits, legal uncertainty, and potential...
Income Tax : Budget 2025 introduces tax reliefs, higher TDS thresholds, and urban housing reforms, impacting real estate growth while raising c...
Income Tax : Income tax updates effective 1st April 2025 include higher TDS thresholds, extended startup benefits, increased rebates, and simpl...
Income Tax : Get insights on key amendments in the Income-tax Act, 1961, including changes to Sections 9A, 44BBD, 10(10D), and 158BB under the ...
Income Tax : JAOs face workload imbalances, limited manpower, and systemic issues post-Faceless Assessment Scheme. Suggestions for better resou...
Income Tax : ITGOA urges CBDT to address workload imbalances in JAO charges. Proposes systematic reorganization to ensure equitable distributio...
Income Tax : IT officials can access digital records during searches under IT Act, 1961, but personal emails and social media access is not all...
Income Tax : The updated return facility encourages voluntary tax compliance, allowing taxpayers to correct income omissions. Proposal to exten...
Income Tax : ITAT Jaipur's ruling on Kailash Chand vs ITO case, analyzing tax assessment, additions, and legal compliance under Section 144 & 1...
Income Tax : ITAT Jaipur sends Puneet Singhvi's capital gains case back to the Assessing Officer for a fresh review after the assessee failed t...
Income Tax : While a best judgment assessment can involve some arbitrariness, it must be an honest and fair estimate based on available materia...
Income Tax : ITAT Jaipur sets aside Resonance Eduventures assessment orders, citing mechanical approval by Addl. CIT without proper applicatio...
Income Tax : ITAT Jaipur ruling on Parshavnath Buildestate Pvt Ltd vs ACIT regarding unexplained expenditures under Section 69C and taxation un...
Income Tax : Income Tax offices across India will remain open on March 29-31, 2025, for pending work, as per CBDT order under Section 119 of th...
Income Tax : CBDT notifies Income Tax (Sixth Amendment) Rules, 2025, introducing safe harbour rules for assessment year 2025-26. Full details o...
Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
Income Tax : CBDT allows data sharing with Delhi's IT Dept. for social welfare scheme identification under Income Tax Act Section 138. Read the...
Income Tax : CBDT issues FAQs on revised guidelines for compounding offences under Income Tax Act, 1961. Covers filing procedures, fees, compet...
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the held that mere provision of a dredger on dry lease for carrying out dredging activity in India does not result in the taxpayer having a Permanent Establishment (PE) as per the India-Netherlands tax treaty (tax treaty). Further, the Tribunal relied on OECD commentary which states that to form a PE, there should be existence of fixed place of business i.e. it must be establish a distinct place with certain degree of permanence. It usually means that persons who in one way or another are dependent on the enterprise, conduct the business of the enterprise in the state in which the place is situated.
Mumbai bench of the Income-tax Appellate Tribunal held that the income from supply of information relating to various markets should be taxed as business profits under Article 7(3) of the India-Singapore tax treaty (tax treaty) and accordingly the expenses incurred for earning the income should be allowed as a deduction. Further, the Tribunal upheld the view that when the taxpayer chooses to be covered by provisions of an applicable tax treaty, the tax department cannot thrust provisions of the Income-tax Act, 1961 (‘the Act’) on the taxpayer unless those are more beneficial to the taxpayer.
The department filed an appeal in the High Court and claimed that as the Tribunal’s order was received on a particular date, the appeal was on time. However, the assessee obtained information from the Tribunal under the Right to Information Act and pointed out that the order was served on an earlier date and that the appeal was belated. HELD taking a serious view of the matter and summoning the Revenue Secretary and Chairman CBDT.
The ITAT held that the relationship of the Taxpayers with their Indian subsidiary to whom the Taxpayers had sub contracted/ assigned provision of software development and call center services, resulted in a permanent establishment (PE) of the Taxpayers in India under the India-USA Double Taxation Avoidance Agreement (DTAA). The ITAT held that a PE was constituted on account of activities of the subsidiary which effectively resulted in the Taxpayers carrying on their business in India. The ITAT, subject to some adjustments, broadly upheld the approach adopted by the Indian Tax Authority of attributing profits to the PE by allocating the global profits based on a proportion of Indian assets to global assets. The ITAT also held that the conclusions reached in a Mutual Agreement Procedure (MAP) for a particular financial year could form the basis for the Tax Authority to reach a conclusion for other years, if there are no differences in facts for the years.
The ITAT held that the taxes paid on profits, whether on presumptive basis or on the basis of actual profits earned, represent application of income and are not allowed as deduction in computation of taxable profits. In terms of applicable provisions of the Indian Tax Laws (ITL), read with the applicable tax treaty, such taxes qualify for tax credit relief so as to avoid double taxation.
The Income Tax Department today conducted nation-wide searches at more than 30 premises of steel maker Ispat Industries in connection with alleged tax evasion. The searches were conducted at Mumbai, Nagpur, Delhi, Kolkata and 25 other places of the
Section 69 of Income Tax Act deals with the cases of unexplained investments which have been made by the assessee but not accounted for in his books of accounts if any maintained and for which no satisfactory explanation is offered by the assessee.
Income Tax Department is releasing 3 new services on the e-filing website Income Tax Department is releasing 3 new services on the e-filing website. These are available from the ‘Services’ menu on the Menu Bar on top. The services are available without requiring any login (and are also available under ‘My Account’ as well) are: […]
Indian economy is buoyant, strong and has kept recession at bay and to keep the progress going, the contribution of chartered accountants is important. They must act as the watchdogs of economy and contribute to nation building,
Income Tax Department is releasing 3 new services on the e-filing website. These are available from the ‘Services’ menu on the Menu Bar on top. The services are available without requiring any login (and are also available under ‘My Account’ as well)
