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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...
Facts- The assessee had not debited current year depreciation to the profit and loss account but had disclosed this fact and the quantum of depreciation in the notes appended to the accounts.
Proof of disgraced Satyam founder Ramalinga Raju’s political influence — an issue that is being widely discussed following his January 7 confessions of fraud — was strongly in evidence as far back as 2002, when his company was at the height of its success. A 2002 report filed by the deputy director, investigations in the […]
Faced with the prospect of missing the direct tax collection target because of the economic slowdown, the Income Tax (I-T) department has sharply increased fresh tax demands to Rs 1,24,000 crore from companies and individuals in the current fiscal, a 130 per cent increase over fresh demands raised last year. At this level, the demand […]
8. We have carefully deliberated on the rival contentions raised by the learned AR and DR. The controversy here revolves around chargeability of interest income to the tax which even though technically accrued as per the mercantile-system of accounting being followed by the assessee, but the same was not accounted for as income in view of the peculiar facts and circumstances of the case wherein there was
6.We have considered the rival submissions. A perusal of the agreement entered into by the assessee to the concessionaires clearly shows that the concessionaires are duty bound to use the premises and the equipment as belonging to the assessee. The agreements also clearly show that the control over the shops is with the company. The tokens for the sale of the milk at the shops are to be purchased by the concessionaires
After the Satyam scam, the role of chartered accountants (CAs) has come into focus again. This time the Income Tax (I-T) Department has found that CAs have given false certificates, enabling Non-Resident Indians (NRIs) and foreign nationals to evade taxes in India. The government agency has informed the Institute of Chartered Accountants of India (ICAI), […]
Where the AO reopened the assessment to rework the book profits u/s 115JA and in an appeal against such order the assessee raised other issues unconnected with the reassessment and the preliminary point arose as to whether in the light of the judgement of the Supreme Court in CIT vs. Sun Engineering 198 ITR 297, […]
“Whether on the facts and in the circumstances of the case the Tribunal was right in law in upholding the assessee’s contention that when the assessee is not liable to pay advance tax, there is no question of charging interest under Section 234B of the Act by relying upon the decision in the case of Motorola Inc. rendered by Hon’ble Special Bench of ITAT, “A” Bench, Delhi, reported in (2005) 95 ITD 269.”
Where the assessee was an Indian company and more than 51% of its equity share capital was held by a German company (Daimler Benz AG) and pursuant to an offshore merger the said shares came to be held by another German company (DaimlerChrysler AG) and there being a change of more than 51% of the beneficial interest in the shares, the question arose whether section 79 of the Act (pre- amendment)
It may be noted that the beneficiary of exemption under Section 10(5) is an individual employee. There is no circular of Central Board of Direct Taxes (CBDT) requiring the employer under Section 192 to collect and examine the supporting evidence to the Declaration to be submitted by an employee(s). For the above reasons there is no merit in the Civil Appeals and the same are dismissed with no order as to costs.