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Income Tax : Overview of key income tax changes for non-residents, charitable trusts, and individuals, including SEP rules, fund management, an...
Income Tax : Budget 2025 focuses on economic growth, tax reforms, and infrastructure. Key changes include new tax rates, financial sector refor...
Income Tax : Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for med...
Income Tax : Understand tax rules for debt mutual funds based on purchase date. Learn about slab rates, LTCG tax, indexation, and rebate eligib...
Income Tax : Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Income-Tax Bill 2025 simplifies tax laws by reducing sections, chapters, and words while ensuring no policy or tax rate changes. K...
Income Tax : Delhi High Court sets aside ₹14.63 crore penalty on Property Plus Realtors, ruling the order was issued beyond the statutory lim...
Income Tax : Delhi High Court dismisses appeal in PCIT vs Thapar Homes Ltd, ruling penalty under Section 271E was time-barred under Section 275...
Income Tax : ITAT Bangalore ruled on the taxability of Transferable Development Rights (TDR) in the case of Smt. Sowmya Sathyan vs. ITO, clarif...
Income Tax : ITAT Pune ruled on capital gains in Smt. Vimal Baburao Jadhav Vs ITO. The Tribunal held Section 50C inapplicable, recalculating LT...
Income Tax : ITAT Pune allows Foreign Tax Credit for Kasper Pieter Tideman, ruling that Form 67 filing is procedural, not mandatory. Read the c...
Income Tax : The Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
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...
This Tax Alert summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2010- TII-41-ITAT-MUM-INTL] in the case of J Ray McDermott Eastern Hemisphere Ltd. (Taxpayer). The ITAT held that receipts pertaining to transportation and installation contract executed by the Taxpayer outside India cannot be taxed under the special provisions, which provide for taxation of certain income of a non-resident on presumptive basis, if the income is not chargeable to tax under the general provisions of the Indian Tax Law (ITL).
Special Bench Tribunal Ruling: Entire amount of timeshare membership fee receivable by the assessee up-front should not be taxed at the time of enrolment of a member in the initial year on account of contractual obligation that is fastened to the receipt to provide services in future over the term of contract (ACIT v. Mahindra Holidays & Resorts (India) Pvt. Ltd.)
Notification No. S.O. 1258(E)-Income Tax In exercise of the powers conferred by sub-section (1B) of section 4 of the Employees’ Compensation Act, 1923 (8 of 1923), the Central Government hereby specifies, for the purposes of sub-section (1) of the said section, the following amount as monthly wages, with effect from the date of publication of this notification in the Official Gazette
Notification No. 41/2010-Income Tax The Central Board of Direct Taxes (CBDT) has recently amended vide Notification No. 41/2010 Dated 31/05/2010 the Income Tax Rules, 1962 (the Rules) in respect of the provisions relating to Tax Deduction at Source (TDS). The new Rules shall apply in respect of TDS on or after 1 April 2010.
Notification No. 41/2010-Income Tax Time and mode of payment to Government account of tax deducted at source or tax paid under sub-section (1A) of section 192. Mode of payment . Certificate of tax deducted at source to be furnished under section 203.Statement of deduction of tax under sub-section (3) of section 200.Statement of collection of tax under proviso to sub-section (3) of section 206C.
The Income Tax Department has started scrutiny of the assets and expenditure details furnished to the Election Commission by the candidates and MPs who fought Lok Sabha polls last year. The Election Commission (EC) has recently informed the department to take “appropriate action” with regard to the financial details furnished by the candidates after it finished uploading the affidavits from all the states and Union Territories (UTs) on its official website.
The finance ministry may drop a provision in the draft direct taxes code that allows local tax laws to override India’s tax treaties with other countries, as it looks to avoid uncertainties over existing bilateral tax arrangements. The finance ministry has formed a special task force within the Central Board of Direct Taxes to rework the draft, which is expected to be made public next month.
The existing provisions contained in subsection 3 of Section 203 states that there is no requirement to issue a certificate by the deductor to the deductee if TDS has been deducted and paid as per the provisions of chapter XVII B. Similarly the first proviso to subsection 5 of Section 206C of the Act prescribes that there is no requirement of TCS certificate to be issued in case the tax has been collected and paid as per Section 206C.
As per existing provision, in case of TDS deducted as per Chapter XVII-B but the payment of the same not deposited with the Government within due date of section 139(1) for the last month of the previous year and within the last day of the financial year for the first eleven months, results in the disallowance of such expenses, the same not being an amount deductible as an expense.
The Gift tax was abolished with effect from October 01,1998. Thereafter, the practice of bogus foreign gifts itself had started with Government offering immunity for such gifts as part of disclosure scheme, but then the practice continues even after the amnesty period had expired. Unaccounted income found its way in many ways as in acquisition of immovable property, new constructions pretended borrowings and unreal gifts.
