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Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Respondent/assessee is a Irish company. It accordingly claimed benefits of the India-Ireland DTAA. ADIR is a wholly owned subsidia...
Income Tax : In the matter abovementioned ITAT allowed appeal of the assessee for statistical purpose by way of remand after considering that a...
Income Tax : In the matter above-mentioned ITAT partly allowed the appeal filed by the assessee by remanded it back to file of TPO after consid...
Income Tax : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
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...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Despite the fact that CBDT has made commendable effort to devise suitable annexures for electronic filing, in practical parlance, the taxpayers usually face serious problems primarily because there is no space to give any further information which is considered relevant by an assessee to be filed along with the return.
The Delhi Tribunal, in the case of Global Vantedge Pvt. Ltd. (Taxpayer) [2010-TIOL¬24-ITAT-DEL], has held that the total amount of adjustment made, along with the arms length price (ALP) already reported by the Taxpayer, cannot exceed the total amount of revenues earned by the Taxpayer and its associated enterprise (AE) from dealing with third party clients.
In a recent ruling Supreme Court (SC) [2010-TIOL-06- SC-IT-L13] in the case of Kelvinator of India Ltd. (Taxpayer) held that income cannot be reassessed on a mere change of opinion, as that would imply conferring arbitrary powers on the Tax Authority. It is only when there is a tangible material to believe that income has escaped assessment
The Finance Ministry has overhauled its Income Tax intelligence wing in order to speed up investigation of high value cases of Rs 10 lakhs and above and stop new methods of tax evasion. Commissioners of Income Tax (CITs) of the Central Information Branch (CIB) will now report to the intelligence wing headquartered in the national capital.
Income tax evaders are being pushed into an increasingly tight corner – the I-T department is planning restructuring that will help assessing officers spend more time on an assessee than they do now. Currently in Mumbai, an assessing officer, the individual who actually detects tax evasion after going through the assessee’s files, scrutinises an average of 400 cases a year.
The Finance Bill (No.2), 2009 could be presented on Sixth of July, 2009 due to formation of new government but by that time many corporate assessees had already paid the first instalment under the belief that the Finance Bill has yet to be accorded consent by the President and is not final. The advance tax in respect of FBT which was payable for the quarter ending 30th of June, 2009 by 15th of July, 2009 was paid erroneously by many of them.
and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course of making the transaction of transferring or contributing the land to the partnership firm as capital contribution, the surplus arising to the assessee from the said transaction of contributing stock in trade
For the purposes of this clause, fees for technical services means any consideration (including any lump sum consideration) for the rendering of any managerial, technical or consultancy services (including the provision of services of technical or other personnel) but does not include consideration for any construction, assembly
it will be in the interest of justice to set aside the final order passed by the Settlement Commission and to remand the matter back to the Settlement Commission for hearing parties afresh and to pass orders as per law. Facts and circumstances noted in respect of writ petition no.2191 of 1999 are also relevant for the remaining writ petitions
Therefore, since the writ petitions are now dismissed and liberty has been granted to approach the Department, the petitioners granted four weeks time to approach the concerned authority under the provisions of the Act seeking for appropriate remedy. Till such time, the respondents shall not initiate