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Income Tax : Understand the new capital gains tax rules for Gold ETFs & MFs effective April 2025. Learn about holding periods, tax rates, and e...
Income Tax : CBDT’s shift to electronic Form 10F filing poses compliance challenges for resident payers and non-residents, raising concerns o...
Income Tax : Learn about Income Tax Audit Form 10B & 10BB for charitable trusts, recent changes, filing deadlines, and compliance under Section...
Income Tax : Updated TDS & TCS rates from April 1, 2025. Check applicable thresholds, deductions, and compliance requirements for various payme...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
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 : Since the status of assessee changed from society to Section 8 Company, it had filed an application in Form no.56D, on 11/04/2008,...
Income Tax : ITAT Pune held that additional income surrendered during the course of survey is taxable at normal rates and not at special rates ...
Income Tax : ITAT Delhi held that re-assessment notice issued under section 148 of the Income Tax Act and sent to unrelated e-mail address is r...
Income Tax : ITAT Mumbai held that assessee is permitted to set off unabsorbed depreciation pertaining to AY 1997-98 to 2001-02 against short t...
Income Tax : On appeal. It was held that application for refund was rightly rejected, as it was filed beyond the prescribed limitation period o...
Income Tax : On 29 March 2025, the President of India granted assent to the Finance Act 2025, marking a significant milestone in the country’...
Income Tax : The Karnataka Urban Water Supply & Drainage Board receives tax exemption for specified income from FY 2023-24 to 2027-28 under Sec...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : The Government of India keeps Small Savings Schemes interest rates unchanged for Q1 FY 2025-26 (April–June 2025), as per the Min...
Income Tax : CBDT circular allows waiver of TDS/TCS interest under sections 201(1A)/206C(7) due to technical errors. Details on eligibility and...
Notification No. 88/2009 – Income Tax It is hereby notified for general information that the organization Noorul Islam Educational Trust, Kanyakumari has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2009-10 onwards in the category of ‘College
Notification No. 87/2009 – Income Tax It is hereby notified for general information that the organization Integrated Research and Action for Development (IRADe), New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from Assessment year 2009-2010 onwards
Notification No. 86/2009 – Income Tax It is hereby notified for general information that the organization The Foundation for Research in Community Health, Mumbai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2009-2010
Notification No. 85/2009 – Income Tax It is hereby notified for general information that the organization Gandhi Memorial Leprosy Foundation, Wardha, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2007-08 onwards in the
This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) in the case of Panatone Finvest Ltd.(Taxpayer) [2009-TIOL-717-ITAT-MUM]. The Taxpayer incurred interest expenditure on the funds borrowed for investing in shares of a company, with a view to acquire controlling interest. The ITAT held that the interest expenditure incurred is not allowable under Section 57(iii) (Section) of the Indian Tax Law (ITL), since it is not incurred ‘wholly and exclusively’ for the purpose of earning dividend income.
The Income Tax department in Gujarat executed 422 warrants in 2008-09 compared to 158 in the previous year and has managed to seize assets worth Rs 45.45 crore, which is up significantly from last fiscal’s Rs 10.89 crore. The figures were given out by the Union minister of state for finance S S Palanimanickam in reply to the questions raised by Parimal Nathwani, MP from Jharkhand and Group President of Reliance .
“Besides the hefty fine, jail sentences were awarded to companies found violating the clauses of the competition law in Europe. While in India the maximum penalty ends with a fine, it might not be surprising that an imprisionment provision will be incorporated to add more teeth to the present CCA”, he said.
Hon’ble Shri R.V. Easwar, Judicial Member, has been elevated as Senior Vice President and posted to the Mumbai Bench of the Tribunal with effect from 25th November 2009. Shri. Easwar has qualified as LLM and ACA and practised as a lawyer from 1975 to 1991 in Chennai. After his elevation to the Bench in 1991, he has served the Kolkota, Mumbai, Delhi and Bangalore Benches. He has been a party to several landmark judgements such as Mid East Portfolio 87 ITD 537 (Mum) (SB), Lalsons Enterprises 89 ITD 26 (Del) (SB) and Kanel Oil (Ahd) (TM).
The assessee’s income was computed u/s 115JB as it had no income under the normal provisions of the Act. The assessee claimed that despite the absence of normal profits, it was eligible for deduction u/s 80HHC in computing the book profits under Expl. (iv) of s. 115JB in accordance with the judgement of the Special Bench in Syncome Formulations 106 ITD 193 (Mum) (SB) and that the judgement of the Bombay High Court in Ajanta Pharma 223 CTR 441 (Bom) (which held that Syncome Formulations was overruled) was not applicable. HELD upholding the assessee’s plea:
Finance minister made many changes in rules and section related to TDS in his Final budget presented in July 2009 which resulted in change in TDS rates which created confusion on applicability of surcharge and cess on TDS. It also created confusion about the date of applicability of 20% rate of TDS when PAN not given. In his Budget finance minister made most of the provisions applicable from 1st October 2009. We are presenting below the TDS rates from 01st October 2009 to 31st March 2010 alongwith the name of TDS return form in which TDS return will be filed.In a separate post we provided the TDS rates applicable for the period from 01st April 2009 to 30th September 2009
