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Income Tax : The article outlines practical methods through which business owners and professionals can legally minimise their tax burden. It h...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt...
Income Tax : Form 16 and Form 16A serve distinct purposes under the TDS framework, with Form 16 relating to salary income and Form 16A covering...
Income Tax : Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TD...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : KSCAA requested the CBDT to release e-filing utilities and schemas for AY 2026-27 without delay, stating that pending utilities ar...
Income Tax : The Rajasthan High Court held that an order restoring appeals through review proceedings is not separately appealable under the Be...
Income Tax : The Tribunal found that the authorities below failed to properly apply the principles governing section 80P deductions relating to...
Income Tax : The ruling emphasizes that undisclosed business receipts and stock arising from an existing business cannot automatically be chara...
Income Tax : Addition of ₹90 lakh made under section 69A towards alleged cash payment for purchase of property as well as the addition made u...
Income Tax : The Tribunal noted that donations to Swachh Bharat Kosh and Clean Ganga Fund made towards CSR obligations are specifically exclude...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
The Central Board of Direct Taxes, CBDT, has constituted an advisory group for International Taxation and Transfer Pricing. The 13 members group will be headed by Revenue Secretary. A Finance ministry release says, the others members of the group include Chairman of CBDT, Director General of Income-tax , Joint Secretary of Department of Revenue, and representatives of Chamber of Commerce and Industry of the country.
Recently there have been large number of news in daily newspapers on the above subject. Brief facts are that a gang of 6 persons led by so called Sh. V.D.Goyal, Investigation Officer of Income Tax Department raided the house of Dr. Mohan Pandey, Saharanpur(U.P.) on 18/04/2012. They claimed that they belong to the Office of the CIT, Lucknow and produced a fake letter issued by the Commissioner of Income Tax, Zone-2, Lucknow before the S.S.P., Saharanpur and got police force on the basis of fake letter as well as fake Identity Card.
The Results Framework Document (RFD) for the Income Tax Department for the financial year 2012-13 under the objectives “Communication with Taxpayers” includes one of the action point “Display of Citizen’s Charter in all the buildings of the Department”.
In respect of income of all categories of taxpayers liable to tax for the assessment year 2011-12, the rates of income-tax have been specified in Part 1 of the First Schedule to the Finance Act, 2011. These rates are the same as those laid down in Part III of the First Schedule to the Finance Act, 2010 for the purposes of computation of advance tax, deduction of tax at source from Salaries and charging of tax payable in certain cases during the financial year 2010-11.
Assessing Officer has disallowed the interest of Rs. 72,83,21,913/- on the ground of borrowed funds were used by the assessee for making investment in shares. The contention of the assessee is that in the earlier Assessment Year 2006-07 where no dividend income was received by the assessee, the Tribunal has held that no disallowance of expenditure can be made u/s. 14A of the Act and therefore, the disallowance made in the year under appeal may also be deleted as in this year also the assessee has not received any dividend income on the shares,
The appellants are carrying on the business of financiers: they are not dealing in motor-vehicles. The motor-vehicle purchased by the customer is registered in the name of the customer and remains at all material times so registered in his name. In the letter taken from the customer under which the latter agrees to keep the vehicle insured, it is expressly recited that the vehicle has been given as security for the loan advanced by the appellants. As a security for repayment of the loan, the customer executes a promissory-note for the amount paid by the appellants to the dealer of the vehicle.
Honourable High court has agreed with the The Tribunal that the ‘make available’ condition was not satisfied inasmuch as no technical knowledge etc, was made available by the assessee to the Indian insurance companies operating in India. The Tribunal conclusions are based on an assessment of the factual matrix of the case at hand and are factual in nature. As there is no perversity in the findings, it does not give rise to a substantial question of law.
Learned Senior Standing Counsel for the Revenue has also made reference to the explanation to Section 37(1) of the Act and also to the scope of the proviso inserted to Section 69C of the Act by the Finance (No.2) Act, 1998 with effect from 01/04/1999. Learned counsel for the assessee contended that film production is not an illegal business and therefore payments made though without accounting cannot be said to be illegal payments attracting explanation to Section 37(1) of the Act.
The next issue for our adjudication is whether sufficient reasons exist for curing defect after expiry of limitation provided under Section 249(2) of the Act. Since, we have held in the upper part of the order that appeal filed in violation of Section 249(4) would be termed as a defective one and the moment defect is cured then those can be disposed of on merit subject to limitation.
Notification No. 16/2012-Income Tax In exercise of the powers conferred by clause (47) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962
