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FAQs by NGOS, Queries related to Income Tax Act, 1961

  10 Oct 2007   18 comments
Q1 : Whether the Income-tax Act, 1961 is applicable to all the Voluntary Organisations who are engaged in socio-economic development programmes in India ? Please clarify. Ans : The Income Tax Act, 1961, is applicable to Voluntary Organisations which are engaged in public charitable or religious activity. Hence, Voluntary Organisations whi...
Posted Under: Income Tax |

Confusion in the AIR

  10 Oct 2007   0 comment
Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assessees is the `limit' relating to financial transactions for AIR, specified in one of the `fre...
Posted Under: Income Tax |

Board circulars are binding on the Department, even if they are wrong or against decisions of the Supreme Court

  10 Oct 2007   0 comment
IT is now an axiomatic law that Board circulars are binding on the Department, even if they are wrong or against decisions of the Supreme Court. But our Boards do not have the habit of tracking down the multitude of circulars they issue and considering whether they are relevant after the Law has been amended and the Apex Court had already...
Posted Under: Income Tax |

Delayed TDS on ‘usance interest’ – Payment of interest u/s 201(1A)

  28 Sep 2007   0 comment
IN the present case which was referred to the Third Member of the Tribunal, the dispute revolves around the issue of, whether interest u/s 201(1A) is payable on the ''usance interest'' from the date of payment or from the date of pronouncement of High Court decision in the Vijay Ship Breaking Corpn case...
Posted Under: Income Tax |

Need for notice u/s 143(2) cannot be dispensed

  28 Sep 2007   0 comment
Need for notice u/s 143(2) cannot be dispensed with in a case where AO proceeds to make inquiry for assessment, and determination of taxes payable after issuing notice u/s 143(1) as well - ITAT...
Posted Under: Income Tax |

Can double benefits u/s 10B and Sec 80HHC be allowed on exports of same goods?

  28 Sep 2007   0 comment
CAN double benefits under Sec 10B and also under Section 80HHC be availed on export of the same goods? Should Income Tax allow Sec 80HHC benefits if an exporter procures orders and closes the transaction by procuring goods from a third country and shipping the same straight to the buyer country,...
Posted Under: Income Tax |

Law on borrowed words

  26 Sep 2007   0 comment
"It is true that the Division Bench of the High Court has borrowed extensively from the orders of the Tribunal and the Commissioner and passed them off as if they were themselves the author's," noted the apex court. "We feel that quoting from an order of some authority particularly a specialised one cannot per se be faulted as this proced...
Posted Under: Income Tax |

Tribunal's power to grant stay of demand – A Study

  26 Sep 2007   0 comment
Section 254 of the Income-Tax Act, 1961 relates to appeals before the Income Tax Appellate Tribunal (ITAT) by assessees and the tax department. It also deals with the law relating to grant of stay of demand on assessees' petitions. This section was amended w.e.f. June 1, 2001, to provide that where in an appeal filed by the assessee, the ...
Posted Under: Income Tax |

Is FBT Applicable on Charitable Trusts?

  24 Sep 2007   0 comment
FBT is not payable by a trust, fund or institution if its income is exempt under section 10(23C) or it is registered under section 12AA of the Income-tax Act. Therefore, a company registered under section 25 of the Companies Act will also not be liable to FBT if its income is exempt under section 10(23C) or such company is registered unde...
Posted Under: Income Tax |

Income or transactions not disclosed on or before date of search – would not have been disclosed but for the search – to be treated as undisclosed income

  20 Sep 2007   0 comment
IT all started with search and seizure operation conducted at the premises of Friends Portfolio. In the course of the search, statements of Shri Manoj Agarwal and other persons were recorded and thereafter assessment was completed in their cases. It was found that all the transactions undertaken by Shri Manoj Agarwal through Friends Port...
Posted Under: Income Tax |

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