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In the present case, the dividend income is admittedly taxed in the hands of the assessee/ shareholder. Once the dividend income is assessed in the hands of the assessee / share-holder, the proviso to Section 199 of the Act would have no application and consequently denying the credit of TDS to the assessee / shareholder does not arise at...

It is evident that when the exempted amount of duty was required to be refunded for operationalising the exemption, Education Cess, which was in the nature of piggy back duty on the excise duties under the said three Acts, was also required to be refunded, because it was not at all leviable, in view of the entitlement to exemption worked ...

Does the third proviso to Section 254 (2A) of Income Tax Act, have the effect of denuding the Tribunal of its incidental power to grant interim reliefs? Finance Act 2007 substituted sub-section (2A) to Section 254 of the Income Tax Act, 1961 with effect from 1st June, 2007....

The Assessee is not entitled to deduction u/s 80IB on profit from DEPB Scheme and the cross objection filed by the Assessee was dismissed. In regard to Duty Draw Back Scheme, it has held by the division bench of the ITAT, Delhi that the receipt was in lieu of expenses earlier incurred by payment of excise and customs duty. Therefore, the ...

As per Income-tax (Ninth Amendment) Rules, 2007 notified vide No.238/2007, Dated 30-08-2007, the following persons are mandatory required to file TDS / TCS returns electronically on quarterly basis: The deductor is an office of Government, or The deductor is a company; or The deductor is a person required to get his accounts audited unde...

Employees’ Stock Option Plan or Scheme (ESOP or ESOS, for short), was not liable to fringe benefit tax (FBT) upto the assessment year (AY) 2007-08, relevant to the financial year (FY) 2006-07. The reason for the same is that though under the provisions of section 115WB(1)(a) of the Income-Tax Act, 1961 (the Act), ESOP could be considere...

As per the income tax laws, entities (both corporates and non-corporates - deductors) making payments to third parties (deductees) are required to deduct tax at source (Tax Deducted at SourceTDS) from these payments and deposit the same at any of the designated branches of authorised banks. They should also furnish TDS returns containing ...

Indian tax laws As per the Income-tax Act, 1961, capital asset [as defined under section 2(14)] could be either short-term [as defined under section 2(42A) and 2(42B)] or long-term [as defined under section 2(29A) and 2(29B)]. The tax liability of long term capital gains in respect of shares, securities and units (holding period more than...

1. What Is PAN? Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. Why Is It Necessary To Have PAN? It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PA...

An Indian company engaged in computer software business set up a trading office in Japan. The company's Japan branch suffered loss, which it claimed as deduction from profits earned in India. The assessing officer, however, held that since the profits of the trading office are taxable in Japan only, any loss incurred by the firm in respec...