Income Tax : Understand the statutory time limits for issuing income-tax notices and completing assessments under the Income-tax Act. The guide...
Income Tax : Learn the updated provisions governing rectification, assessments, reassessments, and appeals under the Income-tax Act. This guide...
Income Tax : Learn how different types of income tax assessments are conducted under the Income-tax Act. The FAQs explain assessment procedures...
Income Tax : This guide explains the various assessments under the Income-tax Act, including summary assessment, scrutiny assessment, best judg...
Income Tax : The new Income-tax Act, 2025 replaces the old survey framework with a streamlined regime under Section 253. It expands digital rec...
Income Tax : Read KSCAA's representation to the Commissioner of Income Tax, addressing practical issues faced by taxpayers and suggesting solut...
Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...
Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...
Income Tax : While uploading Manual order for the A Y 2017-18 user is getting the following message: Manual Order cannot be uploaded for this P...
Income Tax : Tax collections increased from Rs 6.38 Lakh Crore in year 2013-14 to almost Rs 12 Lakh Crore this year 80% growth in tax base; n...
Income Tax : The Tribunal admitted a new legal ground and held that jurisdictional defects can be raised at any stage. It quashed the assessmen...
Income Tax : The ITAT has declared an assessment against SoftwareONE India Pvt. Ltd. void, ruling that an assessment framed in the name of a no...
Income Tax : Delhi High Court directs acceptance of Acuity KP Solutions' tax return and refund, citing time-barred assessment proceedings after...
Income Tax : In a case of BVM Global Education Trust vs Assessment Unit, Madras High Court declares computation sheet and demand notice invalid...
Income Tax : Read about the Madras High Court's order for rectification of an income tax assessment order regarding addition on sale considerat...
Income Tax : A CAG audit report on direct taxes for FY 2022-23 reveals over ₹7,929 crore in tax effect from 481 observations, highlighting as...
Income Tax : Standard Operating Procedure (SOP) for Assessment Unit (AU), Verification Unit (VU), Technical Unit (TU) and Review Unit (RU) unde...
Income Tax : CBDT hereby specifies that all the assessment proceedings pending as on 31.03.2021 and the assessment proceedings initiated on or ...
Income Tax : Faceless Appeal Scheme has been implemented in ITBA and the allocation of cases to Faceless Appeal units is under progress. A numb...
Income Tax : CBDT notifies Prescribed Authority under Section 133C with effect from 13th August, 2020 vide Notification No. 66/2020, Dated: Aug...
Circular No.. 1/ 2009 – Income Tax 16.1 In 1992, the Government allowed established Indian companies to issue foreign currency convertible bonds (FCCB), with special tax regime for non-resident investors, so as to encourage the flow of foreign exchange to India
Lucent Technologies International Inc. 1(“the assessee”) is a company incorporated in the USA. It is a tax resident of USA. It is a leading supplier of hardware and software used for GSM cellular radio telephone system. The assessee had supplied telecommunications hardware and software to its customers in India through its subsidiary Lucent Technologies India Limited (“LTIL”) (formerly known as AT&T India Private Limited).
Background The Mumbai Tribunal has recently held in the case of Schenectady Specialities Asia Pvt. Ltd. that the difference between the sales tax collected but not deposited by the assessee with the Government under a sales tax deferral scheme, and the amount settled by the assessee under the premature payment option, is to be treated […]
5. Having heard the learned counsel for the Revenue as well as the assessee, we are of the view that no fault can be found with the reasoning of both the CIT(A) as well as the Tribunal. In our view, the issue raised by the Revenue before us that the liability under the “long service award” scheme of the assessee is contingent as the payment under the same scheme is dependent on the discretion of the management
10. The scope of gifts and the existing areas of controversies in regard to them are relevant issues here. Generally, the gifts may involve biological relatives, sociologically connected or unconnected persons, politically or spiritually reverend individuals etc. In the cases, where the gifts involve the biological relatives, the giving gifts are normally conventional, traditional or a social practice and the motive
8. We have considered he submissions made by both the sides, material on record and orders of the authorities below. We find that the question, before US, is whether limited scrutiny proceedings and regular scrutiny proceedings are independent of each other or not and, therefore, notice issued for limited scrutiny into a regular scrutiny where time to issue notice u/s 143(2)(ii) has expired or not
Leading theatre chain Pyramid Saimira will move court on Monday against the Income-Tax department’s decision to attach the company’s over Rs 240 crore bank accounts for alleged non-payment of tax. “We will file a case against the Income-Tax department at the Madras High Court on Monday,” a company source told PTI. On Friday, the tax […]
Where the assessee suo motu filed returns as “agent” of a non-resident but no assessment was made and after the expiry of two years from the end of the assessment year a notice under section 148 of the Act seeking to assess the income and the question arose whether the said notice was barred by limitation u/s 149 (3), HELD:
19. We have given careful thought to the rival submissions of the parties and examined them in the light of material available on record, statutory provisions and case law cited at the Bar. At the very outset, we may state that the basic contention of the assessee that he is and should be considered as an agent under clauses (a), (b) & (c) u/s 163(1) of the Act, is misplaced
60. Consider that what sections 2(14)(iii)(a) and (b) of the Income tax Act obviously envisage is one single municipality and not two. When the land under consideration admittedly falls outside the Phagwara municipality, as notified by the Central Govt. in accordance with section 2(14)(iii)(b) of the Act. There is no question of it being considered within the limits of the Jalandhar City municipality
