Income Tax : Detailed overview of corporate tax rates, surcharges, and MAT for AY 2021-22 to AY 2025-26, applicable for various domestic and ma...
Income Tax : The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-...
Income Tax : Income tax rates are decided and governed by Income Tax Act 1961 and are subject to change every year. This article will cover the...
Income Tax : CA Dev Kumar Kothari Section 115J, 115JA and 115JB may be ultra vires the Constitution of India and the Income-tax Act,1961 –...
Income Tax : Section 145 of the Income Tax Act 1961, lays down that income chargeable under the head “Profit and gains of business or profess...
Income Tax : The Finance Act, 2011 for the first time introduced the provisions relating to Alternate Minimum tax for the Limited Liability par...
Income Tax : The revised discussion paper on DTC, released on 15.05.2010, has addressed the concerns on all the nine areas that were brought to...
Income Tax : The Finance (No. 2) Act, 2009 provided for the taxation of LLPs in the Income-tax Act on the same lines as applicable to partnersh...
Income Tax : Income Tax department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax. So...
Income Tax : The government is likely to ease the incidence of minimum alternate tax, or MAT, on infrastructure companies. The department of re...
Income Tax : CIT(A) erred in confirming addition of CSR expenses to book profit, when there is no such requirement to adjust the same while com...
Income Tax : ITAT held that if advances received by the assessee from customers on which TDS Credits has been claimed, has been offered as inco...
Income Tax : PCIT-4 Vs Krishi Rasayan Exports Pvt. Ltd (Calcutta High Court) Whether the interest subsidy and excise refund would be treated as...
Income Tax : ITAT held that no disallowance of expenses can be made in respect of exempt income by invoking the provisions of s. 14A of the Act...
Income Tax : The issue under consideration is whether the indexed cost of acquisition can be reduced for the purpose of computing book profits ...
The revised discussion paper on DTC, released on 15.05.2010, has addressed the concerns on all the nine areas that were brought to the notice of the Finance Minister. It has sought to restore the computation of minimum alternate tax (MAT) on book profit basis.
A short question which arises for determination in this civil appeal is – whether the Income Tax Appellate Tribunal was, on the facts and circumstances of this case, justified in upholding the order of the Commissioner of Income Tax (Appeals) directing the Assessing Officer to allow the claim of depreciation as per the Income Tax Rules, 1962, for the purposes of computing the book profit under Section 115J of the Income Tax Act, 1961? In this civil
The Finance (No. 2) Act, 2009 provided for the taxation of LLPs in the Income-tax Act on the same lines as applicable to partnership firms. Section 56 and section 57 of the Limited Liability Partnership Act, 2008 allow conversion of a private company or an unlisted public company (hereafter referred as company) into an LLP. Under the existing provisions of Income-tax Act, conversion of a company into an LLP has definite tax implications.
The assessee, a private limited company, provided for depreciation in its Profit & loss account by adopting the rates specified in the Income-tax Rules and computed its “book profits” u/s 115J on that basis. The AO recomputed the book profits by adopting the depreciation rates as per Schedule XIV to the Companies Act as those were lower than the income-tax rates.
For the aforestated reasons, we hold that AAD is a timing difference, it is not a reserve, it is not carried though profit and loss account and that it is “income received in advance” subject to adjustment in future and, therefore, clause (b) of Explanation- I to Section 115JB is not applicable. | Accordingly, the impugned ruling is set aside
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Income Tax department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax. Sources said the claim is not only for the current assessment year of 2009-10, wherein assessments are still going on, but also for previous four-five assessment years, which are under litigation either in courts or at appellate levels.
This ruling provides guidance that withdrawal from a revaluation reserve is permitted to be reduced from the book profit, computed under the MAT provisions, only in a case where the book profit was increased by the amount of revaluation reserve in the year of creation.
The ITAT held that for the computation of MAT, profits disclosed as per the audited accounts should be adopted, provided the accounts are prepared in the prescribed format. If the accounts are not so prepared, the Tax Authority may substitute the amount declared as per the Profit and Loss Account (P&L) with the appropriate amount, regardless of the fact that the accounts are certified as complying with the prescribed format by auditors.
Whether for the purpose of disallowance under Section 14A of the Act:-(a) Rule 8D is to be considered as retrospective; Whether before application of Rule 8D the Assessing Officer should give a holding that he is not satisfied for the basis or quantum of expenses disallowed by the Assessee; b) Whether disallowance is to be made if Investment is held as stock-in-trade?
