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 ...
In the Bank of India case, the Authority for Advance Ruling pointed out that the section levying MAT should be considered a self-contained code. It should prevail over the other provisions of the I-T Act. The Minimum Alternate Tax (MAT) has been in vogue intermittently for nearly 20 years. It has undergone several changes in structure. But the basic principle remains the same. The idea is that every company with ability to pay should contribute to the exchequer even though it may not show taxable income because of tax concessions and incentives utilised.
Deferred tax liability is a provision for tax effect of difference between taxable and accounting income – Not a provision for I -T paid or payable – it is also not reserve as same cannot be transferred to P&L a/c, unlike a regular reserve – ITAT
Commissioner of Income-tax, Delhi IV v. Insilco Ltd. – Section 32 of the Income-tax Act, 1961 – Depreciation – Allowance/rate of – Assessment year 1999-2000 – Whether in view of decision of Delhi High Court in CIT v. Woodward, Governor India (P.) Ltd. [2007] 162 Taxman 60, Tribunal was correct in allowing depreciation to assessee on increase in cost of plant and machinery due to increased liability on account of foreign exchange rate fluctuation on last date of accounting year – Held, yes
