Income Tax : The Union Budget 2011-12 will revolve around fiscal consolidation, inflation control, administrative checks and inclusive growth. ...
Goods and Services Tax : 1st April 2011 is proposed as new date for its implementation. He recognized several developments in the field of computerization,...
Income Tax : The existing provisions contained in subsection 3 of Section 203 states that there is no requirement to issue a certificate by the...
Income Tax : As per existing provision, in case of TDS deducted as per Chapter XVII-B but the payment of the same not deposited with the Govern...
Income Tax : Section 10AA was inserted in the Income-tax Act, 1961 (“the Act”) by the Special Economic Zones Act, 2005 (“the SEZ Act”) ...
Income Tax : Under the existing provisions of section 56(2)(vii), any sum or property received by an individual or HUF for inadequate considera...
Income Tax : This section empowers the assessing officer to refer the matter to the valuation officer for the purposes of ascertaining the fair...
Income Tax : The Finance Act, 2012 had inserted a new section 54GB to exemptlong-term capital gains on transfer of a residential property, bein...
Income Tax : With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a slu...
Income Tax : Finance Minister Pranab Mukherjee is set to present his sixth national budget Monday, with people hoping for measures that will he...
Income Tax : on or after the 1st day of April, 2010, where the specified business is in the nature of developing and building a housing project...
Custom Duty : All the Custom duty Notification including Tariff and Non Tariff issued by Custom department in respect of budget proposals/provis...
Provide that for making an order under that sub section the assessing officer shall, in addition to satisfying himself about the truthfulness of particulars furnished by a dealer , shall also satisfy himself that no interstate sale have been effected and also to provide that the deeming provision as contained therein to the effect that the movement of goods have not occasioned as a result of sale SHALL BE SUBJECT TO THE provisions of sub-section (3) and
Finance Minister Pranab Mukherjee took the first step towards implementation of the Direct Taxes Code (DTC) on Friday. While retaining the basic exemption limits for all income levels (as in the DTC), he increased the other slabs. For instance, while the basic exemption limit for individuals has been retained at Rs 1.6 lakh, the 10 per cent rate will now be applicable for the Rs 1.6 lakh-Rs 5 lakh bracket. Earlier, the 10 per cent rate was applicable for income of Rs 1.6-Rs 3 lakh. The hike in the slab means that the taxpayer is going to save Rs 20,600 for incomes up to Rs 5 lakh.
The question whether courts have the power to condone delay in filing of appeals under section 260A of the Income-tax Act arose because of careless drafting. While all other provisions of the Act provide that the authority therein can condone a delay in filing an application/appeal, the draftsman forgot to add a similar provision in s. 260A. This bit of careless drafting lead to a spate of litigation.
The Budget 2010-11 has been presented at the turbulent time when the inflation is rising and economic growth has to grow overcoming the economic slow down. Every one had great expectations from the Finance Minister. The common man is worried about inflation, salaried class expecting a big tax relief, industry is worried about withdrawal of stimulus package and increase service tax rate.
Section 44 read with the First Schedule to the Income-tax Act provides the scheme of computation of income of insurance companies. According to Rule 5 of the said Schedule, the income of non-life insurance business is taken as ‘profit before tax and appropriations’ as per the profit and loss account of the company, prepared in accordance with the regulations made by the Insurance Regulatory Development Authority (IRDA), subject to certain adjustments.
Section 282B (Allotment of Document Identification Number) is a new section inserted by the Finance (No. 2) Act, 2009 in the Income-tax Act with effect from 1st October, 2010. Under the provisions of this section, an income-tax authority is required to allot a computer generated Document Identification Number before issue of every notice, order, letter or any correspondence to any other income-tax authority or assessee or any other person and such number shall be quoted thereon.
A. The existing provisions of section 260A(2) provide that an appeal against the order of Income-tax Appellate Tribunal can be filed before the High Court within a period of one hundred and twenty days from the date of the receipt of the order by the assessee or the Commissioner.Sub-section (7) of section 260A of the Income-tax Act provides that the provisions of Code of Civil Procedure, 1908 (5 of 1908) shall, as far as may be, apply in the case of an appeal filed under this section before the High Court.
Under the existing provisions of section 245A(b), the term “case”, in relation to which an application can be made is defined as any proceeding for assessment, of any person in respect of any assessment year or assessment years which may be pending before an Assessing Officer on the date on which an application is made to the Settlement Commission. However, it excludes, among others, proceedings for assessment or reassessment resulting from a search or as a result of requisition of books of account or other documents or any assets, initiated under the Act.
The existing provisions of section 203(3) of the Income-tax Act dispense with the requirement of furnishing of TDS certificates by the deductor to the deductee on or after 1st April, 2010. Similarly, under section 206C(5) of the Act, a collector of tax at source will also not be required to issue tax collection certificate to the person from whom tax has been collected on or after 1st April, 2010.
Under the existing provisions of section 143(1 B), the Central Government may, for the purposes of giving effect to the scheme of centralised processing of returns under section 143(1A), issue a notification relating to such processing of returns. Such a notification can be issued up to 31st March, 2010.
