Income Tax : Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax pr...
Income Tax : Assessee Can Claim Reasons For Issue Of Notice under section 148 Before Filing Of Return under section 148 of Income Tax Act, 1961...
Income Tax : The onset of Companies Act 2013 has ushered a paradigm shift in operation and management of companies. The benefits which, hithert...
Income Tax : Through this article, an attempt has been made to understand the implication of Banning of Unregulated Deposit Schemes Ordinance, ...
Income Tax : The author has taken strong exception to the CBDT castigating CIT(A) for giving relief to taxpayers on legal grounds. He has also ...
In this article, possibility for levy of penalty U/s. 270A of the Income Tax Act has been analysed in case where a person deposits his unaccounted cash in bank account and paid due tax thereon in return of income for AY 2017-18.
A resident assessee will be eligible to claim Foreign Tax Credit (FTC) if any tax has been paid by him in a country or specified territory outside India. Grant of FTC shall be allowed only in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India.
Reassessment order u/s 147 without first disposing of the preliminary objections raised by the assessee can not be sustained and is this liable to be quashed. Supreme Court in GKN Driveshafts (India) Ltd. vs. ITO & Ors. (2003) 259 ITR 19 had devised the process to be followed while carrying out assessment u/s 147.