Income Tax : Learn how to read tax judgements like a pro. Get tips and advice for navigating complex legal documents and understanding their co...
Income Tax : Understanding the need for a Direct Tax Code - Part II. Explore the conceptual framework of this crucial legislation....
Income Tax : Explore the need for a Direct Tax Code in India. Discover the reasons behind the call for a complete replacement of the Income Tax...
Income Tax : Author, in this article, analyses a supreme Court decision in the case of Northern Operating system dated 19-May-2022 which has un...
Income Tax : It is a routine practice that Pharmaceutical and health sector companies provide freebies such as hospitality, conference fees, go...
Income Tax : The decision relates to deductibility of excise duty u/s 43B of the Income Tax Act, 1961. Section 43-B requires cumulative existen...
Income Tax : Background It is a matter relating to validity of re-opening of assessment on a technical ground in the case of Mayurbhai Mangalda...
Income Tax : A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to ...
Income Tax : The power to charge fees under the provisions of section 234E of the Act while processing the TDS statements, was dwelled upon by ...
Income Tax : The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of ...
Everybody is aware that, the IT Act, taxes the income under various heads. There are specific provisions pertaining to each head. The provisions of each such head function under the scope defined in section 5 read with section 9. One will be aware that, there are various concepts which act as a slide on the IT Act. It means though there is no specific mention of the same in the IT Act but still those exist and are enforceable.
Those practicing on the international taxation may be aware of the fact that, in view of CBDT Inst no 3/2003[E] and decision of ITAT-SB [C], ALL the transactions above Rs. 15 crores are being referred to TPO for scrutiny and benchmarking.
Background-: 1. Recently, in October 2015, the International Accounting Standards Board (IASB) who are developing International Financial Reporting Standards [IFRS] has issued two draft documents namely A. Application of Materiality to Financial Statements B. Uncertainty over Income Tax Treatments
A perusal of this order reveals that the Tribunal has recorded a finding that it is empowered by Section 254 of the Act to stay prosecution. The said finding is the bone of contention between the parties. Pr. Commissioner of Income Tax Vs. Income Tax Appellate Tribunal, Delhi Bench (Punjab & Haryana HIgh Court at Chandigarh),
In conclusion, it is difficult to hold, in view of the factual position expressed above, that the wisdom of appointment of Judges, can be shared with the political-executive. In India, the organic development of civil society, has not as yet sufficiently evolved.
Background-: 1. Karnataka High Court has vide its order dated 25 March 2015 has pronounced a significant ruling on the issue of claiming foreign tax credit. 2. The assessee has paid tax in USA by way of source rule on an income which is exempt u/s 10A in India. 3. After referring to the Judgment […]
Background-: 1. Those practicing on tax audti under income tax act would have experienced the thrill, suspense and irony of extension of due date. 2. It was perceived as apathy towards the burning problem of assessees at hands. Later Dr. Hasmukh Adhia has apologised through twitter. One may go through the apology and reactions of […]
As I close this article today on September 6, 2015, the Indian Express is carrying an interview of Mr. Sitaram Yechuri with the heading If caste numbers are known, Janata Parties will gain. That’s why Census data is not coming out.
1. There were (are?) companies which used to report huge profits and distributing huge dividends and at the same time paying very small tax liability using the provisions of the Act. 2. To curb the above practices, MAT on book profit was introduced which was chargeable on reported profits with effect from 1-4-1988 with section 115J. MAT – Minimum Alternate Tax, as the words suggests, is the minimum contribution that an assessee should make by way of taxes.
Jama kharchi is all about converting black money to white. Jama kharchi companies ‘accommodate’ accounting entries that help both the companies and give 2-4% commission to the go-between.
