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 ...
a) Vide a press release dated 23-July-2015[1], the Ministry of Finance has put the revised (so when did the original came, can’t remember ? even I did not) draft of the bill i.e. proposed the Indian Financial Code, 2015 into public domain for comments / suggestions. Before we understand the basics, let’s put in context […]
1. Recently, Karnataka High Court on 1-Jul-2015 in the case of Sri N Govindaraju v ITO in ITA/504/2013 held that, an AO has the AO has unfettered power of re-to assessment u/s 147 i.e. not limited to issue mentioned in notice u/s 148. 2. Till that date, the views of the high courts were divided […]
In other words, before 01.06.2015, the assessing authority could pass a separate order under Section 234E levying fee for delay in filing the statement under Section 200(3) of the Act. However, after 01.06.2015, the assessing authority is well within his limit to levy fee under Section 234E of the Act even while processing the statement under Section 200A and making adjustment.
Background-: a) Like any other country, India has a sovereign right to levy tax on income in terms of aspect / nexus theory with India. b) It has been codified by the Income Tax Act, 1961 [1 of 1961] and to be specific, section 4, 5, 6 and 9 of the Act. c) It is […]
We have been taught that an audit conducted with a view to give an opinion about the truthful and fairness of financial statements, it does not include the objective to find out frauds / errors. Though the principle has remained constant, the expectations thereof have gone a sea change.
Background-: 1. This is in relation to FY 2014-15. One may be aware that, there is a change in the law relating to taxation of Capital arising out of sale of soft assets like shares. Securities, mutual funds etc. Audience-: 2. Especially for those who handle their investment portfolio and tax matters themselves and visit […]
Bangalore ITAT, A Bench has in the case of IBM India Private Ltd., v ITO (TDS) held that Tax deduction at source / Tax collection at source [TAS] Provisions are attracted even if the provision is made in the books of account to measure the economic performance of the entity irrespective of whether the exact amount and the payee is determined or not.
Background-: 1. I am sure, you would be aware of the Income Computation and Disclosure Standard. This article is about the applicability of the ICDS. Issue-: 2. Can ICDS override the express decisions of honourable Supreme court and various high courts when there is no change in the basic ACT which defines meaning of income etc. […]
Introduction-: 1. Search u/s 132 is the sharpest weapon in the hands of Income Tax Dept. Thus a sharpest weapon must be used with great care as well. The law, as developed, in relation to section 153A is with the SOLE objective to achieve the purpose of safeguarding the interest of revenue and the rights […]
