CBDT - Page 88

Due Date Extended for filing of new ITR forms

The Supreme Court directed tax payers all over the country to file Income Tax returns under the prescribed new ITR forms for assessment year 2007-08 by February 29, 2008 - the new deadline set by the government. The direction was passed after Additional Solicitor General Mohan Parasaran informed the bench headed by Justice B N Agarwal tha...

Posted Under: Income Tax |

Tax on concessional rent accommodation – CBDT notifies amendment to Rule 3

VALUATION of perquisites has always been a bone of contention. To overcome many of such irritants, the Finance Minister in the Finance Act, 2007 had inserted a deeming provision to define concession in the matter of rent for the purpose of determining the perquisite value. It has also reduced the rate of valuation of perquisite in the nat...

Posted Under: Income Tax |

Mere addition agreed to by assessees during course of Survey u/s 133A would not empower Assessing Officer to levy penalty : Madras HC

THE assessees were the Directors of M/s Hotel AMS Pvt. Ltd., Kondalapatti, Salem. During the course of survey conducted on 16.11.1999 under Section 133A of the Income Tax Act, it was noticed that the company had constructed the hotel with the share capital funds said to have been floated by the Directors. On enquiry with the assessees, th...

Posted Under: Income Tax |

Five key issues in FBT guidelines on ESOPs

As you may be aware, the Finance Act, 2007 amended the provisions of the Income-tax Act, 1961 to provide that employers will be liable to pay FBT (fringe benefit tax) on the value of ESOPs granted to employees as and when the ESOPs were allotted or transferred to the employees. The value of ESOPs for the purposes of levy of FBT shall be t...

Posted Under: Income Tax |

CA Certificate required before before making remittances to non-residents

759 18/11/1997

Reserve Bank of India (RBI), vide its AP (DIR) circular no. 03/2007-08 dated 19.07.2007, has clarified that a remitter of foreign exchange is required to submit to the authorised dealer, an undertaking and CA certificate in the format prescribed by Central Board of Direct Taxes (CBDT) vide circular No. 10/2002 dated October 9, 2002 at the...

Procedure for refund of TDS U/s. 195 to person deducting tax- reg

Circular No. 7/2007-Income Tax 23/10/2007

CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund of tax deducted under section 195, in certain situations to the person deducting the tax at source from the payment to the non-resident. Representations have been received in the Board from taxpayers requesting...

E-filing of Income-tax return forms

As you are kindly aware, the Central Board of Direct taxes came out with the new series of Income-tax return forms. The ICAI constituted a study group to analyze the same. Several suggestions, collected from all over the country and duly analysed were submitted to the CBDT. The CBDT accepted most of the suggestions of […]...

Posted Under: Income Tax |

Two interpretations of an Explanation

If a building is taken on lease and expenditure incurred on renovation of the same, Explanation 1 will apply and such expenditure can be capitalised for claiming depreciation. When a company incurs expenditure either by way of construction or renovation to an existing building in leasehold premises, questions arise with regard to the dedu...

Posted Under: Income Tax |

Board circulars are binding on the Department, even if they are wrong or against decisions of the Supreme Court

IT is now an axiomatic law that Board circulars are binding on the Department, even if they are wrong or against decisions of the Supreme Court. But our Boards do not have the habit of tracking down the multitude of circulars they issue and considering whether they are relevant after the Law has been amended and the Apex Court had already...

Posted Under: Income Tax |

The costly ambiguity surrounding FBT on ESOPs

How is the FBT to be valued? And when is the tax payable? The fringe benefit is to be valued at the fair market value (FMV) of the security or sweat equity share on the date of vesting of the option minus any amount paid by / recovered from the employee for such security or shares. The FMV is to be determined a s per the method to be pre...

Posted Under: Income Tax |

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