Income Tax - Taking a home loan can help you save tax as per the provisions of the Income Tax Act, 1961. Take a look at the tax benefits available under the act. The repayment of Home Loan comprises of 2 components: 1. Repayment of Principal and 2. Repayment of Interest As the repayment comprises of two different […]...
Read MoreIncome Tax - TAX TREATMENT IN CASE OF TRANSFER OF ECONOMIC INTEREST BY UK HOLDING COMPANIES OF SHARES HELD IN INDIAN COMPANY I would try to address the tax position by the way of an example. ISSUE : XYZ Ltd is an Indian Company which is registered in India having two major foreign shareholders D Ltd and Y […]...
Read MoreIncome Tax - The deduction available under Section 80JJAA of the Income Tax Act, 1961 (‘Act’) incentivize the organizations for generating employment and allows an additional 30% deduction of the additional employee cost for 3 assessment years (‘AYs’) beginning with the AY in which additional employee cost is incurred. Eligibility If it satisf...
Read MoreIncome Tax - Chapter XIIB of the Income Tax Act, 1961 covers Minimum Alternate Tax U/s. 115JB, which covers cases `under ‘Special Provision for Payment of tax by certain companies’.. The relevant extract of this section is produced below: Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee, being...
Read MoreIncome Tax - The Hon’ble Calcutta High Court in the matter Apeejay Tea Ltd. Anr. Vs Union of India & Ors. (Calcutta High Court) has given an interim order dated 08th July, 2021 regarding restraining the respondent’s authorities concerned from deducting tax on source on the basis of the aforesaid provisions of Section 194N till 30th September,...
Read MoreIncome Tax - The 161st anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India here today. As part of the observance, the field formations held a range of activities....
Read MoreIncome Tax - During the course of the survey operation, evidences of tax evasion have been gathered regarding wrongful claims of deduction u/s 80JJAA of Income-tax Act, 1961. The investigations further revealed, that, even though the emoluments of new employees added were more than Rs. 25,000 per month, the assessee has been wrongfully claiming deduct...
Read MoreIncome Tax - KSCAA have worked closely with multiple stakeholders to understand the issues at hand with respect to New Income Tax E-Filing Portal and made efforts to consolidate the same and enumerating 36 issues and also made few suggestions with respect to new e-filing portal. Please read Full text of the representation to Smt. Nirmala Sitaraman Hon...
Read MoreIncome Tax - Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal. Stakeholders including ICAI members, auditors, consultants & taxpayers to be part of the interaction....
Read MoreIncome Tax - We are listing around 38 issues in portal and this is the beginning only because still we are working on preliminary aspects and further issues are bound to arise when we start working with the Portal and make Tax Compliances on behalf of our clients, the valued Tax Payers of the Nation....
Read MoreThree C Homes Pvt. Ltd. Vs ACIT (Delhi High Court) - CBI to enquire as to whether the email dated 31st May, 2021 had been issued to assessee or not, and if so, by whom. In the event it was found that the email dated 31st May, 2021 had been forged and fabricated by assessee it would initiate action under Sections 191/192/196 of the IPC. However, if it ...
Read MoreDCIT vs Total Oil India Pvt Ltd (ITAT Mumbai) - ITAT Mumbai expressed doubts on correctness of decisions of coordinate benches on dividend distribution tax (DDT) rate being restricted by treaty provision dealing with taxation of dividends in the hands of shareholders....
Read MoreT.R.F. Limited Vs CIT (Supreme Court) - T.R.F. Limited Vs CIT (Supreme Court) Prior to 1st April, 1989, every assessee had to establish, as a matter of fact, that the debt advanced by the assessee had, in fact, become irrecoverable. That position got altered by deletion of the word ‘established’, which earlier existed in Sec...
Read MoreThe Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) - The Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) High Court held that Admittedly, the country continues to suffer and to reel under the COVID-19 pandemic. A large number of assesses still find it difficult to even meet their Chartered Accountants ...
Read MoreAll Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) - At this stage, we may only observe that the CBDT may consider issuing an appropriate circular taking a lenient view as regards the consequences of late filing of the Tax Audit Reports as provided under Section 271B of the Act. We leave it to the better discretion of the CBDT in this regard....
Read MoreDy. No. 1759745 FM/FMP/2021 - (22/07/2021) - Nirmala Sitharaman Minister of Finance and Corporate Affairs Government of India Dy. No. 1759745 FM/FMP/2021 22/07/21 Message My heartiest felicitation to the Income Tax Department on the occasion of the 161st Income Tax Day. System of Direct Tax in India, though, is much older than that. Our ancien...
Read MoreNotification No. 55/2021-Income Tax [S.O. 1763(E)] - (05/05/2021) - CBDT notifies ‘Chiswick Investment Pte. Ltd.’ as sovereign wealth fund under sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 vide Notification No. 55/2021 -Income Tax Dated: 5th May 2021. MINISTRY OF FINANCE (Department of Rev...
Read MoreNotification No. 15/2021-Income Tax [G .S. R. 170(E)] - (11/03/2021) - CBDT revises Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof), Part B to Form 16 (Details of Salary Paid and any other income and tax deducted) and Annexure II to Form No. 24Q vide Notification No. 15/20...
Read MoreNA - (07/06/2020) - There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection as compared to the GDP growth has reached negative. These reports do not portray the correct picture regarding the growth of ...
Read MoreNotification No. 29/2020-Income Tax [G.S.R. 315(E)] - (27/05/2020) - CBDT has vide notification dated 27th may 2020 amended Guidelines for application of section 9A. Section 9A contains provisions related to Certain activities not to constitute business connection in India. CBDT has also notified Following new forms and Annexures- -FORM No. 3CEJA- Report from an ac...
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Dy. No. 1759745 FM/FMP/2021 - 22/07/2021
Three C Homes Pvt. Ltd. Vs ACIT (Delhi High Court) -