income tax act 1961

Income Tax Benefits available on Home loan

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 […]...

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Tax Treatment in Case of Transfer of Economic Interest by UK Holding Companies of Shares Held in Indian Company

Income 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 […]...

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Deduction u/s 80JJAA (Income Tax) – Additional employee cost

Income 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...

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MAT Credit Concepts and Accounting

Income 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...

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Stay to petitioner to not to deduct TDS u/s 194N till 30.09.2021

Income 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,...

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161st Income Tax Day: A journey towards Nation Building

Income 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....

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Wrongful claims of deduction under section 80JJAA detected

Income 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...

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Issues in New Income Tax E-Filing Portal and Suggestions

Income 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...

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Govt invites representations on issues on new Income Tax Portal

Income 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....

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Representation to FM on Issues in New Income Tax Portal

Income 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....

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CBI to enquire validity of alleged Email sent by Income Tax Dept

Three 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 ...

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Tribunal doubts whether tax treaty benefits can be extended to DDT

DCIT 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....

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Section 36(1)(vii) of Income tax Act,1961 with changes wef 1.4.1989

T.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...

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Uttarakhand HC directs CBDT to consider representation on due date extension

The 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 ...

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Gujarat HC rejects TAR/ITR due date date extension writ applications

All 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....

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FM message to Income Tax Department on 161st Income Tax Day

Dy. 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...

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CBDT notifies ‘Chiswick Investment Pte. Ltd.’ as sovereign wealth fund

Notification 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...

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CBDT revises Form No. 12BA, Part B to Form 16, Annexure II to Form No. 24Q

Notification 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...

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Fall in collection of direct taxes is on expected lines: CBDT

NA - (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 ...

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Section 9A Remuneration to be paid to an eligible Fund Manager

Notification 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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Recent Posts in "income tax act 1961"

161st Income Tax Day: A journey towards Nation Building

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 More
Posted Under: Income Tax |

Income Tax Benefits available on Home loan

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 More
Posted Under: Income Tax |

FM message to Income Tax Department on 161st Income Tax Day

Dy. 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 ancient texts are replete with references to p...

Read More

Tax Treatment in Case of Transfer of Economic Interest by UK Holding Companies of Shares Held in Indian Company

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 More
Posted Under: Income Tax |

CBI to enquire validity of alleged Email sent by Income Tax Dept

Three 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 was found that the email dated 31st May,...

Read More

Deduction u/s 80JJAA (Income Tax) – Additional employee cost

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 More
Posted Under: Income Tax |

MAT Credit Concepts and Accounting

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 More
Posted Under: Income Tax |

PPT on Section 194Q and Section 206C(1H)

A new section 194Q (Deduction of tax at source on payment of certain sum for purchase of goods) is inserted by Finance Act – 2021 effective from 01/07/2021. This new section 194Q has given rise to the question “Whether TCS u/s 206C (1H) of Income Tax is to be collected on receipt of sales consideration […]...

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Posted Under: Income Tax |

Stay to petitioner to not to deduct TDS u/s 194N till 30.09.2021

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 More
Posted Under: Income Tax |

Wrongful claims of deduction under section 80JJAA detected

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 More
Posted Under: Income Tax |

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