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Income Tax - Source of generation of Bitcoins and its taxability - Considering that there is no specific mention in the Income-tax regarding taxability of cryptocurrencies, one needs to understand the possible views which the income tax authorities might take in order to get the income generated from such transactions within the gamut of taxation in I...
Read MoreIncome Tax - Below changes / Provisions are applicable for Financial Year 2018-19 (Assessment Year 2019-20) 1. Tax Exemption limit is Rs. 2,50,000/- for non Senior citizens. After that, up to 5 Lakh, Tax rate is 5%. Tax Rate of 5% is applicable from Financial Year 2017-18 and also applicable for Financial Year 2018-19. Tax Rate for Individual/HUF/AO...
Read MoreIncome Tax - Income tax slab rates are decided and governed by Income Tax Act 1961 and are subject to change every year. Here are the income tax slab rates for the Financial Year 2017-18 (relevant to Assessment Year 2018-19)....
Read MoreIncome Tax - Everyone is aware that income is earned in Year 1 and assessed to tax only after the completion of Year 1 i.e. in the next Year; Year 2. That’s why Income Tax Department uses the term Assessment Year almost everywhere. But few cases are exceptions to this basic rule of Income Tax. They are earned […]...
Read MoreIncome Tax - The Festival of Holi is unthinkable without colours. The use of colours by way of different devices like pichkaris, balloons, pumps, and even buckets, constitutes an essential ingredient of a vibrant, joyful and blissful Holi. However, in Income Tax Act, the expression, colourable device, is being looked at, in an altogether different ma...
Read MoreIncome Tax - As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/ Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions....
Read MoreIncome Tax - Following is the Exposure Draft of the Guidance Note on Report under section 92E of the Income-tax Act, 1961 (Transfer Pricing), issued by the Committee on International Taxation of ICAI for comments. Changes have been made to the extent of amendments made by the Finance Act, 2017....
Read MoreIncome Tax - The Finance Act, 2010 has inserted a new section 80CCF in the Income Tax Act, 1961, which provides that an amount upto the extent of Rs. 20,000/- paid or deposited during the financial years 2010-11 as subscription to long-term infrastructure bonds shall be allowed as deduction in computing the income of an individual or a Hindu Undivided...
Read MoreIncome Tax - The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for Financial Year (FY) 2009-...
Read MoreIncome Tax - The finance ministry is likely to keep the corporate tax rate unchanged at 30%, as it faces stiff resistance from companies to the draft direct tax code's proposal to cut the rate to 25% and remove all exemptions. "Corporates are resisting the phasing out of exemptions even with a lower tax rate," said a senior government official. ...
Read MoreCIT Vs. M/s Modipon Ltd. (Supreme Court of India) - The decision relates to deductibility of excise duty u/s 43B of the Income Tax Act, 1961. Section 43-B requires cumulative existence of following; The deduction claimed by the Assessee must be otherwise allowable under the other provisions of the Act....
Read MoreDCIT Vs. Parinay Organizers Pvt. Ltd. (ITAT Ahemdabad) - In an appeal before Ahmedabad ITAT, DCIT vs. Parinay Organizers Pvt. Ltd., one of the grounds raised was that whether on the facts of the circumstances of the case, the CIT(A) was justified in deleting the penalty levied by the AO on account of dis allowances of interest expenses of Rs. 44,19,194/-...
Read MoreCIT (Exemptions) Vs. M/s Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) (Punjab & Haryana High Court) - Advocate Akhilesh Kumar Sah Just because the assessee has not filed income tax returns in earlier years, it can not be said that the activities of the assessee of the charitable trust / society were not genuine and grant of the registration under section 12AA cannot be denied...
Read MoreCameron (Singapore) Pte Ltd Vs. ADIT (International Taxation) (ITAT Jaipur) - According to section 143(2) of the Income Tax Act, 1961(for short the Act), where a return has been furnished under section 139 of the Act, or in response to a notice under section 142(1) of the Act, the Assessing Officer(AO) or the prescribed income-tax authority, as the case may be, if, considers ...
Read MoreAsiavision Home Entertainment Pvt. Ltd. Vs. ACIT (ITAT Mumbai) - In this view of the matter, we hold that the payment of royalty made by the assessee is out side the purview of section 40(a) of the Income-tax Act, 1961, and therefore, no TDS is required to be made from such royalty payment. Accordingly, we set aside the order of the CIT(A) and direct the Assessin...
Read MoreNo. 225/270/2017/ITA.II - (31/08/2017) - CBDT hereby extends the 'due-date' prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by the said 'due date' from 30th September, 2017 to 31st October, 2017....
Read MoreNo. 225/270/2017/ITA.II - (31/08/2017) - CBDT, in exercise of powers conferred under section 119 of the Act, modifies para 3 of its earlier order dated 31.07.2017 and further extends the time for linking Aadhar with PAN till 31.12.2017....
Read MoreF.No. 225/270/2017/ITA.II - (31/07/2017) - For the purpose of filing return, it shall be sufficient as of now to quote Aadhar or Aadhar Enrolment Number. The actual linking of PAN with Aadhar can be done subsequently, but any time before 31st August, 2017. However, these returns shall not be processed u/s 143(1) until the linkage of Aadhar w...
Read MoreNotification No. 83/2010-Income Tax - (01/11/2010) - Notification No. 83/2010-Income Tax It is hereby notified for general information that the organization Raman Centre for Applied and Interdisciplinary Sciences, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, ...
Read MoreNotification No. 82/2010-Income Tax - (28/10/2010) - Notification No. 82/2010-Income Tax It is hereby notified for general information that the organization Centre for the Study of Developing Societies, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (sa...
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