income tax act 1961

Taxation & other related issues related to Bitcoins (Cryptocurrencies)

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...

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13 changes in Income Tax applicable from 1st April, 2018

Income 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...

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Income tax slab rates in India – AY 2018-19 (FY 2017-18)

Income 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)....

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5 Cases where Income earned & assessed in same Assessment Year

Income 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 […]...

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Colours represent Vibrancy in Holi Festival…But in Income Tax Act, what do they signify???

Income 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...

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Leave Travel Concession -Replace Calendar year by Financial year- ICAI

Income 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....

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Guidance Note on Report U/s. 92E of Income Tax Act, 1961

Income 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....

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Deduction U/S 80CCF for investment in Long term Infrastructure Bonds Allowed

Income 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...

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Adjustment of Advance FBT with Advance Tax for A.Y. 2010-11

Income 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-...

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FM likely to keep the corporate tax rate unchanged at 30%

Income 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. ...

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Tax planning opportunity by SC?

CIT 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....

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Mere non-allowability of claim not sufficient to impose penalty U/s. 271(1)(c)

DCIT 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/-...

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Registration U/s. 12AA cannot be denied for mere non filing of Return

CIT (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...

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Notice under section 143(2) has to be served within stipulated time

Cameron (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 ...

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TDS is not required to be deducted from royalty payment made for distribution and marketing of cinematographic films on DVD and VCD

Asiavision 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...

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Due date to file ITR & Income Tax Audit Reports extended to 31.10.2017

No. 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....

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Due date to link Aadhar with PAN extended till 31.12.2017

No. 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....

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Aadhar can be linked after Return filing but to be done on or before 31st August 2017

F.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...

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Notification No. 83/2010-Income Tax Dated 1-11-2010

Notification 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, ...

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Notification No. 82/2010-Income Tax Dated 28/10/2010

Notification 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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Recent Posts in "income tax act 1961"

Taxation & other related issues related to Bitcoins (Cryptocurrencies)

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 More
Posted Under: Income Tax |

13 changes in Income Tax applicable from 1st April, 2018

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 More
Posted Under: Income Tax |

Income tax slab rates in India – AY 2018-19 (FY 2017-18)

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 More
Posted Under: Income Tax |

5 Cases where Income earned & assessed in same Assessment Year

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 More
Posted Under: Income Tax |

Colours represent Vibrancy in Holi Festival…But in Income Tax Act, what do they signify???

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 More
Posted Under: Income Tax |

Leave Travel Concession -Replace Calendar year by Financial year- ICAI

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 More
Posted Under: Income Tax |

Income Tax Prosecution Provision u/s 276B needs a review

Revenue Authorities must review this existing stringent provision u/s 276B of the Income Tax Act and must consider doing appropriate modifications/changes in it so as to enable an effective action against the willful and habitual tax evaders only and not against the bonafide assessees who create wealth for the Nation....

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Posted Under: Income Tax |

Texport Overseas: Analysis of Case on omission of Section 92BA(i) from Income-tax Ac

In the recent landmark judgement of Texport Overseas Private Limited v. DCIT [IT(TP)A No. 1722/Bang/2017], Honorable Bangalore Tribunal held that: it would be deemed that clause (i) of Section 92BA of the Income-tax Act, 1961 (‘the Act”) was never been on the statute as it has been omitted w.e.f. April 01, 2017 vide Finance Act, 2017 ...

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Income Chargeable under The Head Salaries

Salary in common parlance means any amount paid by an employer to his employees in lieu of services rendered by them. However income tax act 1961 defines the term salary u/s 17(1) to include the following monetary as well as non monetary payments ...

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Posted Under: Income Tax |

Concept of Advance Ruling under Income Tax Act’ 1961

Advance ruling has been internationally recognized as A more or less binding statement from the revenue authorities upon the voluntary request of a private person, concerning the treatment and consequence of one or series of contemplated future actions or transactions....

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Posted Under: Income Tax |
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