income tax act 1961 - Page 30

PPF Act need to be amended to increase Investment Limit to Rs. 100000/-

M. S. Padmarajaiah Vs Secretary, Department of Finance, Govt of Karnataka (Karnataka High Court)

Keeping in view that the Income-tax Act, 1961 was amended by the Finance Act, 2005 permitting an individual to deposit to the maximum of Rs. 1,00,000/- in any of the specified schemes, the concerned authorities should take steps to amend clause 3 of the PPF Scheme in terms of section 80C of the Income-tax Act....

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Annual Information Return (AIR) – meaning, provisions, Applicability and FAQ

What is Annual Information Return (AIR)? As per the amendment to Section 285BA of the Income Tax Act, 1961, specified entities (Filers) are required to furnish an Annual Information Return (AIR) in respect of specified financial transactions registered/recorded by them during the financial year (beginning on or after April 1, 2004) to the...

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Posted Under: Income Tax |

Direct Tax code will benefit more to people in higher income group

From April 1, 2011, finance minister Pranab Mukherjee has proposed to simplify the income-tax regime by reducing the tax rates on incomes above Rs1.6 lakh per annum (Rs1.9 lakh for women, and Rs2.4 lakh for senior citizens), but the reduced rates will come with few of the current exemptions....

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Posted Under: Income Tax |

Income Tax Department conducting investigations regarding frozen Demat Accounts

Income Tax Department is conducting investigations regarding frozen Demat Accounts which had balances of value in excess of approximately Rs. 10 lakhs as on December 2008. These accounts are 6385 in number with total approximate value of shares of Rs. 6,709.21 crores as in December 2008 and an approximate value of Rs. 16,230 crores when [...

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Posted Under: Income Tax |

Guidance note on Accounting for Depreciation in Companies issued by ICAI

Circular No. 2/89 (07/03/1989)

Introduction 1. The Council of the Institute of Chartered Accountants of India has issued Accounting Standard (AS) 6 on ‘Depreciation Accounting’. This standard lays down general principles of accounting for depreciation applicable to all entities. As such, the Standard is applicable to companies also in matters where there ar...

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Notification No. 60/2009 – Income Tax Dated 31/7/2009

Notification No. 60/2009 - Income Tax (31/07/2009)

Notification No. 60/2009 - Income Tax , dated 31-7-2009 It is hereby notified for general information that the organization Institute of Rural Management, Anand, Gujarat 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 (said Act), read with rules 5C an...

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Brokerage paid on renting of property not allowable u/s. 23 and 24 of the Income Tax Act

Tube Rose Estates Pvt. Ltd. Vs ACIT (ITAT Delhi)

Brokerage could be claimed as collection charges if as per the agreement, it is the responsibility of the broker to collect the rent but provision relating to deduction on account of collection charges in sub-clause (viii) of section 24 stand deleted from Assessment year 1993-94 and collection charges are included in the lump-sum deducti...

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Incomes which are tax-free under the Income Tax Act, 1961 (Simple Guide)

1. Agricultural income: Any income which you receive as income from any agricultural activity is deemed as not included in total income. If your father is into agriculture and he gives you a part of the income as a gift, then you don’t need to pay tax on it, provided, your father files his tax […]...

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Posted Under: Income Tax |

LLPs clarification required on capital gain & stamp duty on coversion

Limited liability partnerships (LLPs) have been the flavour of corporate jurists all over the world in the past 15 years. The concept looked attractive. India passed the Limited Liability Partnership Act in 2008, providing the legal framework for the formation of LLPs. The Act came into force on April 1, 2009. The tax aspect has been sort...

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Posted Under: Income Tax |

AAR on taxability of payments made by applicant to a British company for rendering telecom services in India

Cable & Wireless Networks India Pvt. Ltd., In re (Authority for Advance Rulings)

9. (1) The following incomes shall be deemed to accrue or arise in India :— (i) to (v) xx xx xx xx xx xx xx xx xx (vi) income by way of royalty payable by—...

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