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This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962 .
The applicant maintains a `database’ which is located outside India and which contains the financial and economic information including fundamental data of a large number of companies world-wise. The customers of the applicant are mostly financial intermediaries and investment banks which have the need for such data. The databases contain the published information collated,
. Section 132(1) empowers the Director General or Director or the Chief Commissioner or Commissioner or any such Joint Director or Joint Commissioner, as may be empowered in this behalf by the Board to authorize Joint Director, Joint Commissioner or other lower authorities to conduct the search if the former authority has reason to believe that the case falls under clauses (a) to (c) of subsection (1).
Factories, Business Processing Units and software development firms inside Special Economic Zones (SEZ) will lose all income tax benefits—the most crucial incentive for the tax free industrial enclaves— if the direct taxes code replaces the Income Tax Act of 1961 without any change. The proposed norms also talk of tightening tax incentives to developers […]
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:
NOTIFICATION NO. 62/2009 It is hereby notified for general information that the organization C.R. Rao Advanced Institute of Mathematics, Statistics and Computer Science (AIMSCS), Hyderabad 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
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.
Therefore, we hold that it is a revenue receipt exigible to tax under Section 4 of the Income Tax Act. Section 194-A of the Act has no application for the purpose of this case as it encompasses deduction of the income at the source. However the appellants are entitled to spread over the income for the period for which payment came to be made so as to compute the income for assessing tax for the relevant accounting year.”
Having regard to the agreement entered into inter se between the hospital and the TPA for payment of money to the hospital, it cannot be said that the TPA, who is the authority or the person to pay the amount to the hospital, is not required to deduct the tax at source and section 194J is not attracted.
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 […]
