income tax act

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

Income Tax - 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

Income Tax - 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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Concept of Advance Ruling under Income Tax Act’ 1961

Income Tax - 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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Presentation on section 80IBA of Income Tax Act (amended) along with Alternate Minimum Tax

Income Tax - Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent (100%) of the profits and gains derived from such business....

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Step by Step Procedure for Registration u/s 12A of Income Tax Act 1961

Income Tax - Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under Income Tax Act’ 1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....

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BJP's Announcements on Tax Front in Election Manifesto 2014

Income Tax - We are producing below the BJP’s announcement on tax from as made by them in their Election Manifesto for 2014 Lok Sabha Elections :- Taxation UPA Government has unleashed ‘Tax terrorism’ and ‘uncertainty’, which not only creates anxiety amongst the business class and negatively impacts the investment climate...

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Cost Inflation Indexed Cost Calculator

Income Tax - Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the Cost Inflation (CII) Index calculator which automatically calculates Indexed cost of your asset. In the calculator You just have to fill the Year of Sale, Year of Purchase , Cost of Purchase/Acquisition/Improv...

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SC to hear Vodafone's Rs 11000 crore tax dispute tomorrow

Income Tax - The Supreme Court is likely to start the final hearing on the high profile Rs 11,000 crore tax dispute between telecom major Vodafone and the I-T Department tomorrow-- a development that corporate India has been keenly watching. A three-judge bench headed by Chief Justice S H Kapadia is expected to start hearing the case immediately after...

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Tax returns can be made public – CIC

Income Tax - The Income Tax returns of individuals do not enjoy "absolute ban" from disclosure, the Central Information Commission has held while directing the Income Tax department to provide details of the total income of a person to his son-in-law who is facing a dowry case. ...

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DTC proposes to levy wealth tax on productive assets held in foreign arms

Income Tax - The scope of wealth tax, which is currently levied on unproductive assets like jewellery, yacht and aircraft will be extended to productive assets like equity or preference shares held by an Indian company in its overseas subsidiary and interest in f...

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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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Waiver of loan is taxable u/s 28(iv) : Madras HC

CIT Vs Ramaniyam Homes (P.) Ltd. (Madras High Court) - Under one time settlement the bank waived loan amount (used by the assessee for acquiring capital assets) which includes both principal amount of loan and interest on loan. Held that Waiver of loan is taxable under section (‘u/s’) 28(iv) of the Income-tax Act, 1961 (‘the Act’)....

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Hire charges paid for Millers and Rollers-Tax deductible under section 194-I

The Commissioner Of Income Tax-I Vs D. Rathinam (Madras High Court) - The assessee, hired Millers and Rollers, for the purpose of carrying out his road contract works. According to the revenue, since in the case on hand, the hire charges in respect of both the Millers and Rollers hired by the assessee contained a portion of labour charges incurred by the respective ow...

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CBDT identifies Income Tax Return non-filers

PRESS RELEASE - (21/02/2014) - Government Urges all Tax Payers to Disclose Their True Income and Pay Appropriate Taxes; Income Tax Department Conducts the Second Round of Data Matching Identifying New 21.75 Lakh Potential Non-Filers and Information About Them Made Available on the ‘Compliance Module’ on E-Filing Portal of the...

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Guideline for issue of credit of TDS claimed when TDS not Matching with 26AS for returns of A.Y. 2010-11

INSTRUCTION NO. 2/2011 - (09/02/2011) - INSTRUCTION NO. 2/2011 The issue of processing of returns for Asst. year 2010-11 and giving credit for TDS has been considered by the Board. In order to clear the backlog of returns, the following decisions have been taken: (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS ...

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Notification No. 8/2011- Income Tax Dated 7/2/2011

Notification No. 8/2011- Income Tax - (07/02/2011) - Notification No. 8/2011- Income Tax It is hereby notified for general information that the organization Kelkar Education Trust, Mumbai 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, 1961 (said Act), read with Rules ...

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Notification No. 1/2011 – Income Tax Dated 1/2/2011

Notification No. 1/2011 - Income Tax - (01/02/2011) - Notification No. 1/2011 - Income Tax Section 35AC of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Notified National Committee constituted for Promotion of Social and Economic Welfare - Appointment of new Chairman and members of said Committee...

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Section 90 of the Income-tax Act, 1961 – Double Taxation Agreement – Agreement among the Governments of SAARC Member States for avoidance of double taxation and mutual administrative assistance in tax matters

Notification No. 3/2011 - Income Tax - (10/01/2011) - Notification No. 3/2011 - Income Tax WHEREAS the annexed Agreement among the Governments of SAARC (South Asian Association for Regional Cooperation) Member States comprising the People's Republic of Bangladesh, the Kingdom of Bhutan, the Republic of India, the Republic of Maldives, the Kingdom of N...

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Recent Posts in "income tax act"

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 ...

Read More

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 ...

Read More
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....

Read More
Posted Under: Income Tax |

Presentation on section 80IBA of Income Tax Act (amended) along with Alternate Minimum Tax

Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent (100%) of the profits and gains derived from such business....

Read More
Posted Under: Income Tax |

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....

Read More
Posted Under: Income Tax |

Step by Step Procedure for Registration u/s 12A of Income Tax Act 1961

Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under Income Tax Act’ 1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....

Read More
Posted Under: Income Tax |

Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

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Tax Deduction/Collection Account Number (TAN)

Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....

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Posted Under: Income Tax | ,

Deduction u/s. 80C for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. ...

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Posted Under: Income Tax | ,

House Rent Allowance (HRA) Taxability & calculation

HRA Calculation- Calculate your House Rent Allowance (HRA) exemption, know HRA exemption Calculation Formula and download HRA Calculator in excel format....

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Posted Under: Income Tax | ,
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