The income tax act defines Income tax and laws related to income tax. It covers income tax levy, collection, administration, and recovery. Income tax acts and income tax laws get changed/updated from time to time. Read our Latest News and Updated on the Income-tax act and Articles on the income tax act to understand the income tax act and its sections. Read our articles to understand income tax act section 10, income tax act section 24, income tax act section 54, income tax act section 80c, income tax act 44ad, income tax bare act, etc.
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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.
Central Government, having regard to seventy-five per cent of the average rise in the Consumer Price Index for the Financial Year commencing from the 1st day of April, 2007 and ending on the 31st day of March, 2008 for the urban non-manual employees, hereby specifies the Cost Inflation Index for the Financial Year commencing from the 1st day of April, 2008 and ending on the 31st day of March, 2009
CIRCULAR NO 7/2008-Income Tax Dated: August 1, 2008 In exercise of the powers conferred under sub-section (1) of section 119 of Income-tax Act, 1961, Central Board of Direct Taxes hereby directs that corporations which are established by a Central, State or Provincial Act for the welfare and economic upliftment of ex-servicemen and whose income qualifies for exemption from Income-tax u/s. 10(26 BBB) of the Income Tax Act, 1961, are hereby given exemption from Tax Deduction/Collection at Source on their receipts.
The Central Board of Direct Taxes has notified amendments to the Industrial Park Scheme 2008 under sub-section (4) of section 80IA of the Income Tax Act, 1961 on 2nd July 2008. According to the amended scheme, the ambit of “industrial activity” has been expanded to include (i) research and experimental development on natural sciences and engineering as defined in section K, division 73, group 731 of the National Industrial Classification, 2004 Code, issued by the Central Statistical Organisation, Department of Statistics; (ii) development of computer software; and (iii) information technology enabled services as notified vide notification number S.O.. 890(E), dated the 26th September 2000 for the purposes of sections 10A, 10B and 80HHE of the Income Tax Act, 1961.
5. Even if this appeal is viewed with angle of section 15 of the Act, which speaks about chargeability of salary. Section 15 of the Act is reproduced- herewith:- “The following income shall be chargeable to income tax under the head “Salaries”- a). any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not;
Foreign nationals working in India will be exempt from fringe benefit tax (FBT) on the cost of transportation from their residence to the workplace, according to a Supreme Court ruling. Responding to a petition filed by an Australian firm, R&D Falcon (A) PTY, the apex court overruled an earlier decision by the Authority for Advance Ruling (AAR), a quasi judicial body for resolving tax disputes involving foreigners.
The tax treatment of cross border software transactions has always been a matter of controversy. One of the major issues has been whether payments for software, where the seller retains all copyright, trademark and other proprietary rights in the software, should be characterized as royalty or as business income. This article addresses the said issue in the light of the definition of ‘royalty’ as per domestic law and as per DTAA (India – USA) and by making reference to some relevant case-laws. The author makes a pointer to the fact that though a Special Task Force was set up to examine the issues of taxation of software, no clarification has been issued by the CBDT so far. He, therefore, opines that it is high time that the CBDT/Finance Act should come up with a clarification/ amendment so as to address the confusion and litigation which is prevailing on the taxability of software payments.
9. We have carefully considered the rival submissions and perused the record. Marginal heading of section 54 of the Act, which is relevant in this context, refers to “profit on sale of property used for residence”. Main section speaks of transfer of a capital asset- being building or lands appurtenant thereto and being a residential house – the income of which is chargeable under the head income from house property
NOTIFICATION NO. S.O. 752(E), DATED 28-3-2008 In the Income-tax Rules, 1962, (a) in rule 12, – (i) in sub-rule (1), for the words, figures and letters on the 1st day of April, 2007 or any subsequent assessment year, the words, figures and letters on the 1st day of April, 2008 shall be substituted; (ii) in sub-rule (5), for the words, figures and letters on the 1st day of April, 2006, the words, figures and letters on the 1st day of April, 2007 shall be substituted; (b) in Appendix-II, for Form ITR-1, Form ITR-2, Form ITR-3, Form ITR-4, Form ITR-5, Form ITR-6, Form ITR-7, and Form ITR-8, the following forms shall be substituted, namely:- The return of income has to be filed by using the applicable form without any annexure (except for Form ITR-7) so as to facilitate electronic filing.
Due Date of Tax Audit Preponed to 30th September. No change in ceiling of Rs. 40 Lacs under section 44AB. DIRECT TAXES -No change in corporate income tax rate. Income Tax exemption rates raised from 1.1 lakhs to 1.5 lakhs across the board. Exemption limit for women raised to 1.8 lakhs and for senior citizen raised to 2.25 Lakh. Fresh Facilities, Encouragement To Sports And Guest Houses Exempted From Fringe Benefit Tax.
