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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The fact involved in the present case is that the assessee is a branch of Samsung Electronics Co Company Limited, Korea, engaged in the development, manufacture and export of software for use by its parent company, i.e., Samsung Electronics Co., Ltd., Korea. The assessee develops various kinds of software for telecommunication system for office appliances, for computer systems and for mobile devices etc.,. The software developed by the assessee is for in-house use by the parent company.
Due to the fact that most of the establishments are virtually closed on account of festivals of Durga Pooja, Navratra’s and Dussehra, representations were received from members all over the country posing the difficulties faced by them in preparing and filing the return of income by due date. Hence, ICAI has made a representation to […]
Notification No. 70/2009 – Income Tax In exercise of the powers conferred by sub-section (1B) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), vide S.O. 1281(E) dated the 27th July, 2007, published in the Gazette of India, Extraordinary, Part II,
During the course of survey on 05.11.2004, the assessee had agreed to the addition of Rs. 14.06 lakhs on a/c of difference in stock and Rs.0.49 lakhs as difference in cash in hand (total Rs. 15.34000) This addition has accordingly been made in the net profit subject to non-initiation of penalty and prosecution proceedings as stipulated in me statement recorded during survey.
The appellant/assessee, which is a HUF, sold its agricultural land for Rs.14,28,400/ – in September, 1995 giving rise to a long term capital gain of Rs.9,67,412/ -. The assessee claimed that the capital gain be not charged as it was entitled to the benefit of Section 54-F of the Income Tax Act, 1961.
The crux of the matter is: what is the meaning to be ascribed to the expression used for the purposes of the business as found in Section 32 of the Income Tax Act, 1961. The provision of Section 32 pertains to depreciation. The contention of the Revenue is that with respect to any machinery for which depreciation is claimed under Section 32,
PICK-UP and drop transport facility provided by employers is not a perquisite and hence not liable to tax, according to a recent ruling by a tax tribunal. In a decision that has implications for the sectors such as BPO and IT, the Mumbai Income-Tax Apellate Tribunal (ITAT) has held that companies providing such a facility were not liable to deduct tax on the expenditure incurred on it.
Even though standing counsel for the department contended that if the Director of Lottery has made unauthorised deduction it is for the assessee to pursue his remedy elsewhere, we do not think that the assessee can be expected to recover this amount through the litigation against the State Government On the other hand we feel that if the State Government is recovering income tax and retains it for itself payment to the Central Government
In A judgment that could have a bearing on the tax outgo of many stock brokers, the Bombay High Court on Friday ruled that depreciation cannot be claimed on stock exchange membership cards, while calculating tax liabilities. The I-T Department’s contention was that a membership card is not capable of diminishing in value due to its use, wear and tear and obsolescence.
what needs to be done by an assessing authority under the Income-tax Act, 1961, in examining the claim of an assessee that the payment made by such assessee was a deductible expenditure under $.37 of the Income-tax Act although called a penalty is to see whether the law or scheme under which the amount was paid required such payment to be made as penalty or as something akin to penalty,
