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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Sub-section (2) of Section 254 of the Income-Tax Act,providing for rectification of orders by the Income Tax Appellate Tribunal (ITAT), reads thus: “The Appellate Tribunal may, at any time within four years from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (1), and shall make such amendment if the mistake is brought to its notice by the assessee or the assessing officer.
NO manufacture in a hotel – A hotel industry is in the nature of a service industry. Strictly speaking, there is no manufacture or production of any ‘article’ in this industry. Even the food items and beverages, which are prepared in a hotel are to cater to the further comfort and service of their guests and, therefore, are commonly known as ‘catering services’. So, it would be wholly fallacious to extend the meaning of the word ‘manufacture’ and production used in the section in context to such catering services in the hotel industry. The order of the Tribunal holding that the assessee is entitled for investment allowance on hotel building, is not correct.
Transaction relating to gift considered in regular assessment and nothing found during search or in post-search probe – transaction cannot be treated as undisclosed nor income from this transaction to be treated as undisclosed – ITAT
THE assessees were the Directors of M/s Hotel AMS Pvt. Ltd., Kondalapatti, Salem. During the course of survey conducted on 16.11.1999 under Section 133A of the Income Tax Act, it was noticed that the company had constructed the hotel with the share capital funds said to have been floated by the Directors. On enquiry with the assessees, the assessees offered a sum of Rs.12,00,000/ – as income, out of which Rs 2,00,000/- each in the name of the assessees and remaining in the name of other members in Hindu Undivided Family.
Winners of festive mall promotions face high taxes, with a flat rate of 33.99% on prizes, as highlighted by a recent case involving a car winner.
The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air-conditioning plant or equipment) or if such furniture is hired from a third party, the actual hire charges payable for the same as reduced by any charges paid or payable for the same by the employee during the previous year.
Companies Act, 1956 -· A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. · A s. 25 company is required to maintain its books of account and vouchers for a period of not less than 4 years. · The books and papers of the Amalgamated/Transferor Company must be not be disposed of without the prior permission of the Central Government
The Central Board of Direct taxes have extended the last date of filing of income tax /fringe benefit tax returns due by 31st October 2007 as follows:- For electronic returns (companies, and firms requiring tax audit u/s 44AB) to 15th November 2007; and For paper returns (other than those required to file electronic returns) to 2nd November 2007. It is further clarified that the dates for obtaining tax audit report under section 44AB of the Income Tax Act have also been extended accordingly.
As you may be aware, the Finance Act, 2007 amended the provisions of the Income-tax Act, 1961 to provide that employers will be liable to pay FBT (fringe benefit tax) on the value of ESOPs granted to employees as and when the ESOPs were allotted or transferred to the employees. The value of ESOPs for the purposes of levy of FBT shall be the FMV (fair market value) of the ESOPs on the date of vesting of the options as reduced by the amount actually paid, or recovered from, the employee. On October 23, the Central Board of Direct Taxes (CBDT) notified the insertion of Rule 40C in the Income-tax Rules, 1962, specifying the computation of FMV.
Warrant of authorisation issued by Addl Director without proper authority – entire search and assessment consequent to such invalid search is bad in law and annulled -ITAT. The warrant of authorization issued in the present case by the Addl. Director of Income Tax (Investigation) has therefore to be held without proper authority and the entire search as well as the assessment proceedings consequent to such invalid search has to be held bad in law and annulled.
