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.
Income Tax : Understand the implications of receiving a notice under Section 143(2) of the Income Tax Act. Learn how to respond, time limits, a...
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Income Tax : Explore the challenges faced by Karnataka State Chartered Accountants Association (R) in processing updated returns under Section ...
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Income Tax : Income Tax Department conducts searches on two real estate groups of Bengaluru and Hyderabad Income Tax Department carried out sea...
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Corporate Law : Read the detailed analysis of Orissa High Court's decision to revise compensation under Section 44-AE of Income Tax Act in a motor...
Income Tax : ITAT Jaipur rules that AO's non-addition of bogus LTCG does not make the order automatically erroneous. Detailed analysis of Vipul...
Income Tax : ITAT Delhi quashes reassessment proceedings against Chaudhary Stone Crusher, ruling on sale of partners property before IT notice ...
Income Tax : Facing a delayed income tax refund for AY 2021-22 due to technical issues? The CBDT offers relief! Electronically filed returns wi...
Income Tax : Explore the latest Income Tax Notification No.11/2024 regarding Punjab State Faculty of Ayurvedic and Unani Systems of Medicine. L...
Income Tax : Explore the details of Notification No.10/2024 by the Ministry of Finance, providing income tax exemption to Chennai Metropolitan ...
Income Tax : Explore the latest Income Tax Notification (No. 9/2024) dated January 5, 2024. Details on Polavaram Project Authority's specified ...
Income Tax : Explore the impact of Notification No. 8/2024 by the Ministry of Finance on Haryana State Board of Technical Education's specified...
Deduction under section 80-IB(10) available on a year to year basis for an undertaking engaged in developing and building housing projects showing profit on partial completion method
M/s. Sri Mangayarkarasi Mills (P) Ltd. (“assessee/SMMP Ltd.”), engaged in the manufacture and sale of cotton yarn, incurred expenditure on replacement of machinery. While on one hand, SMMP Ltd. capitalized the said expenditure in its books of account and in its return of income, on the other, the same was claimed as revenue expenditure on the basis that such expenditure was merely incurred on replacement of spare parts in the spinning mill system.
The concept of Minimum Alternate Tax (“MAT”) was introduced in the Indian tax regime to widen the tax net. Often there were situations where companies declared both profits and dividends but were not liable to taxation on account of various incentives and exemptions provided under the income tax legislation. MAT ensured that such companies were liable to pay some tax. As per the existing provisions of the Income tax Act, 1961, certain companies are liable to pay a fixed percentage of book profit as MAT.
The definition of Capital asset continues in DTC. However the DTC classifies assets into two broad categories i.e. investment assets, and business assets. DTC envisages taxing income from transfer of investment assets as capital gains. Under the Income Tax Act 1961 (“Act”), income from transfer of capital assets even if used for business purposes was taxed as capital gain. DTC proposes to tax income from transfer of business capital assets as “business income” and the scope of definition of transfer is expanded to include business assets also.
Himachal Pradesh High Court holds that Outright purchase of plant knowhow in the form of technical / engineering data, design, drawings etc. is not royalty / fee for technical service, subject to withholding taxes
The Central Board of Direct Taxes (CBDT) had earlier issued a circular (Circular No. 23 dated July 23, 1969) clarifying the India tax liability of non-residents in respect of income accruing or arising through or from, a business connection in India. As per the aforesaid Circular 23, even if a business connection existed under section 9 of the Income-tax Act, 1961 (“the Act”), only so much of the profit which can be reasonably attributed to the operations of the business carried out in India could be subject to tax in India. Circular 23 also provided clarifications on the taxability of non-residents in specific situations.
Secure Meters Ltd. („the assessee?) is engaged in the business of manufacture of energy meters. The Assessing Officer (AO) inter-alia disallowed expenses on the issue of convertible debentures on the basis that it was capital in nature. This was confirmed by the Commissioner of Income Tax (Appeals). On further appeal, the Income Tax Appellate Tribunal („Tribunal?), however, held that the expenses on issue of debentures was allowable as a revenue expenditure. Aggrieved by the decision of the Tribunal, the Revenue filed an appeal before the Rajasthan High Court.
Introduction: Reaping benefits of privatisation, liberalisation and globalisation, many Indian companies, especially the IT and ITES companies, have been able to establish thumping international presence. To ensure timely delivery, installation, customisation and maintenance of products and rendering of services outside India, these companies have established branches or subsidiaries outside India or entered into various arrangements […]
S. 115JB(1) of the Income-tax Act, 1961 (Act in short) provides for payment of a minimum alternate tax in case the Income-tax computed on the total income falls short of 10% of the book profits of the company. For ensuring that companies do not adopt accounting practices to render the provision otiose, Ss.(2) requires the profit and loss account of companies to be prepared as per Parts II and III of Schedule VI to the Companies Act, 1956. Proviso to this sub-section further ensures that the accounting policies, accounting standards and the method and rates of depreciation adopted for the purposes of S. 210 of the Companies Act, are not varied while computing ‘book profit’ u/s.115JB.
Notification No. 93/2009 – Income Tax In exercise of the powers conferred by clauses (a) and (b) of Explanation 2 to section 90A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following as specified territory and specified association respectively for the purpose of the said section, namely :-
