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...
Income Tax : Learn about the consequences of filing your ITR incorrectly and claiming a full refund. Understand Section 133(6) of the Income Ta...
Income Tax : Learn about income tax rules for Indian Army personnel: exemptions, ITR filing requirements, salary details, and benefits. Explore...
Income Tax : Discover Section 194R introduced by the Finance Act 2022, detailing TDS requirements on benefits or perquisites provided to reside...
Income Tax : Discover everything about Income Tax Deduction under Section 80C - eligibility, qualifying investments, maximum deduction, and mor...
Goods and Services Tax : CBI arrests a CGST Superintendent for accepting a bribe of Rs. 10,000, while designated courts in Ahmedabad and Madurai sentence f...
Income Tax : Live webinar – Taxation Critical Issues & Solution Did you know our Indian Tax System is extremely vulnerable? Let me te...
Income Tax : Explore the challenges faced by Karnataka State Chartered Accountants Association (R) in processing updated returns under Section ...
Income Tax : Chamber of Tax Consultants seeks an extension for filing Form 10B and Form 10BB while requesting relaxation of requirements. Detai...
Income Tax : Income Tax Department conducts searches on two real estate groups of Bengaluru and Hyderabad Income Tax Department carried out sea...
Income Tax : Section 54 deduction was allowable on cash transactions involving residential property as it was ensured that genuine investments ...
Income Tax : Read ITAT Kolkata's full text order on Sachdev Steel Pvt. Ltd. Vs ITO. Learn why old loans converted into share allotment were dee...
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...
Notification No. 81/2009 – Income Tax Direct Supply Contract – 24 Hawk Mk 132 AJT ac, Trg Aids, Fixed Spares, Flyaway packs, Supplementary Sparcs, Ferry of aircraft etc. Interim Flying Training of IAF pilots, training of a crew / maintenance crew and ferry of aircraft from UK to India, The total value of contract is £ 479,718,664. 00 (Air HQ/S 96963/1/1/Proj( AJT)/Direct Supply Contract dated 26 Mar 04];
. The undisputed facts are that the assessee had plant and machinery already existing prior to the receipt of finance from Wipro Finance Ltd. It is apparent from the chart of payment referred to by the learned AR of the assessee. This clearly indicates that the loan was not given directly or indirectly for the purpose of purchasing plant and machinery.
The Central Board of Direct Taxes had issued Circular No. 23 (hereinafter called “the Circular”) on 23rd July 1969 regarding taxability of income accruing or arising through, or from, business connection in India to a non-resident, under section 9 of the Income-tax Act, 1961. 2. It is noticed that interpretation of the Circular by some of the taxpayers to claim relief is not in accordance with the provisions of section 9 of the Income-tax Act, 1961 or the intention behind the issuance of the Circular.
Even if an asset is described as goodwill but it fits in the description of section 32(1)(ii), depreciation is to be granted on the same; the true basis of depreciation allowance is the character of the asset and not it’s description.
The Budget 2009-2010 amended the Income Tax Act so as to tax notional income resulting from transactions in immovable properties under section 56 i.e. Income from other sources. Our focus in this write-up will be only on newly inserted provisions in section 56 pertaining to Immovable Property which is bound to result in more questions than their answers.
The contention of the Revenue is that the sub-contractor is undertaking various activities which constitute the core of the contract work entrusted to the applicant. All the activities undertaken by the sub-contractor are on behalf of the applicant and in connection with the execution of the contract between the applicant and TPT. It is pointed out that the sub-contractor is a nominee of the applicant and the delegation of work to the sub-cont
A perusal of section 14A (2)(supra), evinces that the amount of expenditure incurred in relation to income not includible in the total income shall be determined by the AO if the AO is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to income not includible in the total income.
Admittedly there was no DTAA with Hongkong for the relevant year. As such we will restrict ourselves in examining the provisions of section 9(l)(vii) in order to ascertain the deductibility or otherwise of tax at source from the payment so made to the firm of legal advisors at Hongkong.
Whether, in the facts and circumstances of the case, the CIT(Appeals) is justified in holding that no addition can be made in the hands of the assessee towards undisclosed income from the liquor business carried on by the firms M/s. Malabar Associates.
The facts leading up to the levy of penalty have been stated in the dissenting orders and there is no dispute regarding their accuracy. The only question is whether on these facts there was reasonable cause within the meaning of sec.273B preventing the assessee from accepting the sum of Rs. 15,00,000 from N.K. Chemist by account payee cheque or draft as required by sec.269SS.
