income tax authorities

Budget 2017-Govt proposes to merge Authority for Advance Ruling for income-tax, central excise, customs duty and service tax

Income Tax - Budget 2017: It has been decided by the Government to merge the Authority for Advance Ruling (AAR) for income-tax, central excise, customs duty and service tax. Accordingly, necessary amendments, have been made to Chapter XIX-B to allow merger of these AARs....

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If Advocates only allowed to Practice in Taxation, all IT Officials must be Graduates in Law

Income Tax - Hitherto, the Lawyers/Advocates are attached to civil courts and are practicing Law before the Judges in Courts of Law by presenting, representing or pleading on behalf of their clients/cases. Henceforth, if Lawyers & Advocates (Graduates in Laws) are alone entitled to practice even in Taxation Field (Income Tax, Service Tax, Custom & C...

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Keyman Insurance Policy- Income Tax Benefit

Income Tax - The amount on claim or maturity under a keyman insurance policy is not exempt under Section 10 (10D) of the Income Tax Act if the company is paying the premiums. However, in case the policy has been assigned to the keyman and the keyman is paying the premiums, then the claim/maturity proceeds are exempt under Section 10 (10D)....

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Raw deal for Chartered Accountants in Companies Bill 2009

Income Tax - One of the unkindest cuts is that the auditor of a company, necessarily a CA, shall not render such services as accounting and book-keeping, internal audit, design and implementation of any financial information system, actuarial, investment advisory, investment banking, rendering of outsourced financial services, and management services....

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Scope of clause (a) of explanation to S. 115JB —the amount of Income-tax paid or payable, and the provision therefore

Income Tax - 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...

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CBDT notifies Committee to Examine Rule 10VA Applications

Income Tax - Rule 10VA provides for mechanism of fund being approved by the Board for purpose of section 9A. The fund seeking approval is required to make an application to Member (Income-tax), CBDT. A committee as notified by the Board is to examine the application and submit its recommendations regarding grant of approval or otherwise and the condit...

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Income Tax authorities planning to broaden the tax base

Income Tax - Income Tax authorities are planning to broaden the tax base, seek greater exchange of information under the tax treaties and provide better services to tax payers by 2020 when the direct tax reforms would be firmly in place. The apex direct tax body, Central Board of Direct Taxes (CBDT), has formed seven committees comprising senior reven...

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Income Tax department reopened Assessment of Indian Nationals on info from German Bank

Income Tax - “The German Tax authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT Bank of Liechtenstein…Assessments have been reopened under the Income Tax Act, 1961 in all these cases,” said the Minister of State for Finance, S S Palanimanickam, in a writt...

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Scope for rectifying Income Tax assessments limited: SC

Income Tax - The Supreme Court (SC) last week set aside the judgement of the division bench of the Madras high court in a case raising the question of the power of the Income Tax authorities to ‘rectify mistakes’ in assessment under Section 154 of the Income Tax Act....

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Converting charitable trust into for-profit commercial entity set to become taxable under DTC

Income Tax - As per the changes proposed by the new code, a non-profit organisation will have to pay tax at a rate of 30% as per its net worth when it converts itself into an entity that does not qualify as a non-profit organisation. In fact, tax would be levied even if it fails to transfer upon […]...

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Settlement Applications not disposed for reasons not attributable to the applicant cannot be treated as having abated

Star Television Vs UOI (Bombay High Court) - S. 254 D (4A) was amended by the Finance Act 2007 to provide that if in respect of an application filed before 1.6.2007, the Settlement Commission did not pass a final order before 31.3.2008, the proceedings would abate. S. 245 HA (3) provided that the consequence of such abatement was that the inco...

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Validity of notice issued by AO u/s 148 pursuant to directions of CIT u/s. 263

CIT Vs Greenworld Corporation (Supreme Court of India) - 20. An Income Tax Officer while passing an order of assessment performs judicial function. An appeal lies against his order before the Appellate Authority. A Revision Application would also lie before the Commissioner of Income Tax. It is trite that the jurisdiction exercised by the Revisional Autho...

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Assessment of agent of non-resident, Option is with Income Tax Authorities: ITAT Mumbai

J. M. Baxi & Co. Vs DDIT (Int'l Taxation) [ITAT Mumbai] - 19. We have given careful thought to the rival submissions of the parties and examined them in the light of material available on record, statutory provisions and case law cited at the Bar. At the very outset, we may state that the basic contention of the assessee that he is and should be considered...

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New Rules and Procedure for Appointment of AAR Chairman and Vice-Chairman

G.S.R. 100(E) - (21/01/2016) - G.S.R. 100(E) (1) These rules may be called the Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016...

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IT Notification No. 65/2010-Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 3-7-2001

Notification No. 65/2010-Income Tax - (28/07/2010) - Notification No. 65/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, De...

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Notification No. 62/2010-Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 3-7-2001

Notification No. S.O. 62/2010-Income Tax - (27/07/2010) - Notification No. S.O. 62/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Financ...

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Section 117(1) and (2) of the Income-tax Act, 1961 – Appointment of income-tax authorities – Notified officer

Notification No. 117/2009 - Income Tax - Notification No. 117 /2009 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 117 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby appoints the officer specified in column (2) of the Schedule below to be the Income tax authority...

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Section 120(1) and (2) of the Income-tax Act, 1961 – Jurisdiction of income-tax authorities

Notification No. 74/2009 & Notification No. 75/2009 - Income Tax - (30/09/2009) - Notification No. 74/2009 & Notification No. 75/2009 - Income Tax Section 120(1) and (2) of the Income-tax Act, 1961 - Jurisdiction of income-tax authorities In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 196I (43 of 1961), the Central Board of...

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Recent Posts in "income tax authorities"

Budget 2017-Govt proposes to merge Authority for Advance Ruling for income-tax, central excise, customs duty and service tax

Budget 2017: It has been decided by the Government to merge the Authority for Advance Ruling (AAR) for income-tax, central excise, customs duty and service tax. Accordingly, necessary amendments, have been made to Chapter XIX-B to allow merger of these AARs....

Read More
Posted Under: Income Tax |

CBDT notifies Committee to Examine Rule 10VA Applications

Rule 10VA provides for mechanism of fund being approved by the Board for purpose of section 9A. The fund seeking approval is required to make an application to Member (Income-tax), CBDT. A committee as notified by the Board is to examine the application and submit its recommendations regarding grant of approval or otherwise and the condit...

Read More
Posted Under: Income Tax |

New Rules and Procedure for Appointment of AAR Chairman and Vice-Chairman

G.S.R. 100(E) (21/01/2016)

G.S.R. 100(E) (1) These rules may be called the Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016...

Read More

If Advocates only allowed to Practice in Taxation, all IT Officials must be Graduates in Law

Hitherto, the Lawyers/Advocates are attached to civil courts and are practicing Law before the Judges in Courts of Law by presenting, representing or pleading on behalf of their clients/cases. Henceforth, if Lawyers & Advocates (Graduates in Laws) are alone entitled to practice even in Taxation Field (Income Tax, Service Tax, Custom & C...

Read More
Posted Under: Income Tax |

Keyman Insurance Policy- Income Tax Benefit

The amount on claim or maturity under a keyman insurance policy is not exempt under Section 10 (10D) of the Income Tax Act if the company is paying the premiums. However, in case the policy has been assigned to the keyman and the keyman is paying the premiums, then the claim/maturity proceeds are exempt under Section 10 (10D)....

Read More
Posted Under: Income Tax | ,

IT Notification No. 65/2010-Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 3-7-2001

Notification No. 65/2010-Income Tax (28/07/2010)

Notification No. 65/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Di...

Read More

Notification No. 62/2010-Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 3-7-2001

Notification No. S.O. 62/2010-Income Tax (27/07/2010)

Notification No. S.O. 62/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board ...

Read More

Income Tax authorities planning to broaden the tax base

Income Tax authorities are planning to broaden the tax base, seek greater exchange of information under the tax treaties and provide better services to tax payers by 2020 when the direct tax reforms would be firmly in place. The apex direct tax body, Central Board of Direct Taxes (CBDT), has formed seven committees comprising senior reven...

Read More
Posted Under: Income Tax |

Raw deal for Chartered Accountants in Companies Bill 2009

One of the unkindest cuts is that the auditor of a company, necessarily a CA, shall not render such services as accounting and book-keeping, internal audit, design and implementation of any financial information system, actuarial, investment advisory, investment banking, rendering of outsourced financial services, and management services....

Read More
Posted Under: Income Tax |

Scope of clause (a) of explanation to S. 115JB —the amount of Income-tax paid or payable, and the provision therefore

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...

Read More
Posted Under: Income Tax |
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