Income-tax authority means a Commissioner, a Joint Commissioner, a Director, a Joint Director, an Assistant Director or a Deputy Director or an Assessing Officer, or a Tax Recovery Officer, and for the purposes of clause (i) of subsection (1), clause (i) of sub-section (3) and sub-section (5), includes an Inspector of Income-tax.
Income Tax : Q1. Whether notice is required to be issued to the assessee before initiating survey? No, the section does not require prior noti...
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 ...
Income Tax : Section 245-O provides for the constitution of an Authority for Advance Rulings, and constitution of its benches, for giving advan...
Income Tax : Rajasthan Tax Consultants' Association, Jaipur has requested to CBDT Chairman for extension of date of filing of Tax Audit Report ...
Income Tax : Budget 2017: It has been decided by the Government to merge the Authority for Advance Ruling (AAR) for income-tax, central excise,...
Income Tax : 1) Go to the Income Tax department’s e-filing website and click on “Notice/Order Issued by ITD” button on the le...
Income Tax : Rule 10VA provides for mechanism of fund being approved by the Board for purpose of section 9A. The fund seeking approval is requi...
Income Tax : Income Tax authorities are planning to broaden the tax base, seek greater exchange of information under the tax treaties and provi...
Income Tax : “The German Tax authorities have provided to the Indian Government information available with them regarding accounts concerning...
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 ques...
Corporate Law : Delhi High Court rejects a PIL filed by Ankur Gupta seeking a probe into alleged money laundering and tax evasion, citing previous...
Income Tax : Delhi HC explains why NFAC cannot invoke Section 144B of the Income Tax Act if a claim is not lodged within the Corporate Insolven...
Income Tax : 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 Settl...
Income Tax : 20. An Income Tax Officer while passing an order of assessment performs judicial function. An appeal lies against his order before...
Income Tax : 19. We have given careful thought to the rival submissions of the parties and examined them in the light of material available on ...
Corporate Law : G.S.R. 100(E) (1) These rules may be called the Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chai...
Income Tax : Notification No. 65/2010-Income Tax In exercise of the powers conferred in sub-sections (1) and (2) of section 120 of the Income-t...
Income Tax : 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 Inc...
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 Inc...
Income Tax : Notification No. 74/2009 & Notification No. 75/2009 - Income Tax Section 120(1) and (2) of the Income-tax Act, 1961 - Jurisdictio...
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 & Central Excise, Sales Tax (VAT), etc.),
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 Direct Taxes number S.O. 732(E), dated 3rd July, 2001, namely:-
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 of Direct Taxes number S.O. 732(E) dated 3rd July, 2001, namely:-
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 revenue officials to come out with a draft Vision 2020 document that would delineate ways to increase tax collections in a non-intrusive manner.
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.
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.
Tax dept says Central excise refund should be taxed because it is a benefit derived from a government scheme and is distinct from profit derived from industrial activity.IN A decision that could impact companies with operations in the north-east , Jammu & Kashmir and Himachal Pradesh, a tax tribunal in Amritsar has ruled recently that such entities will be liable to pay tax on Central excise duty refunds.
“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 written reply to the Rajya Sabha.
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.
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 as specified in column (3) having his headquarters at the place specified in column (4) of the said Schedule for such jurisdiction as may
