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Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Income Tax : Learn about TDS on property purchase under Section 194IA of the Income Tax Act, 1961. Get insights on requirements, payment proces...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : Learn who can file ITR-7, how to file it, required information, and mandatory schedules. Detailed guide for assessees under variou...
Income Tax : Read CAASs recommendations for fair tax audit allocation, ensuring auditor independence and quality. They suggested automated allo...
Income Tax : In-depth analysis of the Income Tax Department crackdown in Chhattisgarh, uncovering a Rs. 13 crore scam involving a PEP, associat...
Income Tax : In a recent search operation in Odisha, Jharkhand, and West Bengal, Income Tax Department reveals staggering tax evasion of a grou...
Income Tax : Income Tax Department conducts search & seizure operation in Tamil Nadu and Puducherry, revealing tax evasion, unaccounted funds, ...
Income Tax : Rajasthan HC rules that using the Insight Portal for reopening income tax assessments under Section 148 is valid. Learn about Chat...
Income Tax : Detailed analysis of Dhoom Singh Sharma Vs ITO case where ITAT Delhi accepts agricultural income proof, overturning Rs.16.4 Lakhs ...
Income Tax : Telangana HC sets aside reassessment notices under Section 148 for not following the modified procedure of Finance Act 2021. Inval...
Income Tax : The Kerala High Court ruled that delays in approaching the revision authority under the Income Tax Act cannot be condoned. Learn m...
Income Tax : Karnataka HC ruled that pending income tax dues against borrowers don't prevent property registration for auction purchases. Learn...
Income Tax : Nirmala Sitharaman Minister of Finance and Corporate Affairs Government of India Dy. No. 1759745 FM/FMP/2021 22/07/21 Message My h...
DGFT : Following DGFT services will not be available from 1 st June 2021 to 6th June 2021: i. Application for a new IEC ii. Application f...
Income Tax : A note said to be written by Shri. V G Siddhartha (VGS) of CCD is doing the rounds. Among others it was mentioned in the note abou...
Income Tax : The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total...
Income Tax : On or about 12th January 2010, an officer in the Income Tax department, Mumbai, noticed that refunds had been issued from his juri...
TAN is a unique identification number, which is allotted to people who are deducting or collecting tax at source on behalf of the income tax department. It has to be quoted in all TDS/ TCS returns. As in the case of permanent account numbers (PAN) that helps to keep track of all assessees and their returns, TAN is used to keep a tab on all tax dedicators and deductions. If all these officers have a TAN, It would be easier to track collections by state governments through TDS.
The government will soon introduce biometric permanent account numbers (PAN) for income tax payers, though initially only new applicants would be brought under its net, Finance Minister P Chidambaram said on Monday.
The Income Tax department had on 26.3.2008 advised all tax deductors to invariably quote PAN in their TDS returns in all cases wherein they have deducted tax and deposited it into the government account. This has been emphasized as non-quoting of PAN results in inability to give credit to the deductees while processing their cases.
According to income tax officials, Section 55(2) of the I-T Act estimates the cost of right to carry on any business as nil. However, non-compete compensation received by a person carrying on a reputed business is not explicitly covered in the clause right to carry on any business and is claimed as capital receipt. The department has favoured an amendment to Section 28 of the I-T Act to exclude such compensation from the list of capital transactions. The non-compete fee is shown as capital receipt and thus gets exemption.
CIT vs Best Plastics (P) Ltd. The Commissioner of Income-tax and the Income-tax Appellate Tribunal have both relied upon a decision of the Supreme Court in Commissioner of Customs v. Indian Oil Corporation Ltd. [2004] 267 ITR 272 to have that the circulars issued by the Central Board of Direct Taxes (CBDT) binding on the officers of the Income-tax Department. To the same effect is the decision of the Supreme Court in UCO Bank v. CIT [1999] 237 ITR 889.
: A search and seizure was conducted by the revenue (respondents) in the premises of the appellants (KCC software Ltd), pursuant to warrants of authorization dated 3.8.2005. On 4.8.2005 certain assets including jewellery, cash and fixed deposit receipts were seized. On that very day, appellants received a letter from the HDFC Bank at B-28, Community Centre, Janakpuri, New Delhi that operation of five bank accounts of appellant No.1 had been restrained by order issued under Section 132 (3) of the Income Tax Act, 1961 (in short the Act). The Income Tax Department on 4.10.2005 issued two fresh warrants of authorization under Section 132 of the Act in respect of the bank accounts. On 5.10.2005 the bank accounts of the appellants were searched and seized through withdrawal of cash by demand drafts.
ADDITIONAL Commissioners of Income Tax as assessing officers? Not a rare sight, indeed! It is a common practice in the Income Tax Department. And the reasons could be anything from dearth of staff, burdensome workload to the sensitive nature of cases. But whatever could be the reasons, their jurisdiction has come under the radar of questioning! The spinal question is : Do they have legitimate jurisdiction to do such assessments? If yes, where is the CBDT order and the procedure laid down for allowing such delegation of such powers?
FOR the Income Tax Department, the latest ruling of the Larger Bench of the Punjab & Haryana High Court amounts to a big win. And, at the centre of the dispute was whether the interest paid on borrowed capital for purchasing new plant and machinery before the same is put to use is revenue expenditure or to be added to the ‘actual cost’ of the asset? What further complicated the issue was the fact that the assessee was a running company and wanted to set up a new plant by buying new machinery out of borrowed capital.
The Institute has been receiving complaints from members of the Institute, proprietary concerns and firms of Chartered Accountants alleging that they have come across audit reports, balance sheets, certificates etc. of different entities submitted by the said entities/someone with Banks, Financial Institutions, Income-Tax Department, etc. wherein they find that their signatures, seal/stamp have been forged and /or such documents have been prepared on their forged letterhead etc. The members of the Institute, proprietary concerns and firms of chartered Accountants have been requesting the Institute to take necessary legal action in such matters.
THE New Year has just set in, and things have started going awry for the CBDT. In fact the CBDT’s ‘time chakra’ had entered the adversarial zone some time late last year when the Delhi High Court had begun to take note of its frivolous appeals. It did warn the income tax authorities and also asked for detailed procedure and screening methodoligies adopted by the Board before an appeal is filed before the High Courts.