income tax

U S Taxation Vs Canadian Income Tax for individual- a Study

Income Tax - During my recent visit to Southern India, particularly, Tamil Nadu, my family doctor having many covenanted degrees in Medicine from Canada, mentioned about the high income/other tax rates in Canada and also their social commitments to take extra care of the welfare of their citizen. ...

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Advance tax under Income Tax Act, 1961 (Pay as you earn scheme)

Income Tax - As per the provisions of the Section 207 of the Income Tax Act,1961, Every Assessee shall estimate his Income and Tax Liability for any previous year and Income Tax So Estimated shall be paid in advance in accordance with the manner given u/s 211 of the Income Tax Act,1961....

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How to furnish details of assets & liabilities in New ITR Form

Income Tax - The ITR (income tax return) forms for the the financial year ended 31st March 2016 have been notified by the government well in time this time. Generally, the forms are on the same lines as that of the previous forms except that the tax payers either an individual or an HUF have to furnish additional details of the assets and liabilities...

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Information on income tax can be disclosed under RTI

Income Tax - In a ruling that is bound to have ramifications, specially on big tax-payers , and in a move aimed at curbing tax evasion, the Central Information Commission has ruled that seeking information on income tax is not invasion of privacy. Ruling out that disclosure of information would lead to unwarranted invasion of the privacy of the indivi...

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Conversion of jumbo rolls of photographic films into small rolls of various sizes is manufacture or not?

M/s India Cine Agencies Vs Commissioner of Income Tax (Supreme Court of India) - India Cine Agencies Vs CIT, Madras Income tax - Sec 32AB benefits - assessee converts jumbo rolls of photographic films into small rolls of various sizes - claims Sec 32AB, Sec 80HH and Sec 80I benefits - AO says it is neither manufacture nor production...

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Reg. removal of Cyprus from list of notified jurisdictional areas U/s. 94A

Circular No. 15/2017-Income Tax - (21/03/2017) - It is hereby clarified that Notification No. 86/2013 has been rescinded with effect from the date of issue of the said notification, thereby, removing Cyprus as a notified jurisdictional area with retrospective effect from 01.11.2013....

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New TDS Rules related to mentioning of Unique Transaction Number(UTN) in ITR kept in abeyance

PRESS RELEASE - (30/06/2009) - The CBDT has finally come out with a much awaited Press Release relating to the new TDS rules. All of us were anxiously waiting for some news about the Unique Transaction Numbers that are required to be generated with effect from 1st July, 2009....

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Weighted deduction for sum paid to a company to be used by such company for scientific research

Circular No. 1/2009 - Income Tax - (27/03/2009) - Circular No. 1/2009 - Income Tax 10.1 In order to encourage the outsourcing of scientific research, a new clause (iia) in sub-section (1) of section 35 of the Income-tax Act has been inserted to allow a weighted deduction of 125 per cent of the amount paid by a person to an approved company to be u...

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Recent Posts in "income tax"

U S Taxation Vs Canadian Income Tax for individual- a Study

During my recent visit to Southern India, particularly, Tamil Nadu, my family doctor having many covenanted degrees in Medicine from Canada, mentioned about the high income/other tax rates in Canada and also their social commitments to take extra care of the welfare of their citizen. ...

Read More
Posted Under: Income Tax |

Advance tax under Income Tax Act, 1961 (Pay as you earn scheme)

As per the provisions of the Section 207 of the Income Tax Act,1961, Every Assessee shall estimate his Income and Tax Liability for any previous year and Income Tax So Estimated shall be paid in advance in accordance with the manner given u/s 211 of the Income Tax Act,1961....

Read More
Posted Under: Income Tax |

Reg. removal of Cyprus from list of notified jurisdictional areas U/s. 94A

Circular No. 15/2017-Income Tax (21/03/2017)

It is hereby clarified that Notification No. 86/2013 has been rescinded with effect from the date of issue of the said notification, thereby, removing Cyprus as a notified jurisdictional area with retrospective effect from 01.11.2013....

Read More

How to furnish details of assets & liabilities in New ITR Form

The ITR (income tax return) forms for the the financial year ended 31st March 2016 have been notified by the government well in time this time. Generally, the forms are on the same lines as that of the previous forms except that the tax payers either an individual or an HUF have to furnish additional details of the assets and liabilities...

Read More
Posted Under: Income Tax | ,

Information on income tax can be disclosed under RTI

In a ruling that is bound to have ramifications, specially on big tax-payers , and in a move aimed at curbing tax evasion, the Central Information Commission has ruled that seeking information on income tax is not invasion of privacy. Ruling out that disclosure of information would lead to unwarranted invasion of the privacy of the indivi...

Read More
Posted Under: Income Tax |

New TDS Rules related to mentioning of Unique Transaction Number(UTN) in ITR kept in abeyance

PRESS RELEASE (30/06/2009)

The CBDT has finally come out with a much awaited Press Release relating to the new TDS rules. All of us were anxiously waiting for some news about the Unique Transaction Numbers that are required to be generated with effect from 1st July, 2009....

Read More

Weighted deduction for sum paid to a company to be used by such company for scientific research

Circular No. 1/2009 - Income Tax (27/03/2009)

Circular No. 1/2009 - Income Tax 10.1 In order to encourage the outsourcing of scientific research, a new clause (iia) in sub-section (1) of section 35 of the Income-tax Act has been inserted to allow a weighted deduction of 125 per cent of the amount paid by a person to an approved company to be used for scientific research subject to p...

Read More

Conversion of jumbo rolls of photographic films into small rolls of various sizes is manufacture or not?

M/s India Cine Agencies Vs Commissioner of Income Tax (Supreme Court of India)

India Cine Agencies Vs CIT, Madras Income tax - Sec 32AB benefits - assessee converts jumbo rolls of photographic films into small rolls of various sizes - claims Sec 32AB, Sec 80HH and Sec 80I benefits - AO says it is neither manufacture nor production...

Read More

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