income
What makes an Income Accrue or Arise in India although earned outside India?
Income Tax - A look at what constitutes as Income on Indian soil and what is not from the perspective of the IT department. The IT department defines certain incomes as Accruing or Arising in India. This is the basis of calculating your income and income tax. Let’s know more. The IT department says that for any company […]...
Read MoreFrequently Asked Question on fringe benefit tax (FBT) PART- 2
Income Tax - 32. Whether gross expenses or net expenses (i.e. net of recovery) are to be considered for the purposes of FBT? For example, part of the expenses on various items like travel, may be recovered from the employees. Therefore, whether FBT would be levied on the gross travel expenditure or on the ‘net’ travel expenditure’? W...
Read MoreIndustry demand: Decontrol fuel price, restore tax holiday
Income Tax - Freeing petrol and diesel prices from official control, restoring tax breaks on natural gas production and tax holiday for private oil refiners should be part of the government’s agenda in the first 100 days, industry wished. The Petroleum Federation of India, apex body of public and private oil firms, has submitted to the oil mini...
Read MoreE-Filing cares about your security more then earlier
Income Tax - E-Filing cares about your security!!! 1>E-Filing website is now running on SSL. SSL is an acronym for Secure Sockets Layer, a global standard security technology developed by Netscape in 1994. SSL is all about encryption. It creates an encrypted link between a web server and a web browser. The link ensures that all data passed [&hellip...
Read MoreICAI will soon frame accounting norms for farm sector
Income Tax - Corporatisation of agriculture and vast income potential of commercial crops have attracted the attention of accounting regulator ICAI, which for the first time is evolving accounting norms for the sector. “So far, there are no rules and standards for the agriculture sector. How do you value tea and coffee crops or other commercial ...
Read More926 branches of Banks to accept Advance Income Tax in Mumbai and Navi Mumbai
Income Tax - As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the Income Tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches and 19 AXI...
Read MoreDTC: Income of FIIs will be treated taxed as capital gains rather than business income
Income Tax - Foreign institutional investors (FIIs) can breathe easy with the Direct Taxes Code (DTC) Bill, 2010 proposing that their income be taxed as capital gains rather than business income. Opinion is divided on whether this will end the uncertainty over FI...
Read MoreGovernment considering proposal to make tax audit reports mandatory for e-filing of income tax returns
Income Tax - The government is considering a proposal to make tax audit reports mandatory for e-filing of income tax returns. This follows a recommendation by the Income Tax (I-T) department after the Satyam accounting fraud issue broke in January following founder Ramalinga Raju’s confession. I-T officials said since the returns were e-filed, t...
Read MoreIncome Tax Department will mail to individual assessees details of TDS
Income Tax - The Income Tax Department will now mail to individual assessees the details of the tax deducted at source (TDS) on their Income from different sources like banks, employers or post offices.Officials said the move is aimed at preventing any discrepancy between the TDS actually deducted and the TDS received by the tax department. A circular...
Read MoreIT department set trap for those who undervalue their properties
Income Tax - It’s not just high-value property transactions that come under the IT’s hawk eyes. The income tax department will scrutinize property deals of even Rs 5 lakh and above to tap tax dues. Thus, the trap is set for those who undervalue their properties to escape the IT net. Sub-registrars have been asked to submit details [&hellip...
Read MoreInterpretation of the words "manufacture or production" for the purpose of deduction U/s. 10B
ITO Vs E-Infochips Ltd. (ITAT Ahmedabad) - In view of the foregoing, we are in agreement with the findings of Id. CIT(A) that activities undertaken by the taxpayer were in respect of production and export of computer software within the meaning of provisions of section 10B of the Act, especially when the AO himself concluded so for the purpo...
Read MorePenalty for concealment can not be imposed automatically for disallowance of deduction
Twin Star Jupiter Co-op. Hsg. Soc. Ltd. Vs ITO (ITAT Mumbai) - 9. Part A of the Explanation to section 271(1)(c) provides that if assessee fails to offer an explanation or offers and explanation which is found by the Assessing Officer or the Commissioner (Appeals) or the Commissioner to be false. This explanation can therefore, be applied only where the assesse...
Read MoreTo claim deduction under section 80P the status of the co-operative society shall be a primary society
ACIT Vs The Salem District Co-op. Milk Producers Union Ltd. (ITAT Chennai) - 8. As seen in section 80P(2)(b), the deduction in respect of income of co-operative societies has been dealt in under different parts. In respect of the sums referred in clause (a) of sub-section (2), the assessee needs to be a co-operative society engaged in various activities specified therein. In...
Read MoreYear of taxability on transfer of lease hold rights of immovable property
Atlas Automotive Components Pvt. Ltd. Vs ITO (ITAT Mumbai) - 21. In view of the above submissions of the assessee and in view of the fact that M/s.Sky Blue Trading & Investment Pvt. Ltd. is sister concern of the assessee, we find no merit in the contentions of the assessee that the transaction between the assessee and M/s.Sky Blue Trading & Investment Pvt. Lt...
Read MorePrinciple of mutuality where the income of the mutual concern is the contributions received from its contributors
Yum! Restaurants (Marketing) Pvt. Ltd. Vs CIT (Delhi High Court) - 8. Having heard the learned counsel Mr C.S. Aggarwal, Sr. Advocate for the assessee-company and Ms Prem Lata Bansal for the Revenue we are of the view that the judgment deserves to be sustained. The principle of mutuality as enunciated by the Courts in various cases is applicable to a situation wher...
Read MoreNotification No. 47/2009 – Income Tax Dated 1/6/2009
Notification No. 47/2009 - Income Tax - (01/06/2009) - Notification No. 47/2009 - Income Tax In exercise of the powers conferred by 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 in the notification of the Government of India, Ministry of Finance ...
Read MoreNew TDS and TCS payment and information reporting system
Circular No. 02/2009-Income tax - (21/05/2009) - CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment of money to a third person, the credit should be allowed only if the payment and the information relating to the transaction have been received from the third person. The ...
Read MoreDTAA between India and Serbia Notified
Notification No. 5/2009 - Income Tax - (07/01/2009) - Whereas the annexed Convention between the Government of Republic of India and the Council of Ministers of Serbia and Montenegro for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital was signed at New Delhi on the 8th day of February, 2006; And whereas the State Union...
Read MoreExemption from the TDS provisions under Section 197 for specified Companies
Circular No. 7/2008-Income Tax - (01/08/2008) - CIRCULAR NO 7/2008-Income Tax Dated: August 1, 2008 In exercise of the powers conferred under sub-section (1) of section 119 of Income-tax Act, 1961, Central Board of Direct Taxes hereby directs that corporations which are established by a Central, State or Provincial Act for the welfare and economi...
Read MoreTrade Circular No. 25T of 2008 on Business Audit under MVAt dated 23/07/2008
Trade Circular No. 25 T of 2008 - (23/07/2008) - As expressly mentioned in Section 22, the primary object of business audit is to promote compliance with law. Business audit is a device with the Department to ascertain and ensure compliance of laws that are implemented by the Department. At a practical level, the object of audit is to ascertain th...
Read MoreRecent Posts in "income"
926 branches of Banks to accept Advance Income Tax in Mumbai and Navi Mumbai
DTC: Income of FIIs will be treated taxed as capital gains rather than business income
What makes an Income Accrue or Arise in India although earned outside India?
Frequently Asked Question on fringe benefit tax (FBT) PART- 2
Government considering proposal to make tax audit reports mandatory for e-filing of income tax returns
Industry demand: Decontrol fuel price, restore tax holiday
Income Tax Department will mail to individual assessees details of TDS
IT department set trap for those who undervalue their properties
Income tax department is set to start an online 'judicial reference system'
E-Filing cares about your security more then earlier
Browse All Categories
Latest Posts
- AO cannot determine fair rent on the basis of extraneous consideration
- Interest on Home Loan on Self Occupied House –Tax benefits
- GST on Sale of used Motor Vehicle by a Registered Person other than dealer
- Madras HC on Invocation of Section 111(m) of Customs Act
- Need to remove penal provisions in respect of Income Tax Returns due dates
- Unless a cause of action arises to petitioner, questions raised cannot be determined
- Details of GST in Income Tax Returns
- Notice U/s 143(2) issued prior to furnishing of return in response to Notice U/s. 148 is invalid
- Mere non production of Director of share holder company cannot justify addition u/s 68
- Submitting Form No. 15G & 15H -Points to Remember
Popular Posts
- FAQs on Housing Loan & Income tax benefit
- Section 80DD Deduction- Medical expense of disabled dependent
- Taxability of Provident Fund -Recognized, Unrecognized & Statutory
- Leave Salary encashment Exemption, Calculation, Download calculator
- Section 139(5) – Revised Income Tax return
Featured Posts
- Interest on Home Loan on Self Occupied House –Tax benefits
- Submitting Form No. 15G & 15H -Points to Remember
- Tips for Filing Income Tax Returns
- HRA Vs. Rent Free Accommodations (RFA)
- TDS on Interest other than Interest on Securities – 194A
- Sec. 80C Life insurance policies and TDS
- Tips to save Income tax for Salaried Person
- Tax deduction on Interest income
- Five rare benefits of filing regular ‘Income Tax Returns’
- 5 Investment Options: The Road to a Tax-Free Retirement
