income

Marriage Gifts And Its Taxation

Income Tax - It is customary in Indian for families to exchange gift at the occasion of marriage. This article deals with tax implications of such gifts received. General Provisions for taxation of Gifts in India Before abolition of the Gift Tax Act in  1998  the donor (giver of the gift) was required to pay gift tax on […]...

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Section 194P Deduction of tax in case of specified senior citizen

Income Tax - The Finance Act, 2021 has inserted a new Section 194P of Income Tax Act, 1961 to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income. It provides that if tax has been deducted under the newly inserted provision, such senior citizen shall be […]...

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Section 194LC | TDS on Interest Income from Indian Company or Business trust

Income Tax - 1) Who is responsible to deduct tax under section 194LC of Income Tax Act, 1961? If an Indian company or a business trust pays income by way of interest to non-resident (not being a company) or foreign company, has to deduct TDS under this section. 2) Nature of Payment Interest payable by an Indian Company […]...

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FAQs on TDS under Section 194Q Inserted from 01.07.2021

Income Tax - 1. On which type of Assessee section 194Q applies? Ans. Any person, being a buyer whose total sales/gross receipts/turnover from the business carried on by him exceed 10 crore rupees during the F.Y. immediately preceding the F.Y. in which the purchase of goods is carried out, not being a person, as the Central Government may, […]...

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Section 206AB of the Income Tax Act, 1961

Income Tax - The Finance Act 2021 has introduced a new section called Section 206AB of the Income Tax Act 1961, which mandates the person paying the amount to deduct TDS in case of non-filing of an income tax return by the specified person. In this article, the following things are covered provisions of section 206AB exemption available […]...

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DSC to be re-registered on new Income Tax portal

Income Tax - DSC to be re-registered afresh 7th June onwards on new Income Tax portal Please ensure that you re-register your current valid DSC on the new e-filing portal https://www.incometax.gov.in from June 7th onwards. The earlier DSC registration on the old portal cannot be migrated due to security and technical reasons. This is a system generate...

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Instructions for filling ITR-6 For A.Y. 2021-22 | F.Y. 2020-21

Income Tax - These instructions are guidelines for filling the particulars in Income‐tax Return Form‐6 for the Assessment Year 2021‐2 relating to the Financial Year 2020‐21. In case of any doubt, please refer to relevant provisions of the Income‐tax Act, 1961 and the Income tax Rules, 1962. 1. Assessment Year for which this Return Form is ap...

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Instructions for filling ITR-1 SAHAJ For A.Y. 2021-22 | F.Y. 2020-21

Income Tax - Instructions for filling ITR–1 SAHAJ For A.Y. 2021–22\ F.Y. 2020-21 General Instructions These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2021-22 relating to the Financial Year 2020-21. In case of any doubt, please refer to relevant provisio...

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926 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...

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DTC: 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...

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HC sets aside Faceless Assessment Order passed without considering objection to SCN

KBB Nuts Private Limited Vs National Faceless Assessment Centre Delhi (Delhi High Court) - In the case of the KBB Nuts Private Limited V/s National Faceless Assessment Centre Delhi (NFAC) assessment proceedings and directed the revenue to grant a personal hearing to the authorised representative of the petitioner, before proceeding to pass a fresh assessment order....

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Interpretation 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...

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Penalty 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...

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Year 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...

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Principle 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...

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CBDT notifies ‘Bricklayers Investment Pte. Ltd.’ as sovereign wealth fund

Notification No. 51/2021-Income Tax [S.O. 1759(E)] - (05/05/2021) - CBDT notifies ‘Bricklayers Investment Pte. Ltd.’ as sovereign wealth fund under sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 vide Notification No. 51/2021 -Income Tax Dated: 5th May 2021. MINISTRY OF FINANCE (Department of ...

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Notification 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 ...

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New 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 ...

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DTAA 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...

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Exemption 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...

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Recent Posts in "income"

Marriage Gifts And Its Taxation

It is customary in Indian for families to exchange gift at the occasion of marriage. This article deals with tax implications of such gifts received. General Provisions for taxation of Gifts in India Before abolition of the Gift Tax Act in  1998  the donor (giver of the gift) was required to pay gift tax on […]...

Read More
Posted Under: Income Tax |

Section 194P Deduction of tax in case of specified senior citizen

The Finance Act, 2021 has inserted a new Section 194P of Income Tax Act, 1961 to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income. It provides that if tax has been deducted under the newly inserted provision, such senior citizen shall be […]...

Read More
Posted Under: Income Tax |

Section 194LC | TDS on Interest Income from Indian Company or Business trust

1) Who is responsible to deduct tax under section 194LC of Income Tax Act, 1961? If an Indian company or a business trust pays income by way of interest to non-resident (not being a company) or foreign company, has to deduct TDS under this section. 2) Nature of Payment Interest payable by an Indian Company […]...

Read More
Posted Under: Income Tax |

FAQs on TDS under Section 194Q Inserted from 01.07.2021

1. On which type of Assessee section 194Q applies? Ans. Any person, being a buyer whose total sales/gross receipts/turnover from the business carried on by him exceed 10 crore rupees during the F.Y. immediately preceding the F.Y. in which the purchase of goods is carried out, not being a person, as the Central Government may, […]...

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Posted Under: Income Tax |

DSC to be re-registered on new Income Tax portal

DSC to be re-registered afresh 7th June onwards on new Income Tax portal Please ensure that you re-register your current valid DSC on the new e-filing portal https://www.incometax.gov.in from June 7th onwards. The earlier DSC registration on the old portal cannot be migrated due to security and technical reasons. This is a system generate...

Read More
Posted Under: Income Tax |

Instructions for filling ITR-6 For A.Y. 2021-22 | F.Y. 2020-21

These instructions are guidelines for filling the particulars in Income‐tax Return Form‐6 for the Assessment Year 2021‐2 relating to the Financial Year 2020‐21. In case of any doubt, please refer to relevant provisions of the Income‐tax Act, 1961 and the Income tax Rules, 1962. 1. Assessment Year for which this Return Form is ap...

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Posted Under: Income Tax |

Instructions for filling ITR-1 SAHAJ For A.Y. 2021-22 | F.Y. 2020-21

Instructions for filling ITR–1 SAHAJ For A.Y. 2021–22\ F.Y. 2020-21 General Instructions These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2021-22 relating to the Financial Year 2020-21. In case of any doubt, please refer to relevant provisio...

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Posted Under: Income Tax |

Section 206AB of the Income Tax Act, 1961

The Finance Act 2021 has introduced a new section called Section 206AB of the Income Tax Act 1961, which mandates the person paying the amount to deduct TDS in case of non-filing of an income tax return by the specified person. In this article, the following things are covered provisions of section 206AB exemption available […]...

Read More
Posted Under: Income Tax |

Powers conferred to President of ITAT in transfer of live appeals from outside the headquarters

MSPL Ltd Vs PCIT (Bombay High Court)

MSPL Ltd Vs PCIT (Bombay High Court) Is the President of ITAT immune from transferring live appeals from one bench of the ITAT to the other bench outside the headquarters? The Hon’ble Bombay High Court in a very recent judgement has decided the bar on the transfer of live appeals from one bench of the […]...

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Capital Gain Tax on Transfer of Unlisted Equity Shares

Transfer of Equity Shares of Unlisted Company- Capital Gains Perspective Applicability of Section 50CA: In case of sale of Unlisted Equity Shares, first thing we have to check that whether the sale consideration is less than the Fair Market value (FMV) or not. If shares are transferred at a price which is less than FMV, […]...

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Posted Under: Income Tax |

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