Income Tax : It is customary in Indian for families to exchange gift at the occasion of marriage. This article deals with tax implications of s...
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 year...
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 inc...
Income Tax : 1. On which type of Assessee section 194Q applies? Ans. Any person, being a buyer whose total sales/gross receipts/turnover from t...
Income Tax : The Finance Act 2021 has introduced a new section called Section 206AB of the Income Tax Act 1961, which mandates the person payin...
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...
Income Tax : These instructions are guidelines for filling the particulars in Income‐tax Return Form‐6 for the Assessment Year 2021‐2 rel...
Income Tax : Instructions for filling ITR–1 SAHAJ For A.Y. 2021–22\ F.Y. 2020-21 General Instructions These instructions are guidel...
Income Tax : As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai....
Income Tax : Foreign institutional investors (FIIs) can breathe easy with the Direct Taxes Code (DTC) Bill, 2010 proposing that their income be...
Income Tax : In the case of the KBB Nuts Private Limited V/s National Faceless Assessment Centre Delhi (NFAC) assessment proceedings and direct...
Income Tax : In view of the foregoing, we are in agreement with the findings of Id. CIT(A) that activities undertaken by the taxpayer were in r...
Income Tax : 9. Part A of the Explanation to section 271(1)(c) provides that if assessee fails to offer an explanation or offers and explanatio...
Income Tax : 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 s...
Income Tax : 8. Having heard the learned counsel Mr C.S. Aggarwal, Sr. Advocate for the assessee-company and Ms Prem Lata Bansal for the Revenu...
Income Tax : CBDT notifies ‘Bricklayers Investment Pte. Ltd.’ as sovereign wealth fund under sub-clause (vi) of clause (b) of the E...
Income Tax : Notification No. 47/2009 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Incom...
Income Tax : CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment o...
Income Tax : Whereas the annexed Convention between the Government of Republic of India and the Council of Ministers of Serbia and Montenegro f...
Income Tax : CIRCULAR NO 7/2008-Income Tax Dated: August 1, 2008 In exercise of the powers conferred under sub-section (1) of section 119 of In...
CIT v. Sarabhai Holdings Pvt. Ltd. . We agree with the High Court’s finding that the law permits the contracting parties to lawfully change their stipulations by mutual agreement and, therefore, the assessee and the vendee had no legal impediment in modifying the terms of their contract. We also agree with the further finding of the High Court that the Resolution could not be given any retrospective effect so as to facilitate evasion of tax liability that had already arisen for the Assessment Year 1979-80. We further agree with the High Court’s finding that it being a valid stipulation, changed the mode of payment from the date of the Resolution and, therefore, under the changed mode of payment adopted under the Resolution dt. 30.6.1978, no interest was to accrue during the Accounting period from 1.7.1978 up to 30.6.1979 and, therefore, the reasoning of the Tribunal on that count appeared to be correct as regards the Assessment Year 1980-81 is concerned.
Levy of interest on the ground of non-payment of correct amount of tax by itself can be a ground for non-acceding to the request of the assessee as the levy is a statutory one but it is another thing to say that the said factor shall not be taken into consideration at all for the purpose of exercise of the discretionary jurisdiction on the part of the Commissioner. Appellant volunteered that the securities be sold. Why the said request of the appellant could not be acceded to has not been explained. It was a voluntary act on the part of the appellant. B. M. Malani vs. CIT (Supreme Court)
Mahendra D. Jain vs. ITO (Bombay High Court) – Where the assessee is carrying on an illegal activity which is treated as a business, any loss arising in such business as a result of confiscation by the authorities is an allowable loss. However, where the assessee is carrying on a lawful business, any loss arising as a result of infraction of the law is not allowable.
It has been decided that in all the Corporate cases selected for scrutiny as per the guidelines contained in the Action Plan document 2008-09 which have returned income of Rs.5 crore or more and where provisions of FBT apply, assessment order shall also be passed under section 115WE after scrutiny of all such cases.
Writ petitions were filed challenging the constitutional validity of the provisions of Section 245HA of the Income Tax Act, 1961 under which the petitioners’ applications before the Settlement Commission are to be treated as having abated on account of failure of the Settlement Commission to pass orders under Section 245D(4) of the Act on or before 31.03.2008. In view of the fact that the Supreme Court was seized of an identical issue, the petitions were disposed of with the direction that the parties would abide by the decision of the Supreme Court and in the meanwhile the assessment proceedings would be stayed. Comed Laboratories vs. UOI (Gujarat High Court)
Dear Friends , I found this utility on the website www.saraltaxoffice.com. They are the one who come first with this utility and above all we can use it for free. Is there a way to validate your PAN? Is there any way to know what is the name corresponding to PAN? What should I do to register at e-Filing website, as I do not know the corresponding surname, first name, etc?
Your company could face a tax scrutiny if it had introduced fresh capital exceeding Rs 50 lakh last fiscal, or, as in the tax lingo, during the previous year relevant to the assessment year 2008-09. This is according to the new scrutiny norms by Central Board of Direct Taxes (CBDT).
The Kolkata Income-Tax Tribunal has held that payment made by an assessee company to accredited advertising agencies could not be termed as payment of commission, and accordingly no TDS is required to be deducted under the provisions of section 194-H of the Income-Tax Act, 1961.
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 economic upliftment of ex-servicemen and whose income qualifies for exemption from Income-tax u/s. 10(26 BBB) of the Income Tax Act, 1961, are hereby given exemption from Tax Deduction/Collection at Source on their receipts.
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 the correctness of returns and to identify inadequacies in returns, if any when checked against the books of account and the circumstances of the business. If the returns are not filed then, the audit officer is expected to quantify the liability of the dealer and enforce recovery. (Trade Cir. No. 25 T of 2008)
