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...
Objecting to the Maharashtra government’s decision of removing the audit limit for non-CAs government-authoris ed auditors, the accounting regulator Institute of Chartered Accountants of India (ICAI) has urged to restore the audit limit of Rs 1 lakh at the earliest. No audit limit enables the auditors to perform audit of trusts of any size.
The income-tax department has the right to carry out a raid and attach property, if it has reason to suspect that income is likely to escape tax net in absence of prompt action, a division bench of the Bombay High Court has ruled. The division bench, comprising Justice Ranajana Desai and Justice JP Deodhar, passed […]
The I-T department has found over Rs 1,200 crore lying unaccounted in lakhs of frozen demat accounts across the country and has sought a detailed probe on the possibility of their use for illegal transaction and tax evasion. The department has now sent the reports of such accounts to the respective Chief Commissioners of Income […]
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 purpose of section 80HHE of the Act. We are also in agreement with the uncontroverted submission of the Id. AR on behalf of the taxpayer that the taxpayer did not claim any deduction in AY 1996-97 and for the first time claimed deduction u/s 10B in AY 19987-98 and this being the 5th year, claim has to allowed.
MUMBAI: Salaried taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can find out whether their refunds have been returned undelivered from this link: http://www.incometaxindia.gov.in/CCIT/refundsearch.asp You can get the information from the menu `undelivered salary refund management system’, using your PAN number. If any refund has been returned undelivered due to a […]
In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax positions resulting […]
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 assessee has either not offered any Explanation or where he has offered any Explanation
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. Ltd. fell through because of the non-compliance of the conditions stipulated in the Memorandum of Understanding
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The three-year long wait of companies to avail full income tax benefits on export profits from their SEZ units will come to an end in two months. Official sources said the government has firmed up plans to bring changes in Section 10AA of the Income Tax Act in the forthcoming Union Budget to rectify an anomaly in the wording of the Section that adversely affected SEZ units.
