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...
Nicholas Applegate South East Asia Fund Limited Vs Assistant Director of Income Tax (ITAT Mumbai) – The question of application of section 292B cannot be prejudged by finding that return, notice, etc. is not as per the requirement of the statute and is/are invalid; the finding that the return or notice etc. is invalid or to what extent it is invalid is unnecessary and counter productive; if in substance and in effect return, notice or assessment is in conformity with or according to intent and purpose of the Act, the mistake defect or omission is to be ignored as per the underlining philosophy of section 292B.
Where the assessee had its own funds as well as borrowed funds and it advanced funds to its sister concerns for allegedly non-business purposes and the question arose whether the AO was justified in disallowing the interest on the borrowed funds on the ground that they had been used for non-business purposes, HELD: Where an assessee has his own funds as well as borrowed funds, a presumption can be made that t
Does an Indian actor’s endorsement or promotion of a product abroad amount to acting and should it get him or her exemption under the Income Tax (I-T) Act? Though the I-T department says no, actress Aishwarya Rai’s chartered accountants are claiming the opposite. In fact, they secured an adjournment at the tax appellate tribunal recently […]
Uttar Pradesh chief minister Mayawati’s income for the financial year 2001-02 will be reassessed by the income tax department as the Delhi HC has allowed it a relook, while hearing a plea that she had allegedly not declared full details. A bench of Justices Vikramajit Sen and Rajiv Shakdher dismissed the BSP chief ‘s plea […]
11. We have considered the submissions made by both the parties, material on record and orders of the authorities below. It is noted that the assessee is an individual and aged about 50 years. The assessee has income from salary and other sources both aggregating to Rs. 2.62 lakhs. It is also noted that the assessee was received salary from M/s Nav Bharat Education Society where he is working as a senior clerk
5.6 There cannot be a straight jacket formula for detection of these defaults of concealment or of furnishing inaccurate particulars of income and indeed concealment of particulars of income and in accurate particulars of income may at times overlap. It depends upon the facts of the each case. In the assessment proceedings the ITO while ascertaining the total income chargeable to tax would be in a position
The current financial year 2008-09 the Investigation Wing of the Income Tax Department, Kolkata, has so far seized unaccounted cash of Rs 65 Crore and other assets to the tune of Rs 11 Cr. Multiple searches have led to disclosure of income to the tune of Rs 360 Cr so far. Some of the noteworthy […]
8. We have carefully deliberated on the rival contentions raised by the learned AR and DR. The controversy here revolves around chargeability of interest income to the tax which even though technically accrued as per the mercantile-system of accounting being followed by the assessee, but the same was not accounted for as income in view of the peculiar facts and circumstances of the case wherein there was
Principal Special Judge for CBI cases, Chennai, today convicted accused G.Selvakumar, former Income Tax Officer, Chennai and M.Vincent Xavier, a private person and sentenced them to undergo Rigorous Imprisonment for five years with a fine of Rs. 26,30,000/- and Rs.17,40,000/ – respectively, for committing forgery, fraud issue of false and forged Income Tax Refund Order […]
CBI arrests Assistant Commissioner Raj Kumar Bhatia, who allegedly asked builder to pay his subordinate Rs 2 lakh. Suresh Khaitan, the Income Tax official arrested on a bribery charge on Wednesday, had been contacting I-T assessees and threatening to initiate tax inquiries against them allegedly on behalf of his boss Assistant Commissioner Raj Kumar Bhatia, […]
