Income Tax : Learn how to view your Income Tax Certificate of Appreciation for AY 2016-17 and onwards. Follow these steps to access and downloa...
Income Tax : Residential Status of an Individual under Income Tax Act, 1961 One of the most basic yet very important topic in direct taxation i...
Income Tax : Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not ta...
Income Tax : 1. Agricultural Income in India is Exempt from Income Tax u/s 10(1) of Income Tax Act, but agricultural income from outside India...
Fema / RBI : Payment of salary outside India to employees of a foreign company who are on secondment to an office, branch, subsidiary or joint ...
Income Tax : Karnataka Taxpayers Association has released a Press note and stated that New Income Tax Filing Portal has crashed within an H...
Income Tax : If you think your e-Filing account may have been compromised or accessed in an unauthorized manner, then you may be a victim of cy...
Income Tax : Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone t...
Income Tax : After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sour...
Income Tax : USA is not a person or authority under the Indian Income Tax Act, subsidy or grant received from it does not attract Explanation 1...
Income Tax : 6. Section 132(1) (b) & (c) of the Act to the extent relevant to the present case reads thus:- 132. (1) Where the [Director Gener...
Karnataka Taxpayers Association has released a Press note and stated that New Income Tax Filing Portal has crashed within an Hour of Launching & till date not repaired. It further states that New Portal is neither user friendly and not properly developed. KTA demanded for Roll back of Old Income Tax Portal, so as to […]
If you think your e-Filing account may have been compromised or accessed in an unauthorized manner, then you may be a victim of cybercrime. Please report the incident to the concerned police or cyber-cell authorities as a first step.
Learn how to view your Income Tax Certificate of Appreciation for AY 2016-17 and onwards. Follow these steps to access and download your certificate.
Residential Status of an Individual under Income Tax Act, 1961 One of the most basic yet very important topic in direct taxation is determining the residential status of the assessee. This concept will act as a foundation for Calculating Taxable income and calculation of tax thereon. In this article let us discuss the provisions of […]
Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. However while computing tax on non-agricultural income agricultural income is also taken into consideration.
1. Agricultural Income in India is Exempt from Income Tax u/s 10(1) of Income Tax Act, but agricultural income from outside India is taxable. As per entry number 82 of Union List, Central Govt. shall have the powers to levy income tax on any income except agricultural income.
USA is not a person or authority under the Indian Income Tax Act, subsidy or grant received from it does not attract Explanation 10 to section 43(1), extraction of coal from mines and processing thereof tantamounts to production
Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone today contended before the Supreme Court that the present Indian income tax laws do not cover gains from overseas transactions. Senior advocate Harish Salve appearing for Vodadfone submitted before the apex court that under the present Income Tax Act, overseas transactions between two foreign companies cannot be taxed and it could be done by only by bringing a new law by Parliament.
After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
Payment of salary outside India to employees of a foreign company who are on secondment to an office, branch, subsidiary or joint venture in India (Indian entity) of the foreign company. The remittance of salary received by foreign nationals whilst resident in India who are employees of Indian companies.
