indian income tax

Agricultural Income – Tax treatment / Taxability

Income Tax - 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. Howev...

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Taxation of Agricultural Income- Detailed Analysis

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 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....

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Changes to Indian exchange regulations relating to receipt and remittance of remuneration outside India

Income 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....

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How to fill & file Income Tax Return ( ITR-2)

Income Tax - To file I-T returns, the choice for salaried individuals will be between the Indian Income Tax Return – 1 (ITR-1) and ITR-2 forms. If your earnings for the year are through salary income and interest earned on bank deposits, then ITR-1 is the form you should fill up. If you are a salaried individual and […]...

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Non Resident Indians' obligation to file Income Tax Return in India

Income Tax - An ‘NRI’ is a citizen of India or a person of Indian origin* who is not a resident in India. Residency for tax purposes is decided based on a person’s physical stay in India. There are three conditions that could trigger non residency for tax purposes. First, when an individual’s stay in India is less than 60 days in a particular ...

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Vodafone – Overseas transactions between two foreign companies cannot be taxed in India under present Income Tax Act

Income Tax - 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 cour...

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Bonus stripping under the Income tax lens

Income Tax - 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....

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USA is not a person or authority under the Indian Income Tax Act

Spectrum Coal & Power Ltd Vs ACIT (ITAT Mumbai) - 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...

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If revenue believes that Assessee evaded tax by furnishing fake or exaggerated bills then they need not disclose the reason of search & seizure

Genom Biotech Pvt. Ltd. Vs DCIT (Investigation) [Bombay High Court] - 6. Section 132(1) (b) & (c) of the Act to the extent relevant to the present case reads thus:- 132. (1) Where the [Director General or Director] or the [Chief Commissioner or Commissioner] [or any such (Joint Director) or (Joint Commissioner) as may be empowered in this behalf by the Board], in cons...

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Recent Posts in "indian income tax"

USA is not a person or authority under the Indian Income Tax Act

Spectrum Coal & Power Ltd Vs ACIT (ITAT Mumbai)

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...

Read More

Agricultural Income – Tax treatment / Taxability

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. Howev...

Read More
Posted Under: Income Tax |

Taxation of Agricultural Income- Detailed Analysis

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....

Read More
Posted Under: Income Tax |

Vodafone – Overseas transactions between two foreign companies cannot be taxed in India under present Income Tax Act

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 cour...

Read More
Posted Under: Income Tax |

Bonus stripping under the Income tax lens

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....

Read More
Posted Under: Income Tax |

Changes to Indian exchange regulations relating to receipt and remittance of remuneration outside India

(05/12/2009)

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....

Read More
Posted Under: Income Tax |

If revenue believes that Assessee evaded tax by furnishing fake or exaggerated bills then they need not disclose the reason of search & seizure

Genom Biotech Pvt. Ltd. Vs DCIT (Investigation) [Bombay High Court]

6. Section 132(1) (b) & (c) of the Act to the extent relevant to the present case reads thus:- 132. (1) Where the [Director General or Director] or the [Chief Commissioner or Commissioner] [or any such (Joint Director) or (Joint Commissioner) as may be empowered in this behalf by the Board], in consequence of information in his possession...

Read More

How to fill & file Income Tax Return ( ITR-2)

To file I-T returns, the choice for salaried individuals will be between the Indian Income Tax Return – 1 (ITR-1) and ITR-2 forms. If your earnings for the year are through salary income and interest earned on bank deposits, then ITR-1 is the form you should fill up. If you are a salaried individual and […]...

Read More
Posted Under: Income Tax |

Non Resident Indians' obligation to file Income Tax Return in India

An ‘NRI’ is a citizen of India or a person of Indian origin* who is not a resident in India. Residency for tax purposes is decided based on a person’s physical stay in India. There are three conditions that could trigger non residency for tax purposes. First, when an individual’s stay in India is less than 60 days in a particular ...

Read More
Posted Under: Income Tax |

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