indian income tax

How to View Income Tax Certificate of Appreciation

Income Tax - From AY 2016-17, Income Tax Department have started issuing certificate of appreciation for eligible taxpayers who have cleared their entire liability, have no outstanding tax liabilities and had filed their returns electronically in the prescribed time. Steps to view the certificate of appreciation Step 1 Logon to ‘e-Filing’ ...

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Residential Status of an Individual- Q & A

Income Tax - 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 [&hell...

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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...

Read More

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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KTA Demands Roll Back to Old Income Tax Portal

Income Tax - 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 […]...

Read More

Report Misuse of your Income Tax e-Filing account

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 cybercrime. Please report the incident to the concerned police or cyber-cell authorities as a first step....

Read More

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 con...

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Recent Posts in "indian income tax"

KTA Demands Roll Back to Old Income Tax Portal

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 […]...

Read More
Posted Under: Income Tax |

Report Misuse of your Income Tax e-Filing account

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....

Read More
Posted Under: Income Tax |

How to View Income Tax Certificate of Appreciation

From AY 2016-17, Income Tax Department have started issuing certificate of appreciation for eligible taxpayers who have cleared their entire liability, have no outstanding tax liabilities and had filed their returns electronically in the prescribed time. Steps to view the certificate of appreciation Step 1 Logon to ‘e-Filing’ ...

Read More
Posted Under: Income Tax |

Residential Status of an Individual- Q & A

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 [&hell...

Read More
Posted Under: Income Tax |

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 |

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

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

01/01/1970

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 |

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