Finance : Almost three years ago, I finished engineering and got a well-paying job. I was really proud to have become a taxpayer. But choosi...
Income Tax : The statutory provisions for the income in the nature of ‘Interest received on compensation or on enhanced compensation’ were ...
Income Tax : Download Interest Calculator U/s 234A, 234B, 234C of the Income Tax Act, 1961 - Date for Advance tax is nearing and all the Assess...
Income Tax : In general the perception is that income of Co–operative Societies is not chargeable to tax and therefore many societies do not ...
Income Tax : In this discussion, we would take up Section 36(1)(iii) of the Income Tax Act, 1961 and analyse the provision therein from all fa...
Finance : At present, premature closure of a Public Provident Fund (PPF) account is permitted on specified grounds on completion of five fin...
Income Tax : Government has decided to effect a reduction of 0.1 percentage points in interest rates across the board in all Small Savings Sch...
Finance : Central Government has notified revised Interest Rate for the perios from 01.04.2016 to 30.03.2016 on Small Savings Schemes like P...
Finance : Interest Rates of Small Saving Schemes to be recalibrated w.e.f. 1.4.2016 on a Quarterly Basis to align the small saving interest ...
Fema / RBI : To provide greater flexibility to banks in mobilizing non-resident deposits and in view of prevailing market conditions, the Reser...
Income Tax : Kerala High Court rules on denial of tax exemption to Kerala State Co-Operative Employee Pension Board due to delayed filing, dire...
Income Tax : The issue under consideration is whether the Interest paid on security deposit obtained from the members of society is allowed as ...
Income Tax : The issue under consideration is whether the delayed payment of interest on delayed refund becomes part of the principal amount wi...
Income Tax : The issue under consideration is whether the interest expense can be disallowed u/s 57(iii) on the ground that rate of interest pa...
Income Tax : Shri Kailash Chand Soni Vs ACIT (ITAT Jaipur) The issue under consideration is whether the addition on account of disallowance of ...
Finance : Rate of interest on various National (Small) Savings Schemes for the second quarter of financial year 2021-22 starting from 1st Ju...
Finance : The rate of interest on various Small Savings Schemes for the second quarter of financial year 2021-22 starting from 1st July, 202...
Finance : Rate of interest on various Small Savings Schemes (National Savings Schemes) for the fourth quarter of financial year 2020-21 (sta...
Finance : Rate of interest w.e.f 1st January, 2021 and ending on 31st March, 2021 on Small Savings Scheme i.e. Post Office Savings Account, ...
Finance : The rates of interest on various Small Savings Schemes for the third quarter of financial year 2020-21 starting from 1st October, ...
TAXING rent from house property has always been a taxing issue for the Income Tax Department. In the latest case the Revenue wanted to tax notional interest income on refundable interest-free deposit made by the tenant with the landlord u/s 28(iv) but the High Court has dismissed the same as the relevant Section 23(1)(a) does not contemplate taxing such income. The HC also observed that in a taxing statute it would be unsafe for the Court to go beyond the letter of the law and try to read into the provision more than what is already provided for.
Transaction relating to gift considered in regular assessment and nothing found during search or in post-search probe – transaction cannot be treated as undisclosed nor income from this transaction to be treated as undisclosed – ITAT
THE assessee company was incorporated with the main object of acquiring a holding of equity and preference shares of companies engaged in the business of cement, ready mix and aggregate and to provide financial management. It was the first return of the assessee company. The Assessing Officer noted that the total capital was at Rs.209.33 crores which was raised during this year, out of which a sum of Rs.207.78 crores was invested in the shares of Lafarge India Ltd. The assessee company also earned interest on fixed deposits of Rs.2,28,000/ – against which, it had claimed administrative and other expenses to the tune of Rs.2,69,85,000/ -.
Gross total income in Chapter VI-A means the total income computed in accordance with the provisions of the Act before making any deduction under the said Chapter VI-A. Thus, the only deductions which are excluded by that definition are those under Chapter VI-A. More importantly the total income has to be computed in accordance with the provisions of the Income Tax Act. Obviously, the provisions of Income Tax Act includes section 32-AB.
A. P. (DIR Series)CIRCULAR NO03/RBI under Section 195 of the Income Tax Act read with Rule 29B of the IT Rules, any person responsible for making payment to a non-resident or to a foreign company, any interest or any other sum chargeable under the IT Act, shall at the time of payment or credit of the amount deduct Income Tax thereon at the rate in force. Section 195 of the IT Act is not limited to interest income and it takes into account business income also. Further, points 7 and 8 of the Chartered Accountant’s certificate deals with remittances for supply of articles or things (plant, machinery, equipment, etc.) or computer software and business income, respectively.
