Income Tax : Now-a -days most of the employers, especially the companies have been providing loans to their employees for the purpose of purcha...
Income Tax : The word ‘Gratuity’, has not been defined in the Income-Tax Act, 1961(the Act). In the absence of any definition of ‘Gratuit...
Income Tax : Recently, I was approached by a multi-national company for an opinion regarding tax-treatment of the expenses reimbursed by the co...
Income Tax : There are a number of entities, the income / surplus of which is governed by the principle of mutuality and therefore, such income...
Income Tax : Of late, the concept of Transferable Development Rights (TDRs) has been very much in vogue, in regard to the developers and builde...
It is also universally accepted now that a Supreme Intelligence is regulating or controlling the affairs of the Cosmos. We may call this Intelligence by any name like God, Rama, Krishna, Jesus, Allaha, etc. The universally accepted fact now is that God is an energy. Therefore, the Intelligent and Animate energy which is regulating or controlling the affairs of the Cosmos may be accepted a God.
Recently, the Punjab and Haryana High Court has rendered a very significant judgement, regarding disallowance under section 14A of the Income-Tax Act, 1961 (the Act), r.w.r.8D of the Income-Tax Rules 1962 (the Rules), in the case of CIT Vs Deepak Mittal [2014] 361 ITR 131 (P&H) : [2013] 219 Taxman 314 (P&H). This judgement is really a landmark judgement, in regard to the disallowance under section 14A of the Act,
Sometime back a number of instances have been brought to my notice by some clients, which relate to the levy of fee for late filing of TDS / TCS statement. On examination of the provisions of the Income-Tax Act, 1961 (the Act), it was realized that the impugned fee has been levied under section 234E of the Act, which is rather an obscure section. Therefore, section 234E was examined in detail.
Sometime back, I had to deal with a case of a charitable institution which is running a number of educational institutions. For one assessment year, certain donations received by the trust were disclosed as anonymous donations, as per the provisions of section 115BBC of the Income-Tax Act, 1961 (the Act). As per section 115BBC(1)(i), the assessee trust paid tax on the anonymous donations at the rate of thirty per cent (30%) thereof.
This Note deals with the intimations issued by the Centralized Processing Centre (CPC), under section 143(1) of the Income-Tax Act, 1961 (the Act), in respect of returns of income electronically filed. It has been observed that many of the intimations under section 143(1) of the Act, contain a number of errors which cause un-called for harassment and inconvenience to the assessees.
There is a peculiar history regarding the amendments of section 90 of the Income-Tax Act, 1961 (the Act), by the Finance Act, 2012 and the Finance Act, 2013, in respect of the requirement of Tax Residency Certificate (TRC) to be obtained by an assessee, in order to avail of the benefit of Double Taxation Avoidance Agreement (DTAA) between India and the country of his residence.
There is a basic difference between Western culture and the Vedic culture, which is eternal. In the Indian or Vedic culture, our Rishis and Seers have always advised to have total control over our desire for sense gratification. Instead, it is advised that one should strive to evolve to a higher level of consciousness, where no craving is left for gratification of the senses. In India, we are advised to rise above the senses, as well as the mind and reach a stage where one can realize one’s real identity.
In this case, the Hon. AP High Court has, inter alia, held that the retrospective amendments to the Income-Tax Act, 1961 (the Act), vide the Finance Act, 2012, have no impact on the interpretation of the DTAA and the transaction in issue falls within Article 14(5) of the DTAA between India and France and the tax resulting there from is allocated exclusively to France.
The Finance Bill, 2013, or the Union Budget, 2013-14, was presented in the Parliament on 28.2.2013. As regard the direct taxes, there are in all fifty one (51) amendments proposed in the Finance Bill, 2013, vide, clauses (3) to (53). Forty eight amendments have been proposed in the Income-Tax Act, 1961 (the Act), whereas three amendments have been proposed in the Wealth-Tax Act, 1957.
Recently, the Mumbai Bench of the Tribunal in the case of Reliance Industries Ltd. Vs Addl. CIT [2012] 79 DTR (Trib) 315 (Mum), has rendered a very significant judgement relating to disallowance under section 14A of the Income-Tax Act, 1961 (the Act).
