TaxGuru Newsletter Subscription
Information You Can Rely On.
Income Tax - Under the Income tax Act, 1961 Profit or gain from Business or profession is considered income and such income is chargeable to tax. The expenses incurred in relation to business can be deducted from the revenue from Business or profession. However, there is certain restriction on such deduction of expenses....
Read MoreIncome Tax - Section 40(a)(ia) of Income Tax Act, 1961 deals with non compliance of provision of TDS where payment is made to a Resident. 30% cent of any sum payable to a resident on account of interest, commission or brokerage, Rent, Royalty, fees for professional services or, fees fir technical services payable to a resident, or amounts payable to a...
Read MoreIncome Tax - The provisions of Section 40(a)(ia) of the Act were brought on Statute by Finance Act 2004, w.e.f. 01.04.2005, i.e the same is applicable for assessment year 2005-06 and subsequent assessment years....
Read MoreIncome Tax - In Recent past we noticed that department has taken late payment of TDS very seriously and in addition to imposing Interest and Penalty for Late Payment, they also start initiating Criminal Prosecution against those responsible for Deduction and Payment of TDS....
Read MoreIncome Tax - There have been substantial debate around the point whether the term ‘payable’ used in section 40(a)(ia) would include amounts outstanding at the end of the year or both amounts outstanding as well as paid during the year....
Read MoreIncome Tax - Section 40(a)(ia) is amended via Finance (No. 2) Act, 2014 to restrict the amount of disallowance for non-deduction of tax to 30% of expenditure. The proviso is also amended to the effect that 30% of such sum shall be allowed as a deduction in computing the income of the previous year in which tax has been paid....
Read MoreIncome Tax - The existing provisions of section 40(a)(ia) of Income-tax Act provide for the disallowance of expenditure like interest, commission, brokerage, professional fees, etc. if tax on such expenditure was not deducted, or after deduction was not paid during the previous year....
Read MorePr. CIT Vs West Bengal Housing Infrastructure Development Corporation Limited (Calcutta High Court) - The issue which falls for decision therefore is whether payment for delayed allotment of a plot of land by the Housing Board to an allottee will fall under the definition of ‘interest’ under section 2 (28A) of the Act....
Read MoreShri Digamber Jain Bees Panthi Ajmeri Amnay Panchayat Bada Dhada Vs ITO (ITAT Jaipur) - Shri Digamber Jain Bees Panthi Ajmeri Amnay Panchayat Bada Dhada Vs ITO (ITAT Jaipur) When the income of the assessee has been assessed under the head ‘Income from other sources’ and there is no provision U/s 56 to 58 of the Act to make a disallowance U/s 40(a)(ia) of the Act prior to th...
Read MorePr. CIT Vs Make My Trip India Pvt. Ltd. (Delhi High Court) - Pr. CIT Vs Make My Trip India Pvt. Ltd. (Delhi High Court) Central Government, by notification dated 31stDecember, 2012 has notified that no TDS shall be made on the following payments to the banks listed in the Second Schedule to the Reserve Bank of India Act: (i) bank guarantee commission; (ii) ca...
Read MoreMs. Sachi Sarees Vs ACIT (ITAT Kolkata) - Ms. Sachi Sarees Vs ACIT (ITAT Kolkata) There is no law which prohibits a person to work in more than one partnership firms and draw remuneration therefrom. All that Section 40(b) requires is that the remuneration should be paid to a working partner and there is no prohibition either in the Income-t...
Read MoreNikhil Chandra Mitra Vs ITO (ITAT Kolkata) - Nikhil Chandra Mitra Vs ITO (ITAT Kolkata) Disallowance of Rs.60,000/- made on account of accounting charges by invoking the provisions u/s 40(a)(ia) of the Act. The assessee submits that the person whom the amount was paid was not a qualified professional and he was an accountant writing the acco...
Read MoreCircular No. 3/2015-Income Tax - (12/02/2015) - Circular No. 3/2015 Section 40(a)(i) of the Act stipulates that in computing the income chargeable under the head "Profits or gains of business or profession", any interest, royalty, fees for technical services or other sum chargeable under this Act either payable in India to a non-resident (not bei...
Read MoreInstruction No. 02/2014 - (26/02/2014) - Sub: Deduction of tax at source under Section 195 read with Sections 201 of the Income-tax Act, 1961 relating to payment made to a non-resident-reg. Section 195 of the Income-tax Act (hereafter referred to as 'the Act') provides that any person, responsible for paying to a non-resident not being a ...
Read MoreCircular No. 10/DV/2013-Income Tax - (16/12/2013) - Circular No. 10/DV/2013-Income Tax It has been brought to the notice of the Board that there are conflicting interpretations by judicial authorities regarding the applicability of the provisions of section 40(a)(ia) of the Income-tax Act,...
Read MorePr. CIT Vs West Bengal Housing Infrastructure Development Corporation Limited (Calcutta High Court) -
Shri Digamber Jain Bees Panthi Ajmeri Amnay Panchayat Bada Dhada Vs ITO (ITAT Jaipur) -
Pr. CIT Vs Make My Trip India Pvt. Ltd. (Delhi High Court) -
Ms. Sachi Sarees Vs ACIT (ITAT Kolkata) -
Nikhil Chandra Mitra Vs ITO (ITAT Kolkata) -
ITO Vs M/s. Eylex Films Pvt. Ltd. (ITAT Ahmedabad) -
DCIT Vs Morgan Stanley (I) Capital (P) Ltd. (ITAT Mumbai) -
Sri Sachin Sharma Vs ACIT (ITAT Ranchi) -
DCIT Vs Allied Infra suppliers (ITAT Cuttack) -
CIT Vs M/s Dedicated Healthcare Services (TPA) India Pvt. (Bombay High Court) -
