Income Tax : In this Article CA Vivek Jalan discussed about the matter of Form 67 is directory and not mandatory to claim foreign tax credit...
Income Tax : With globalization, people and corporates venturing abroad for work and to explore foreign markets is common. This brings a need t...
Income Tax : Understanding the allowability of foreign tax credit under Income Tax Act 1961. Learn how to take credit for taxes paid outside In...
Income Tax : (A) The possible reasons for no credit of TDS/TCS being displayed in your Form 26AS : 1. Deductor/collector has not filed his TDS/...
Income Tax : Computation of Foreign Tax Credit (‘FTC’) in case ofassessee’s with cross border payments has been a major hassle for tax pr...
Income Tax : Bombay Chartered Accountant’s Society has made a representation to CBDT Chairman and draw his attention towards the diffic...
Income Tax : The Supreme Court today said the CBDT order, as and when it is passed, on Mahindra Satyam tax dispute case would not take effect f...
Income Tax : With a new initiative, NSDL enhances Form 26AS viewing facility at internet banking account of PAN holder. For this purpose NSDL h...
Income Tax : The Income Tax Department (ITD) creates Annual Tax Statement of each taxpayer using their Permanent Account Number (PAN) as identi...
Income Tax : ITAT Mumbai held that services rendered by the appellant is taxable in Japan in accordance to Article 12 of the India-Japan DTAA h...
Income Tax : 42 Hertz Software India Pvt. Ltd. Vs ACIT (ITAT Bangalore) There is no dispute that the Assessee is entitled to claim Foreign Tax ...
Income Tax : Assessee who was Resident but not ordinarily resident in India was entitled to claim the credit of both state and federal taxes as...
Income Tax : As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only...
Income Tax : It is pertinent to note that the Central Board of Direct Taxes had issued Circular No. 7/2007 dated 23 July 2007 which provides th...
Income Tax : ADVISORY NO.: 45 Dated:- 14.07.2022 0/o PCDA(0) Pune, Public Relation office (PRO) Subject: Income Tax Demand Notice under section...
Income Tax : Foreign Tax Credit.- (1) An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in ...
Service Tax : Supply of tangible goods including machinery, equipments and appliance for use, without transferring right of possession and effec...
Section 295(2) (ha) of the Income Tax Act, 1961 provides that the CBDT (Board) may make Rules for the procedure for granting of relief or deduction, as the case may be, of any income tax paid in any country or specified territory outside India, under Section 90 or Section 90A or Section 91, against Income – tax payable under the said Act.
Form 26AS is the statement which provide the details of tax deducted (TDS) and tax collected (TCS), advance tax and self-assessment tax paid also contain details of regular assessment tax deposited by the taxpayers. Further, High-value Transactions in respect of immovable property, shares and mutual funds also covered in this statement. This statement is presented […]
Assessee who was Resident but not ordinarily resident in India was entitled to claim the credit of both state and federal taxes as per section 91 however, tax credit in respect of foreign income tax was restricted to actual income tax liability in India, in respect of income on which taxes had been so paid abroad.
26AS statement contains information regarding Advance Tax, Self Assessment Tax, Regular Assessment Tax, TDS, TCS credits available to taxpayer for claim in ITR alongwith information on refund, high value transactions and TDS defaults.
Below Procedure to take Foreign Tax credit (FTC) in India is Governed by Rule 128 of Income Tax Rules and Applicable form 01.04.2017. a. A resident assessee will be eligible to claim FTC if any tax has been paid by him in a country or specified territory outside India. b. Grant of FTC shall be […]
Form 26As can be viewed/ downloaded through e-filling website incometaxindiaefiling.gov.in, internet banking or TRACES website based on the choice of the taxpayer to view his tax credit. Note:‑ For records greater than 20,000 a download request for Form 26AS as a text file needs to be submitted at TRACES by its registered users. For any […]
As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax.
Foreign Tax Credit.- (1) An assessee, being a resident shall be allowed a credit for the amount of any foreign tax paid by him in a country or specified territory outside India, by way of deduction or otherwise, in the year in which the income corresponding to such tax has been offered to tax or assessed to tax in India, in the manner and to the extent as specified in this rule
Being environment friendly and being able to save a lot of money are a very good combination. To do these, your new best friends are The Energy Policy Act of 2005, The Energy Improvement and Extension Act of 2008 and The American Recovery and Reinvestment Act of 2009. These are the laws that contributed to […]
Rule 3(7)(b) of the CCR, 2004 has been amended vide Notification No.12/2015-Central Excise (N.T.), dated 30.04.2015 so as to allow utilisation of credit of Education Cess and Secondary & Higher Education Cess for payment of basic excise duty.
