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 : 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 : 6. We have heard the rival contentions and carefully perused the orders. The short question here is whether credits for tax paid a...
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...
It is pertinent to note that the Central Board of Direct Taxes had issued Circular No. 7/2007 dated 23 July 2007 which provides the procedure and circumstances for refund of tax deducted at source under section 195 of the Act to the tax deductor. How
It was zero-tax companies, which were profitable and paid dividends to shareholders but owing to various deductions/sops available under the tax laws did not have a taxable income and thus did not pay tax, that caught the attention of the legislators and led to the introduction of MAT. Under the existing provision a company is liable to pay minimum tax u/s. 115JB on its book profit @ 10% if the tax payable by such company on the total income under the other provisions of the Act is less than the tax payable under MAT. The credit of taxes such paid can be carried forward u/s. 115 JAA for 7 years to be set off against the tax liability arising under the other provisions of the Act. At the same time the section provides for the specific additions and deductions that are to be made to book profit in order to arrive at the profit as per section 115JB of the Act.
As a first step towards simplifying and bringing about structural changes in direct taxes, the new Direct Taxes Code („Code?) Bill 2009 has been released for public debate. This is expected to be presented in the winter session 2009 of the Parliament. The Code, once enacted, is proposed to be effective from 1st of April 2011.
The reasons in support of and also against the issue under consideration have been set out above. The reasons in support of the argument that, amalgamated company can claim MAT credit of amalgamating company after merger, appears to be reasonable. Such conclusion would also be in accord with the purposive interpretation of the relevant provision. However, the tax authorities may be reluctant to allow MAT credit of the amalgamating company to amalgamated company. This may entail a tax demand and other consequences such as levy of interest and penalty on the amalgamated company. To avoid the levy of interest, one may take a pro-revenue stand while paying taxes, but adopt the liberal view while filing returns.
With a new initiative, NSDL enhances Form 26AS viewing facility at internet banking account of PAN holder. For this purpose NSDL has already made the necessary arrangement with all banks under OLTAS. These banks would enable the link for Form 26AS at their Internet Banking pages.
Easily view your tax credit online: check the advance tax paid and TDS deducted by registering for this convenient service.
Understand the annual tax statement (ATS) and how it provides details about tax deducted at source (TDS) or tax collected at source (TCS).
6. We have heard the rival contentions and carefully perused the orders. The short question here is whether credits for tax paid as provided in section 115JAA of the Act has to be given before charging of interest u/s 234A & 234B or after charging of interest u/s 234A and 234B of the Act, in the later years, when such credit is claimed. Even, before the substitution of Explanation 1
In a landmark judgment Commissioner of Income Tax, Chennai Versus Chemplast Sanmar Limited – 2009 -TMI – 33295 – MADRAS HIGH COURT involving a question of law Honorable Court of Madras (Chennai) has upheld the decision of honorable Tribunal in the matter of CHEMPLAST SANMAR LTD. Versus DEPUTY COMMISSIONER OF INCOME TAX. Facts of the Case: Assessee is a […]
Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider; once it is found that Cenvat credit was irregularly availed by the assessee and by implication to that extent the service tax on the output service was short paid, it has to be recovered under Rule 14 of the Cenvat Credit Rules, 2004.
