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...
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.
Tax deducted at source (TDS) credit can now be availed by persons other than the deductees. This has been clearly articulated by the Central Board of Direct Taxes (CBDT) in a new rule on TDS credit availment. Bringing relief and certainty to taxpayers, the CBDT has also spelt out the situations and the procedure through […]
Supply of tangible goods including machinery, equipments and appliance for use, without transferring right of possession and effective control of such tangible goods is a taxable service in terms of provision of Section 65 (105) (zzzzj) of the Finance Act, 1994. In some case, vehicles, aircrafts, vessels etc., are also supplied in the above manner and such activities also fall under the said taxable service.
The Income Tax Department (ITD) creates Annual Tax Statement of each taxpayer using their Permanent Account Number (PAN) as identifier. The tax statement contains details of tax paid by the taxpayer himself (self assessment/advance tax) and also details of tax deducted/collected from him during the financial year.
