Income Tax Deductions - Page 44

Whether the ITAT was correct in law in deleting the addition of interest income from FDRs amounting to Rs.6,85,624/- under the head “Income from Other Sources” by treating it as business income

CIT, Delhi Vs M/s. Mereena Creations (Delhi High Court)

In the present case the assessee had taken loans from the bank on which the interest was paid and as a security for those loans, FDRs in question were kept with the bank and, therefore, the assessee was entitled to the netting of interest for the interest income and expenses thereto. This is also categorically answered in Shri Ram Honda (...

Read More

If condition laid down under Section 80IA(10) are not satisfied that Sub Section cannot be invoked and no disallowance of deduction can be made

Income Tax Officer (Ahmedabad) Vs J.H. Kharawala Pvt. Ltd. (ITAT Ahmedabad)

Assessing Officer has not made out any case for disallowing even a part of deduction allowable under Section 80IA. Once any condition laid down under Sub Section 10 of Section 80IA are not satisfied that Sub Section cannot be invoked and therefore no disallowance of deduction under that section can be made....

Read More

CBDT directed to re-opening of all cases under the search and seizure label and those claimed deduction u/s. 80IB, 80A

The Central Board of Direct Taxes ( CBDT) has directed re-opening of all cases under the search and seizure label, income-escaping assessments and deductions claimed from profits and gains on all eligible businesses....

Read More
Posted Under: Income Tax |

Summary of Amendments made by Maharashtra Value Added Tax (2nd Amendment) Rules 2009, dt 18th June 2009 w.e.f 01st July 2009

On 18th June 2009 the Government of Maharashtra has passed the Maharashtra Value Added Tax (2nd Amendment) Rules 2009 These amendments are brought into effect from 1st July 2009 unless otherwise specified. Following are the amendments which are made in the MVAT Rules: – ...

Read More
Posted Under: Income Tax |

New direct tax code and taxability of Provident Fund

It’s Traditionally  been viewed as a retirement saving tool and one that allows you to avail of tax deductions. In fact, you will find that most conversations about provident funds only take place during the income-tax filing season, or when salaried individuals are retiring or leaving one organisation for another. In fact, fairly ...

Read More
Posted Under: Income Tax |

Bombay High Court admit appeal against Shah Rukh Khan

The Bombay High Court on Wednesday admitted an appeal filed by the Income Tax (IT) department against actor Shah Rukh Khan for the tax deductions allowed on his income earned as the brand ambassador for Swiss luxury watch company Omega....

Read More
Posted Under: Income Tax |

Download Direct Tax Code 2009 and main highlights of the same

Finance Minister Pranab Mukherjee on August 10 released the New Draft Direct Tax Code. The draft, which is expected to radically change the tax structure, will now be open for discussion after which it will take the form of law. The finance minister had in his budget promised to deliver a new code within 45 […]...

Read More
Posted Under: Income Tax |

Foreign companies can also claim benefit of lower Rate of Tax on Capital Gain from securities transaction

Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerned, according to an order by the Authority for Advance Rulings (AAR). Giving its ruling in a case related to UK-based Fujitsu Services, AAR said the company should also be given an option of paying tax at [&hell...

Read More
Posted Under: Income Tax |

Allowability of expenditure incurred by foreign company before RBI approval

Income Tax Appellate Tribunal (ITAT) has ruled that foreign companies can claim tax deduction on expenses incurred in setting up a project office in India even if the mandatory approval from the Reserve Bank of India comes subsequently.  The ruling was issued in the case of Stork Engineers & Contractors of the Netherlands, which was ...

Read More
Posted Under: Income Tax |

Budget aimed at Rationalisation of provisions related to TDS

Tax deduction at source is a method of collecting taxes on behalf of the Government at the time of payment or credit. The Income-tax Act casts a legal responsibility on the deductor to deduct tax on the correct amount, at the correct rate and deposit it to the Government account. The TDS rates are specified […]...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,050)
Company Law (4,455)
Custom Duty (7,214)
DGFT (3,865)
Excise Duty (4,183)
Fema / RBI (3,614)
Finance (3,836)
Income Tax (29,089)
SEBI (3,054)
Service Tax (3,429)

Search Posts by Date

March 2019
M T W T F S S
« Feb    
 123
45678910
11121314151617
18192021222324
25262728293031