Income Tax : The ruling explains strict compliance requirements for specified domestic transactions, including maintaining detailed documentati...
Income Tax : Learn about Tax Deducted at Source (TDS), its purpose, scope, and the applicable deduction rates for FY 2025-26 under various sect...
Income Tax : There are a lot of securities available to you to reduce your tax liability .Chapter VIA offers you so many opportunities. Sec 80 ...
Goods and Services Tax : Again in Sec. 50(1), the word used ‘Tax’ and not ‘Total Tax Liability’, so interest should be calculated on net tax amount...
Goods and Services Tax : What is Audit Report in Form 704? Ans : It is a report under section 61 of MVAT ACT, 2002 to be submitted by eligible dealer withi...
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 : Terming the $2.6 billion tax liability on the company as 'inequitable', UK-based Vodafone today questioned the Indian authorities ...
Income Tax : The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second installment of arrears due to central g...
Income Tax : The Central Board of Direct Taxes (CBDT) has set up a committee to formulate rules for the safe harbour provisions—a set of rule...
Income Tax : The government will allow companies to adjust the fringe benefit tax (FBT) paid by them against the advance tax due in the March q...
Service Tax : CESTAT Chennai held that as there is no tax liability on the advance amount received by the appellant, demand of interest thereon ...
Corporate Law : In present facts of the case, the National Commission while relying upon the RBI Circular dated July 6, 2017 observed that there w...
Income Tax : If we agree with this submission of the Id. A.R that as the ultimate tax liability of the assessee together with its AE does not v...
Income Tax : However, in view of the fact that the agreement has been accepted as genuine in the hands of one of the parties and economic conse...
Service Tax : Learned Chartered Accountant submits that the excess amount paid in the subsequent period may be treated as mere deposit which can...
Goods and Services Tax : The sub-rule (1) provides the different forms of returns to be filed by various categories of dealers. Earlier, the dealers. used ...
Goods and Services Tax : Nothing in this paragraph shall apply to the said registered dealer unless he applies to the Joint Commissioner of Sales Tax (Retu...
Goods and Services Tax : TRADE CIRCULAR Mumbai, Dt.25.03.2009, No.LTR-2009/ 1/Adm-29/ B-139 , Trade Cir. No. 11 T of 2009 Sub: Luxury T...
Under the existing provisions of section 208 the Income-tax Act, liability for payment of advance tax during a financial year arises when the amount of such tax payable during that year is Rs.5,000/-or more. This limit was fixed in 1996. With a view to providing for inflation adjustment, it is proposed to raise the threshold limit […]
Foreign firms earning through underwriting services in India without having a permanent establishment here will not be required to pay tax on that income, tax tribunal said in a ruling. Income Tax Appellate Tribunal (ITAT) gave this ruling in case of over Rs nine crore payment by auto maker Mahindra and Mahindra
10.1 It is the common stand of both – the applicant and the Revenue, that the nature of income arising from the transfer of the applicant’s participating interest in Amguri block to the proposed partnership firm, shall be capital gains. Where they differ is regarding the mode of computation of that income. Whereas the applicant submits that sub-section( 3) of section 45 of the Act provides a particular mode
In a move to plug loopholes that led to the alleged tax evasion by telecom giant Vodafone, the Income-Tax Department will make it mandatory for firms to submit information to it online before remitting payments to foreign companies, from July this year. “The information … shall be furnished electronically to the website designated by the […]
TRADE CIRCULAR Mumbai, Dt.25.03.2009, No.LTR-2009/ 1/Adm-29/ B-139 , Trade Cir. No. 11 T of 2009 Sub: Luxury Tax on luxuries provided in hotels from 1st May 2004 to 30th April 2005. Ref: 1) Notification No.LTA-1090/ 179/ Taxation-2 dated 21st January, 1992. 2) Notification No.LTA-1090/ CR-47/ Taxation-2 dated 18th November, […]
11. Section 244A has been inserted on the statute by the Direct Tax Laws (Amendment) Act, 1989 we f. 1st day of April 1989 and it has been inserted in lieu of Section 214 243 and 244. Sub-section (1) of Section 244A provides for granting of refund by the Revenue to the assessee in the cases where payment of advance tax and TDS exceeds the tax liability In the present case, there is no dispute so as for the entitlement of assessee to get refund, but the controversy is regarding the period which is to be excluded as per provisions of Section 244A (2).
IT is turning out to be a double whammy of sorts for companies that have taken a hit on account of mark-to-market (MTM) losses due to their exposure to forex derivatives. These companies may find it difficult to convince the income tax (I-T) department to allow MTM losses as deduction. Sources in the I-T department pointed out that there are no specific provisions in the Income Tax Act dealing with this issue. Moreover, there are no precedents or case laws that clearly define the treatment of losses incurred by companies.
THE variety of information which is nowadays being sought under the RTI Act has indeed grown in quality and magnitude. One such quality question was volleyed at the CBDT which is related to Sec 11 of the Income Tax Act.
