tax payer

Hurry up and pay advance tax to avoid exorbitant interest later

Income Tax - The Government believes that the tax payers should discharge their income tax liability simultaneously while earning and expects you to Pay as your earn. This philosophy is implemented through two modes....

Read More

Double Tax Avoidance Agreements & Taxation

Income Tax - The Double Tax Avoidance Agreement (DTAA) is essentially a bilateral agreement entered into between two countries. The basic objective is to promote and foster economic trade and investment between two Countries by avoiding double taxation....

Read More

How to open your ITR V / ITR Acknowledgement

Income Tax - By now, many of you would have filed several tax returns of your clients or your own companies or even your own returns. It has been brought to our notice that this year, whenever an ITR form is filed electronically without the digital signature, the system shows that the ITR-V has been e-mailed to the e-mail ID registered with the Income...

Read More

Expenses disallowed in the hands of the Company cannot be added in the taxable income of the Director of the Company

Income Tax - The Income-tax Appellate Tribunal, Mumbai in the case of Mrs. Bakhtawar B Dubash v. DCIT, Mumbai (ITA No. 403 1/Mum/03), Mrs. Sudha D Dubash v. DCIT, Mumbai ( ITA No. 4032/Mum/03) has held that an amount disallowed in the hands of the Company for corporate tax purposes, should not be taxed again in the hands of its Director as the same a...

Read More

New direct tax code for salaried persons

Income Tax - In the previous chapter we studied the impact of proposed tax rates and concluded it is more in favour of the rich and not for middle income group. A similar view has also been expressed by group of Senior Income Tax Officials in which they have stated “under the garb of providing long term stability in the tax regime, the tax code in f...

Read More

Increase in Number of Income Tax Tax Payers in Last Three Years

Income Tax - Increase in Number of Tax Payers in the Last Three Years    The numbers of taxpayers have increased in the country during the last three years.  The number of income-tax assessees (taxpayers) for past three years is as under: Assessment year Number of assessees* 2011-12 43867006 2012-13 47868755 2013-14 51085906** *the data is based o...

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CBDT will make assessments more transparent

Income Tax - Individuals as well as corporates may have fewer occasions to meet the taxmen in future. The Central Board of Direct Taxes (CBDT) is thinking of putting in place a system in which taxpayers do not meet the assessing officer or any tax official for routine assessments. In the system being envisaged by the country’s tax regime, the tax pa...

Read More

Budget 2010 may have anti-avoidance provisions to check evasion of tax

Income Tax - The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exclusively for the purpose of evading paying taxes in India. The finance ministry, said revenue department officials, is contemplating the idea of vesting powers with the commissioners of Income-tax (I-T) to decl...

Read More

Commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel

Income Tax - To ensure impartiality in adjudication of transfer pricing disputes, the Central Board of Direct Taxes (CBDT) has decided that commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel. This panel is being set up by CBDT to resolve disputes arising from transfer pricing assessments....

Read More

Due date for filing Income Tax Return been extended by one month in Pune, Sangli and Kolhapur

Income Tax - The Government today extended the date for filing of income tax returns by a month in three districts of Maharashtra.”The due date of filing income tax returns, due by September 30, 2009, of tax payer assessed to income tax in the districts of Pune, Sangli and Kolhapur, has been extended to October 31, 2009,”the Central [&hell...

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Recent Posts in "tax payer"

Hurry up and pay advance tax to avoid exorbitant interest later

The Government believes that the tax payers should discharge their income tax liability simultaneously while earning and expects you to Pay as your earn. This philosophy is implemented through two modes....

Read More
Posted Under: Income Tax | ,

Increase in Number of Income Tax Tax Payers in Last Three Years

Increase in Number of Tax Payers in the Last Three Years    The numbers of taxpayers have increased in the country during the last three years.  The number of income-tax assessees (taxpayers) for past three years is as under: Assessment year Number of assessees* 2011-12 43867006 2012-13 47868755 2013-14 51085906** *the data is based o...

Read More
Posted Under: Income Tax |

Double Tax Avoidance Agreements & Taxation

The Double Tax Avoidance Agreement (DTAA) is essentially a bilateral agreement entered into between two countries. The basic objective is to promote and foster economic trade and investment between two Countries by avoiding double taxation....

Read More
Posted Under: Income Tax | ,

How to open your ITR V / ITR Acknowledgement

By now, many of you would have filed several tax returns of your clients or your own companies or even your own returns. It has been brought to our notice that this year, whenever an ITR form is filed electronically without the digital signature, the system shows that the ITR-V has been e-mailed to the e-mail ID registered with the Income...

Read More
Posted Under: Income Tax | ,

CBDT will make assessments more transparent

Individuals as well as corporates may have fewer occasions to meet the taxmen in future. The Central Board of Direct Taxes (CBDT) is thinking of putting in place a system in which taxpayers do not meet the assessing officer or any tax official for routine assessments. In the system being envisaged by the country’s tax regime, the tax pa...

Read More
Posted Under: Income Tax |

Expenses disallowed in the hands of the Company cannot be added in the taxable income of the Director of the Company

Mrs. Bakhtawar B Dubash Vs. DCIT & Mrs. Sudha D Dubash v. DCIT [ITAT Mumbai]

The Income-tax Appellate Tribunal, Mumbai in the case of Mrs. Bakhtawar B Dubash v. DCIT, Mumbai (ITA No. 403 1/Mum/03), Mrs. Sudha D Dubash v. DCIT, Mumbai ( ITA No. 4032/Mum/03) has held that an amount disallowed in the hands of the Company for corporate tax purposes, should not be taxed again in the hands of its Director as the same a...

Read More

Budget 2010 may have anti-avoidance provisions to check evasion of tax

The forthcoming Union budget may have an anti-avoidance provision, which can effectively check convoluted transactions devised exclusively for the purpose of evading paying taxes in India. The finance ministry, said revenue department officials, is contemplating the idea of vesting powers with the commissioners of Income-tax (I-T) to decl...

Read More
Posted Under: Income Tax |

Commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel

To ensure impartiality in adjudication of transfer pricing disputes, the Central Board of Direct Taxes (CBDT) has decided that commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel. This panel is being set up by CBDT to resolve disputes arising from transfer pricing assessments....

Read More
Posted Under: Income Tax |

New direct tax code for salaried persons

In the previous chapter we studied the impact of proposed tax rates and concluded it is more in favour of the rich and not for middle income group. A similar view has also been expressed by group of Senior Income Tax Officials in which they have stated “under the garb of providing long term stability in the tax regime, the tax code in f...

Read More
Posted Under: Income Tax |

Due date for filing Income Tax Return been extended by one month in Pune, Sangli and Kolhapur

The Government today extended the date for filing of income tax returns by a month in three districts of Maharashtra.”The due date of filing income tax returns, due by September 30, 2009, of tax payer assessed to income tax in the districts of Pune, Sangli and Kolhapur, has been extended to October 31, 2009,”the Central [&hell...

Read More
Posted Under: Income Tax |
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