tax payers articles

Pay Advance income Tax to avoid late payment Interest

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....

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Direct Tax Code- Proposed Changes in Transfer pricing regulations

The issue of transfer price affects various types of taxes. Under Custom Laws, special valuation branch examines the validity of the transaction value between associated enterprises. In Service Tax law, service tax has been imposed on import of service through reverse charge method and it is expected that Service Tax department would like...

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E-Filing of income Tax returns needs a close review

Despite the fact that CBDT has made commendable effort to devise suitable annexures for electronic filing, in practical parlance, the taxpayers usually face serious problems primarily because there is no space to give any further information which is considered relevant by an assessee to be filed along with the return....

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Posted Under: Income Tax |

Information on income tax can be disclosed under RTI

In a ruling that is bound to have ramifications, specially on big tax-payers , and in a move aimed at curbing tax evasion, the Central Information Commission has ruled that seeking information on income tax is not invasion of privacy. Ruling out that disclosure of information would lead to unwarranted invasion of the privacy of the indivi...

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Posted Under: Income Tax |

High-pitched assessments u/s. 147/143(3) of the Income-tax Act – Some remedies

After the judgment of the Supreme Court in the case of ACIT vs. Rajesh Jhaveri Stock Brokers (P) Ltd. delivered on 23-5-2007 and reported at (2007) 291 ITR 500 (SC), a large number of actions are being initiated u/s. 147/148 of the Income-tax Act, 1961 (‘the Act’ for short) and often high-pitched Income tax assessments are being made ...

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Posted Under: Income Tax |

Analysis of Circular no. 7/2009 issued to withdraw earlier circular pertaining to non-resident taxation

The Central Board of Direct Taxes (CBDT) had earlier issued a circular (Circular No. 23 dated July 23, 1969) clarifying the India tax liability of non-residents in respect of income accruing or arising through or from, a business connection in India. As per the aforesaid Circular 23, even if a business connection existed under section 9 o...

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Posted Under: Income Tax |

Income-tax Ombudsman : An appraisal

The institution of the Ombudsman has been functioning in Mumbai . This is perhaps a good time to assess how it has functioned so far and what needs to be done to improve its effectiveness....

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Posted Under: Income Tax |

Experts view on FM statement on Tax treaty renegotiation with 77 countries

This tax treaty controversy is snowballing. First it was just the India Mauritius Double Tax Avoidance Treaty that was under a shadow and has been that way for a couple of years then the proposed Direct Tax Code released in August this year proposed a Treaty of Override Clause. Tax experts and India Inc are up in arms because if the code ...

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Posted Under: Income Tax |

New Tax Code – Favouring the Millionaires and Bullying the Others

DIRECT TAX CODE BILL, 2009 was unveiled by our Hon. Finance Minister on 12th August 2009 and has been placed in the public domain for an analytical study and critical review of all its clauses. It seeks to consolidate and amend all the Laws relating to the Direct Taxes....

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Posted Under: Income Tax |

Five easy to follow Security tips for Indian tax payers filing their return online

It’s that time of the year again when you need to file your end of year income tax return, but is the plethora of paperwork bogging you down? The Indian government has just made things easier by launching the facility of filing your income tax returns online. The advantages of filing your income tax returns […]...

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Posted Under: Income Tax |

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