Income Tax : Discover the tax benefits for senior and very senior citizens for FY 2022-23, including higher exemption limits, interest deductio...
Income Tax : Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation in...
Income Tax : Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within s...
Income Tax : Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu U...
Income Tax : Under the provisions of Section 56(2)(vi) certain gifts are liable to income tax as income from other sources. However, this provi...
Income Tax : Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the...
Income Tax : National Securities Depository Limited (NSDL) processes PAN and TAN applications on behalf of Income Tax Department. With a view t...
Income Tax : As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai....
Income Tax : Tax defaulters beware! With tax recovery to the tune of more than Rs one lakh crore held up for lack of information about the wher...
Goods and Services Tax : Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Asse...
Service Tax : The making and sale of advertising materials for customers in the form of banner or hoarding or film-slide, etc. is `advertisement...
Income Tax : Search & seizure action u/s 132 was undertaken at the assessee’s premises. Thereafter an order of provisional attachment u/s 281...
Income Tax : 6. We have verified the orders and heard:the rival contentions. There is no dispute that there was a qualification in the auditors...
Income Tax : 3. We have duly considered the rival contentions and gone through the records carefully. Learned Assessing Officer as well as lear...
Income Tax : 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 ap...
Goods and Services Tax : Considering the genuine difficulty faced by the Trade in this respect, the instructions contained in Trade Circular No.8T of 2005 ...
Income Tax : Ministry of Law & Justice, Department of legal Affairs, New Delhi Notification Dated : 3rd June 2009 GSR 889 (E). In exercise of t...
Finance : Accounting for taxes on income – Accounting Standard 22 – Treatment of deferred tax assets (DTA) and deferred tax liab...
Income Tax : Notification No. 47/2009 - Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Incom...
Income Tax : CIRCULAR NO. 02 / 2009 One of the fundamental principles of financial accounting is that if a person claims credit for payment o...
Whereas the annexed Convention between the Government of Republic of India and the Council of Ministers of Serbia and Montenegro for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital was signed at New Delhi on the 8th day of February, 2006; And whereas the State Union of Serbia and Montenegro was disintegrated into two independent States after Montenegro’s formal declaration of independence on 3rd June, 2006 and Serbia’s formal declaration of independence on 5th June, 2006;
A number of trusts, societies and other organization avail exemption under Section 11 or Section 10(23C) by virtue of having income derived from property held under trust wholly for charitable or religious purposes, to the extent of the application of such income. Background of amendment Section 2(15) of the Act defines the term ‘Charitable Purpose’, […]
The income tax department website which is used by lakhs of tax payers to file their returns online will soon be revamped along with a new website address or URL. The new online facility will host of several user-friendly features. The department’s Uniform Resource Locator (URL) – www.incometaxindia.gov.in – is undergoing pilot tests and would […]
The Central Board of Direct Taxes have ordered that any return of income for the assessment year 2008-09 filed electronically on 30 th September 2008, in respect of which the electronic acknowledgement bears the date stamp of 1 st October 2008, shall be treated as having been filed within the due date, i.e. 30 th September 2008.
The government is considering a proposal to double the income tax exemption limit on housing loans to Rs 3 lakh from the current level of Rs 1.5 lakh, according to government sources. The proposal is being discussed by the committee of secretaries that was set up in the wake of the global financial crisis affecting the Indian economy. Industry lobby groups have been urging the government to raise the limit as it will reduce the cost of borrowing on home loans.
Circular No. 11/2008-Income Tax Definition of ‘Charitable purpose’ under section 2(15) of the Income tax Act, 1961 – reg.Section 2(15) of the Income Tax Act, 1961 (‘Act’) defines “charitable purpose” to include the following:- (i) Relief of the poor (ii) Education (iii) Medical relief, and (iv) the advancement of any other object of general public utility.
NOTIFICATION NO. 107/2008, DATED 11-12-2008 An application for approval under clause (iia) of sub-section (1) of section 35 by a company shall be made in duplicate in Form No. 3CF-III, to the Commissioner of Income-tax having jurisdiction over the applicant, at any time during the financial year immediately preceding the assessment year from which the approval is sought.
More than 8,000 officers of the Income Tax department across the country have become tech-savvy as the government has provided them with brand new laptops under an incentive scheme. The laptops have the advanced Windows Vista Business operating system with an encrypting file feature, a password protected shared documents folder, a two GB Random Access Memory (RAM), four USB drives and an extended battery backup system.
CIT VS. SIEMENS AG (BOMBAY HIGH COURT) If the Tribunal has answered an issue and that has not been challenged by the revenue, it will not be open to the revenue to raise the said issue again in respect of the same assessee; The judgement of the Supreme Court in Ishikawajima-Harima Heavy Industries vs. DIT 288 ITR 408 (SC) has been overcome by the Explanation to s. 9 inserted by the FA 2007 which provides that income from royalty paid by a resident would be deemed to accrue in India even if the recipient has no PE
MUSTAQ AHMED VS. DIT (AAR) Where the income is actually received or has accrued in India, the resort to deeming provision is not warranted and s. 5(2) is sufficient to create a charge in respect of non-resident’s income. Clause (b) to Explanation 1 makes no difference to this position.
