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...
Disallowance of travel by employees: the assessee had calculated the disallowance under Rule 6D with total number of travels undertaken by each employee during the year. This means that the disallowance was worked after setting off disallowables on one trip against the deficit in another trip in respect of each employee. However, the Assessing Officer observed that this disallowance under Rule 6D has to be computed with respect to each travel and ultimately, made an addition of Rs.2,00,000/ – which was confirmed by the ld. CIT(A).
The Central Board of Direct taxes have extended the last date of filing of income tax /fringe benefit tax returns due by 31st October 2007 as follows:- For electronic returns (companies, and firms requiring tax audit u/s 44AB) to 15th November 2007; and For paper returns (other than those required to file electronic returns) to 2nd November 2007. It is further clarified that the dates for obtaining tax audit report under section 44AB of the Income Tax Act have also been extended accordingly.
As you may be aware, the Finance Act, 2007 amended the provisions of the Income-tax Act, 1961 to provide that employers will be liable to pay FBT (fringe benefit tax) on the value of ESOPs granted to employees as and when the ESOPs were allotted or transferred to the employees. The value of ESOPs for the purposes of levy of FBT shall be the FMV (fair market value) of the ESOPs on the date of vesting of the options as reduced by the amount actually paid, or recovered from, the employee. On October 23, the Central Board of Direct Taxes (CBDT) notified the insertion of Rule 40C in the Income-tax Rules, 1962, specifying the computation of FMV.
Warrant of authorisation issued by Addl Director without proper authority – entire search and assessment consequent to such invalid search is bad in law and annulled -ITAT. The warrant of authorization issued in the present case by the Addl. Director of Income Tax (Investigation) has therefore to be held without proper authority and the entire search as well as the assessment proceedings consequent to such invalid search has to be held bad in law and annulled.
THE assessee company was incorporated with the main object of acquiring a holding of equity and preference shares of companies engaged in the business of cement, ready mix and aggregate and to provide financial management. It was the first return of the assessee company. The Assessing Officer noted that the total capital was at Rs.209.33 crores which was raised during this year, out of which a sum of Rs.207.78 crores was invested in the shares of Lafarge India Ltd. The assessee company also earned interest on fixed deposits of Rs.2,28,000/ – against which, it had claimed administrative and other expenses to the tune of Rs.2,69,85,000/ -.
THE assessee approached CIT(A) in appeal whereby CIT (A) allowed interest on refund of interest paid u/s 243B of the Income Tax Act. And predictably, the Revenue moved Tribunal in appeal against the said order.In this case, the refund is out of payments made by the assessee, clause (b) of sub-section (1) of section 244A would be workable as the date of payment by the assessee of the amount refunded is known with which the interest is to run.
The Finance Ministry has passed on certain powers of an income-tax assessing officer to the tax recovery officer (TRO) in the I-T department. A TRO has been given power to rectify the mistakes apparent from the face of record regarding tax demanded from a taxpayer, official sources said. Hitherto, a TRO could not exercise any […]
NOTIFICATION NO. 264/2007, DATED 23-10-2007 Valuation of specified security or sweat equity share being a share in the company. 40C. (1) For the purposes of clause (ba) of sub-section (1) of section 115WC, the fair market value of any specified security or sweat equity share, being an equity share in a company, on the date on which the option vests with the employee, shall be determined in accordance with the provisions of sub-rule (2) or sub-rule (3).
In a ruling which could affect tax payments of thousands of employees of Indian IT companies earning mega bucks on overseas assignments, the Authority of Advance Rulings (AAR) has said that that there was no escape from paying tax on the amount earned during a stint with the employer’s foreign affiliates.
Q1 : Whether the Income-tax Act, 1961 is applicable to all the Voluntary Organisations who are engaged in socio-economic development programmes in India ? Please clarify. Ans : The Income Tax Act, 1961, is applicable to Voluntary Organisations which are engaged in public charitable or religious activity. Hence, Voluntary Organisations which carry out socio-development programmes […]
