Income Tax : Clubbing of income rules (Sections 60-64) in tax law prevent income diversion. Covers transfer of income without asset, revocable ...
CA, CS, CMA : Overview of India’s taxation system under the Constitution, covering direct and indirect taxes, GST, powers of Union and States,...
Income Tax : Explore non-tax revenue, its sources, and how it supports government finances, reducing reliance on taxes and funding public servi...
Income Tax : A provision does not become an exemption provision merely because the marginal notes to the section or the heading of the section ...
CA, CS, CMA, Income Tax : Understanding the tax implications of life insurance policy maturity. Learn about the exceptions and conditions for tax-free amoun...
Income Tax : Is Tarun Tahiliani, one of India’s leading fashion designers, an artiste? Those who admire his creations might think so, but not...
Income Tax : Income Tax department has claimed Rs 30,000 crore from companies that have violated provisions under the minimum alternate tax. So...
Income Tax : Your tax burden has just gone up, with the government today issuing the new guidelines for taxation of perquisities. In fact, it c...
Income Tax : NEW DELHI: The I-T authorities have slapped a tax liability of Rs 300-400 crore on realty leader DLF over what they called underst...
Income Tax : Stockbrokers who have been taking advantage of the ambiguity in the Income Tax Act rules to reduce their tax payouts could be in f...
Income Tax : Unfortunately, for the appellant NBFCs. are not covered by Section 36(l)(viia) of the I.T Act and so much so, explanation to secti...
Income Tax : Section 271(1)(c) of the Income-tax Act, 1961 (“the Act”) empowers the Assessing Officer (“AO”) to levy penalty if he is s...
Income Tax : The assessee, a share broker, purchased shares on behalf of its client and paid for them. The brokerage on the said transaction wa...
Income Tax : Section 153A(1) contains non-obstante clause and hence provisions of this section will over-ride the provisions of section 139, se...
Income Tax : The assessee made payments to a foreign company for purchase of ‘shrink-wrapped’/ready-made software without deduction of tax ...
Section 271(1)(c) of the Income-tax Act, 1961 (“the Act”) empowers the Assessing Officer (“AO”) to levy penalty if he is satisfied that the assessee has concealed the particulars of income or furnished inaccurate particulars of income. A new section 271(1B) was introduced by the Finance Act, 2008 with retrospective effect from 1 April 1989, providing that in a case where an addition/disallowance has been made in computing taxable income/loss, a direction given by the AO to initiate penalty proceedings would deem to constitute „ satisfaction? for initiation of penalty proceedings.
S. 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income). The operative part of this Section reads as under :
In this article we will try to figure out the true picture of US economy through some prime indicators and the probable ways by which US economy can try to come out of the dark woods. We will try to find the trend, analyse and foresight the future of the US economy.
The assessee, a share broker, purchased shares on behalf of its client and paid for them. The brokerage on the said transaction was offered to tax. As the client did not pay for the shares, the assessee wrote off the amount due and claimed the same as a bad debt u/s 36 (1) (vii). The AO rejected the claim on the ground that as the said “debt” had not “been taken into account in computing the income”,
Section 153A(1) contains non-obstante clause and hence provisions of this section will over-ride the provisions of section 139, section 147, section 148, section 149, section 151 and section 153 of the Act. Under section 153A(1) the assessing officer is empowered is empowered to issue notices to the assessee searched for a period of six year sin order to assess the income on the basis of material found during the course of search.
The new code attempts to change the methodology of taxation of business profits from the existing model where the taxable income is equal to business profits with specified adjustments even though this model does not provide for items of receipts which form part of business profit and deduction to be made there from.
The assessee made payments to a foreign company for purchase of ‘shrink-wrapped’/ready-made software without deduction of tax at source u/s 195 (1). The AO held that the payments were chargeable to tax in the hands of the foreign company as “royalty” u/s 9 (1) (vi) and that the assessee was liable u/s 201 for non-deduction of tax and interest thereon.
Under the existing provisions of Section 44BB of the Act, which has non-obstante clause overriding the other provisions of the Act, non-resident service providers to oil & gas industry enjoy a tax regime wherein 10% of the gross receipts are deemed to be their income and tax is levied at the rate of 42.23% on […]
The finance ministry is considering a proposal to extend the tax exemption on inter-corporate dividends further down the chain of corporate subsidiaries in the upcoming Union Budget, a long-standing demand from India Inc. “The proposal is under consideration but a final decision has not been taken,” said a senior government official. The move is expected […]
NEW DELHI: The I-T authorities have slapped a tax liability of Rs 300-400 crore on realty leader DLF over what they called understatement of income and fund diversion by the company. The liability was raised after a special audit by the Income Tax department in the accounts of DLF for the year 2005-06. With the kind of […]
