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 ...
An Indian company engaged in computer software business set up a trading office in Japan. The company’s Japan branch suffered loss, which it claimed as deduction from profits earned in India. The assessing officer, however, held that since the profits of the trading office are taxable in Japan only, any loss incurred by the firm in respect of its trading office is not allowable as deduction from the income which is taxable in India.
