Income Tax : Explore the changes in taxation of debt mutual funds pre and post April 2023. Learn about impacts, benefits, and strategies. Inves...
Income Tax : In our tribute to top 25 GDP nations of the world, South Korea has shown a remarkable story to be written in golden letters. Like ...
Income Tax : Section 80P: Deduction in respect of Income of Co-operative Societies In case of all co-operative societies, except co-operative b...
Income Tax : Arjun (Fictional Character): Krishna, nowadays more and more people are making investments in mutual funds through SIPs? Krishna(F...
CA, CS, CMA : Understand the taxation rules for political parties. Learn about the conditions for excluding certain incomes and maintaining prop...
Income Tax : Reeling under the impact of global slowdown and a high interest rate regime, India Inc on Monday demanded that tax rates be retain...
Income Tax : Finance Minister Pranab Mukherjee today said the government is negotiating changes in a tax treaty with Mauritius, the country whi...
Income Tax : Five crore commemorative coins of Rs 5 denomination, unveiled recently to celebrate 150 years of taxation, will be minted for publ...
Income Tax : India signed Tax Information Exchange Agreements (TIEA) with various countries to avoid tax evasions and fiscal frauds such as mon...
Goods and Services Tax : The Maharashtra Sales Tax department is taking steps to apply more caution while disposing of VAT refund applications following di...
Income Tax : The applicant is a US-based manufacturer engaged in manufacturing of engineering goods and is also an R&D-based service provider. ...
Income Tax : The penalty proceedings and the assessment proceedings both are different. Explanation 1to section 271(1)(c) in respect of any fac...
Income Tax : A partnership firm is a separate entity than that of its partners under the Income-tax Act and therefore, partners vis-à-vis part...
Income Tax : As can be seen from the above the adjustment made by the assessee is according to the provisions of the Act. Since both the indust...
Income Tax : I have duly considered the rival contentions and the material en record. The perception of the CIT that the profit is low prompted...
Goods and Services Tax : Representations from various Trades and Associations have been received with a request to extend the due date for submission of Au...
Service Tax : Legal Consultancy Services provided from outside India, in relation to immovable property shall be deemed to be import of service...
Goods and Services Tax : In exercise of the powers conferred by sub-section (1) of section 42 of the Maharashtra Value Added Tax Act 2002 [Mah IX of 2005] ...
Income Tax : CIRCULAR NO-2/2008-Income Tax Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/...
Income Tax : CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund ...
In exercise of the powers conferred by sub-section (1) of section 42 of the Maharashtra Value Added Tax Act 2002 [Mah IX of 2005] the Government of Maharashtra hereby amends the Government Notification, Finance Department, No. VAT-1505/CR- 105/Taxation 1 dated the 1st June 2005 as follows namely.
According to income tax officials, Section 55(2) of the I-T Act estimates the cost of right to carry on any business as nil. However, non-compete compensation received by a person carrying on a reputed business is not explicitly covered in the clause right to carry on any business and is claimed as capital receipt. The department has favoured an amendment to Section 28 of the I-T Act to exclude such compensation from the list of capital transactions. The non-compete fee is shown as capital receipt and thus gets exemption.
Income tax relief could be in store for US-bound students with New Delhi planning to seek changes in the Double Taxation Avoidance Agreement. Indian students have to pay an income tax on earnings from part-time jobs. This is because the India-US tax treaty provides for treatment of Indian students on a par with US nationals without giving a special tax relief.
CIRCULAR NO-2/2008-Income Tax Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/12/2007, has decided to permit all classes of investors (individuals, institutional, etc.) to short sell. Further, with a view to provide a mechanism for borrowing of securities to enable settlement of securities sold short, SEBI has also decided to put in place a full-fledged Securities Lending and Borrowing (SLB) Scheme for all market participants in the Indian securities market under the overall framework of “Securities Lending Scheme”, 1997″ of SEBI (Circular No.SMD/Policy/ SL/CIR-09/ 97 dated May 07, 1997).
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.
CIRCULAR NO. 7/2007-Income Tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund of tax deducted under section 195, in certain situations to the person deducting the tax at source from the payment to the non-resident. Representations have been received in the Board from taxpayers requesting that the said Circular may be amended to take into account situations where genuine claim for refund arises to the person deducting the tax at source from payment to the non-resident and it does not fall in the purview of the said Circular.
The learned Tribunal has noted that it was common ground between both the parties that the income of the Assessee was liable to be determined on an estimate basis.
Need for notice u/s 143(2) cannot be dispensed with in a case where AO proceeds to make inquiry for assessment, and determination of taxes payable after issuing notice u/s 143(1) as well – ITAT
Assessee tried to take the benefit of the AAR of British Gas (I) Pvt Ltd….but seem to have failed..!!!! ! Income Tax – Assessee posted abroad for more than 182 days on deputation – DTAA – Income not taxed by the contracting state – Return filed and tax paid in India – Later contended that since he was non-resident during the FY, his income was not taxable in India – Since his income was not brought to tax in the contracting state, such income is taxable in India as the purpose of such bilateral treaties is to avoid double taxation and not to exempt income from taxation altogether – Assessee’s appeal dismissed
“It is true that the Division Bench of the High Court has borrowed extensively from the orders of the Tribunal and the Commissioner and passed them off as if they were themselves the author’s,” noted the apex court. “We feel that quoting from an order of some authority particularly a specialised one cannot per se be faulted as this procedure can often help in making for brevity and precision, but we agree with Mr Vahanavati to the extent that any `borrowed words’ used in a judgment must be acknowledged as such in any appropriate manner as a courtesy to the true author(s).”
