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Income Tax Survey – Frequently Asked Questions

Income Tax : Q1. Whether notice is required to be issued to the assessee before initiating survey? No, the section does not require prior noti...

October 21, 2020 29186 Views 4 comments Print

Avoid gifts in cash to stay outside taxman’s radar

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...

October 13, 2020 2905 Views 0 comment Print

Expenditure on convertible debentures held to be deductible

Income Tax : Secure Meters Ltd. („the assessee?) is engaged in the business of manufacture of energy meters. The Assessing Officer (AO) inter...

December 9, 2009 1508 Views 0 comment Print

If in law income has to be taxed in hands of AOP

Income Tax : If in law income has to be taxed in hands of AOP, it has to be taxed as such, and mere fact that the income is taxed in hands of i...

December 24, 2007 6371 Views 0 comment Print

Confusion in the AIR

Income Tax : Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ ...

October 10, 2007 760 Views 0 comment Print


Latest News


If you salary has larger proportion of perquisites then you will need to pay more tax for this year

Income Tax : It's not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukh...

December 19, 2009 1087 Views 0 comment Print

Income Tax Department raid at Buldhana credit society

Income Tax : Buldhana Urban Co-operative Credit Society, the country's largest, has come under the taxman's scanner for suspected money-launder...

March 22, 2009 2270 Views 0 comment Print

Beware Income Tax evaders, taxman’s watching

Income Tax : Officials of the air intelligence unit at Delhi’s IGI Airport recently identified a traveler suspected to be carrying huge c...

February 8, 2009 441 Views 0 comment Print

Taxman probes Satyam exemptions

CA, CS, CMA : Though happy with the fact that troubled IT major Satyam Computer Services had paid income tax on unreal profits — as claime...

January 18, 2009 435 Views 0 comment Print

Valuation methodology at fault not the assessee

Income Tax : The Delhi Income-Tax Tribunal has held that valuation of perquisite determined by the assessee relying on interpretation of Taxman...

August 7, 2008 983 Views 0 comment Print


Latest Posts in taxman

Income Tax Survey – Frequently Asked Questions

October 21, 2020 29186 Views 4 comments Print

Q1. Whether notice is required to be issued to the assessee before initiating survey? No, the section does not require prior notice of the survey to be given to the affected person – N.K. Mohnot v. Dy. CIT [1995] 215 ITR 275/83 Taxman 238 (Mad.). Q2. Which are the authorities empowered to conduct a survey? Section 133A of the Income-tax Act, 1961 empowers the following income-tax authorities to conduct a survey:— (a) Commissioner of Income-tax, (b) Joint Commissioner of Income-tax,

Avoid gifts in cash to stay outside taxman’s radar

October 13, 2020 2905 Views 0 comment Print

Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu Undivided Family (HUF), during a financial year, are taxable in the hands of the recipient. For the purpose of computation of the threshold limit of Rs 50,000, the aggregate value of gifts received from all sources by the recipient needs to be considered.

If you salary has larger proportion of perquisites then you will need to pay more tax for this year

December 19, 2009 1087 Views 0 comment Print

It’s not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukherjee’s decision to abolish the fringe benefits tax (FBT) last July is only now being clarified by the taxman, and the net result is that you will pay more tax.Not everybody, though. The abolition of FBT affects those taxpayers whose salaries have a heavier weighting of perquisites like official accommodation, servants, car allowance, company credit card, and employee stock option plans (esops), among other things.

Expenditure on convertible debentures held to be deductible

December 9, 2009 1508 Views 0 comment Print

Secure Meters Ltd. („the assessee?) is engaged in the business of manufacture of energy meters. The Assessing Officer (AO) inter-alia disallowed expenses on the issue of convertible debentures on the basis that it was capital in nature. This was confirmed by the Commissioner of Income Tax (Appeals). On further appeal, the Income Tax Appellate Tribunal („Tribunal?), however, held that the expenses on issue of debentures was allowable as a revenue expenditure. Aggrieved by the decision of the Tribunal, the Revenue filed an appeal before the Rajasthan High Court.

AAR on Allowability of deduction U/s. 36(1)(viii) / 36(1)(viiia) of IT Act claimed by a Government company

May 10, 2009 13239 Views 0 comment Print

5. It would be appropriate to reproduce section 36(1)(viii) of the Act as it stood in the relevant assessment years i.e. A.Y.1997-98 in the following terms: – Section 36(1)(viii) : as it stood in the statute during the A.Y.(1997-98) 36(1) – The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28

Income Tax Department raid at Buldhana credit society

March 22, 2009 2270 Views 0 comment Print

Buldhana Urban Co-operative Credit Society, the country’s largest, has come under the taxman’s scanner for suspected money-laundering. A team of Income Tax officials has conducted a search and seizure operation on around 15 premises that include the society’s offices as well as those of its promoter Radheyshyam Chandak and other office-bearers. Some premises related to society’s top officials in Pune, Nasik, and Akola were also covered in the raid. Some godowns owned by the society, used to store agriculture commodities, were also raided.

Beware Income Tax evaders, taxman’s watching

February 8, 2009 441 Views 0 comment Print

Officials of the air intelligence unit at Delhi’s IGI Airport recently identified a traveler suspected to be carrying huge cash in his baggage. But before the suspect could be detained, he had boarded the aircraft for Hyderabad. All that the airline staff could divulge about the traveller were his initials and mobile number. The number […]

Taxman probes Satyam exemptions

January 18, 2009 435 Views 0 comment Print

Though happy with the fact that troubled IT major Satyam Computer Services had paid income tax on unreal profits — as claimed by its chairman B Ramalinga Raju — the income-tax department is planning to re-examine the exemptions the company had claimed under the income tax regulations.

Valuation methodology at fault not the assessee

August 7, 2008 983 Views 0 comment Print

The Delhi Income-Tax Tribunal has held that valuation of perquisite determined by the assessee relying on interpretation of Taxman’s Direct Taxes Ready Reckoner, the assessee could not be deemed to be an assessee-in-default and consequently, interest under section 201(1A) could not be levied though the valuation methodology was held not justified.

If in law income has to be taxed in hands of AOP

December 24, 2007 6371 Views 0 comment Print

If in law income has to be taxed in hands of AOP, it has to be taxed as such, and mere fact that the income is taxed in hands of individual members of AOP, does not bar Assessing Officer from taxing AOP-ITAT . In a recent case of Pradeep Agencies-v.- Income-tax Officer Delhi Tribunal held that even if the income is taxed in hands of individual members of AOP, does not bar Assessing Officer from taxing AOP.

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