taxman

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-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 App...

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Frequently Asked Questions on Income Tax Survey

Income Tax - 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...

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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 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 indiv...

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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 relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assessees is the `limit' relating to financial transactions for AIR, specified in one of the `fre...

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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 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 sour...

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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 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 affect...

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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-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-be...

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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 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 num...

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Taxman probes Satyam exemptions

Income Tax - 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....

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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’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...

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Expenditure on convertible debentures held to be deductible

CIT Vs. Secure Meters Ltd. (Supreme Court of India) - 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...

Read More

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

Rural Electrification Corpn. Ltd., In re (Authority for Advance Rulings, New Delhi) - 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 sha...

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Intersting one- Avoiding double taxation overseas

Mr. S. Mohan Vs Director of Income Tax - International Taxation (Authority of Advance Rulings New Delhi) - 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...

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Recent Posts in "taxman"

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

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 affect...

Read More
Posted Under: Income Tax |

Expenditure on convertible debentures held to be deductible

CIT Vs. Secure Meters Ltd. (Supreme Court of India)

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 App...

Read More

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

Rural Electrification Corpn. Ltd., In re (Authority for Advance Rulings, New Delhi)

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 ...

Read More

Income Tax Department raid at Buldhana credit society

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-be...

Read More
Posted Under: Income Tax |

Beware Income Tax evaders, taxman’s watching

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 num...

Read More
Posted Under: Income Tax |

Taxman probes Satyam exemptions

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....

Read More
Posted Under: Income Tax |

Frequently Asked Questions on Income Tax Survey

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...

Read More
Posted Under: Income Tax |

Valuation methodology at fault not the assessee

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...

Read More
Posted Under: Income Tax |

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

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 indiv...

Read More
Posted Under: Income Tax |

Confusion in the AIR

Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assessees is the `limit' relating to financial transactions for AIR, specified in one of the `fre...

Read More
Posted Under: Income Tax |
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