Income Tax : Q1. Whether notice is required to be issued to the assessee before initiating survey? No, the section does not require prior noti...
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...
Income Tax : Secure Meters Ltd. („the assessee?) is engaged in the business of manufacture of energy meters. The Assessing Officer (AO) inter...
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...
Income Tax : Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ ...
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...
Income Tax : Buldhana Urban Co-operative Credit Society, the country's largest, has come under the taxman's scanner for suspected money-launder...
Income Tax : Officials of the air intelligence unit at Delhi’s IGI Airport recently identified a traveler suspected to be carrying huge c...
CA, CS, CMA : Though happy with the fact that troubled IT major Satyam Computer Services had paid income tax on unreal profits — as claime...
Income Tax : The Delhi Income-Tax Tribunal has held that valuation of perquisite determined by the assessee relying on interpretation of Taxman...
Income Tax : Secure Meters Ltd. („the assessee?) is engaged in the business of manufacture of energy meters. The Assessing Officer (AO) inter...
Income Tax : 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-...
Income Tax : Assessee tried to take the benefit of the AAR of British Gas (I) Pvt Ltd….but seem to have failed..!!!! ! Income Tax - Assessee ...
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,
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.
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.
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.
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
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.
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 […]
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.
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, 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.
