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 ...
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 `frequently asked’ questions, posted recently on www.incometaxindiaefiling.gov.in. Question number 64, the last in the list, reads: “In schedule of AIR of all ITRS relating to financial transactions whether the limit fixed is for aggregate or single in each category as shown in the following transactions:
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
Explore a recent taxation case involving plagiarism allegations in a land deal. Learn how the apex court addressed ‘borrowed words’ from tribunal orders, impacting judicial clarity and fairness.
Section 254 of the Income-Tax Act, 1961 relates to appeals before the Income Tax Appellate Tribunal (ITAT) by assessees and the tax department. It also deals with the law relating to grant of stay of demand on assessees’ petitions. This section was amended w.e.f. June 1, 2001, to provide that where in an appeal filed by the assessee, the Tribunal passes an order granting stay of demand, it shall hear and decide such appeal within 180 days from the date of passing of stay order, failing which, the stay granted shall stand vacated on the expiry of this period.
Income Tax officers’ lack of understanding regarding e-filing processes causes frustration among taxpayers, highlighting inefficiencies in the system.
