Money Transfer Service Scheme ( MTSS ) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible. The system envisages a tie-up between reputed money transfer companies abroad and agents in India who would disburse the funds to the beneficiaries at ongoing exchange rates. The system does not envisage the repatriation of such inward remittances. The India agent is also not allowed to remit any amount on account of exchange loss to the overseas principal.
Chapter XIII of the Income-Tax Act, 1961 (the Act), deals with “Income-Tax Authorities”. Part –‘C’ of this Chapter deals with “Powers” of the income-tax authorities. Section (‘S.’ for short) 131 deals with “Power regarding discovery, production of evidence, etc.”. Section 132 deals with “Search and seizure”. Section 13 2A deals with “Powers to requisition books of account, etc.” and S.1 32B deals with “Application of seized or requisitioned assets”
In the last quarter of the financial year 2000-0 1, a serious controversy arose in the Income-Tax Department and export circles of Mumbai. The controversy related to the issue whether deduction U/S 80-HHC of the Income-Tax Act, 1961 (the Act), is allowable in respect of export incentives viz. cash compensatory support (CCS), duty drawback (DDK) and profit on sale of import entitlement licences (I/L)
Beware! Changes in Income-Tax Act 1961 impact educational and medical institutions. Understand the consequences of omitting Sections 10(22) and 10(22A) and the amendments to Section 10(23C). Stay informed to ensure compliance. Disclaimer: For informational purposes only.
By the Direct Tax Laws (Amendment ) Act, 1987, a new scheme of assessment has been introduced in the newly substituted S.143 of the Income-Tax Act, 1961 (the Act, for short), w.e.f. 1.4.1989. Under the new scheme, returns filed will now be accepted as such and passing of assessment orders will not be necessary. It follows that in majority of cases there would not be any application of mind by the Assessing Officer (A.O.)
In 1973, the Law Commission of India after studying various Acts and prevailing benami system, recommended formulating an Act to tackle the issue. Accordingly, the Benami Transactions (Prohibition) Act, 1988 was enacted by the Parliament which came into force on 05.09.1988 and it prohibits benami transactions and the right to recover property held benami. The […]
