195. [(1)Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest or any other sum chargeable under the provisions of this Act (not being income chargeable under the head “Salaries” shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force :
No exhaustive and compact definition of the phrase ‘transfer pricing’ is possible nor has it been attempted in the legislations in the countries that have tried to find solutions to this menace. When transfers by way of sales exchange, etc. are made between two independent entities unconnected with each other as normal business deals, there can hardly be any scope of alleging any malpractice or hidden motives in price fixation.
Section 192 of the I.T. Act, 1961 provides that every person responsible for paying any income which is chargeable under the head ‘salary’, shall deduct income tax on the estimated income of the assessee under the head salaries. The tax is required to be calculated at the average rate of income tax as computed on the basis of the rates in force.
What is quarterly e-TDS/TCS statement? Who is required to file e-TDS/TCS return? Are the forms used for e-TDS/TCS return same as for physical returns? What are the forms to be used for filing annual/quarterly TDS/TCS returns? Is it mandatory to mention Tax Deduction Account Number (TAN) in e-TDS/TCS return? Can I file Form No. 26Q separately for contractors, professionals, interest etc.?
We are uploading herewith Income tax calculators from A.Y. 2001-2002 to A.Y. 2012-13 prepared by Mr. Nithyanand a Software Professional working in Bangalore.
Deduction by ship-owners – Ship-owners are liable to deduct tax at source under section 192(1). For the purposes of determining the rate of tax applicable, the total salary of the seaman for the year may be estimated as the amount of wages due for a period of ten months on the basis of the monthly wages fixed as per articles of agreement. In cases, where the agreement itself covers a period of more than ten months, the estimated income of such actual period would have to be taken into account for the purpose of tax deduction. If an agreement starts towards the latter part of the year and any seaman satisfies his employer that his income for the year as a whole would not be above the taxable limit, no tax need be deducted for that financial year.
The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2011 are likely to be declared tentatively on Thursday, the 9th February, 2012 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and in accordance with the decision of the Examination Committee) on all India basis will be available on the following website:
The Institute of Company secretaries of India ( ICSI), a premier National Professional body established by Act of Parliament to develop and regulate the Profession of Company Secretaries has launched a new syllabus for CS Foundation Programme today, at New Delhi. The CS Foundation programme consists of four papers viz., Business Environment and Entrepreneurship; Business Management, Ethics and Communication; Business Economics; Fundamentals of Accounting and Auditing.
The Commissioner (Appeals) considered the fact that there is no bar to purchase agricultural land on which house was to be constructed. The fact is that subject to the provisions of sub-section (4) of section 54F, where, in the case of an assessee being an individual or a HUF, the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereinafter in this section referred to as the original asset), and the assessee has within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed,
ACIT Vs. Mrs. Rajpal Sethi (ITAT Mumbai) – AO in the case of assessee while making the assessment for the assessment year 2004-05 has accepted the short term capital gain and the long term capital gain on sale of shares vide order dated 22.12.2006 passed u/s 143(3) of the Act, therefore, we are of the view that the assessee’s case is squarely covered in favour of the assessee by the decision of the Tribunal in the case of Shri Satpal Singh Sethi (supra). This being so and in the absence of any distinguishing features or contrary material brought on record by the Revenue, we respectfully following the consistent view of the Tribunal and the ratio of the decision of the Hon’ble Jurisdictional High Court in the aforementioned cases, hold that the ld. CIT(A) was fully justified in directing the AO to accept the appellant’s claim of short term capital gain and long term capital gain on share transactions, where the delivery has been taken or given and Security Transaction Tax has been paid.
