Category Archives: Income Tax

email-Notice / e-mail Message by Income Tax Dept- New Rule 127A Notified

Electronic notice shall be valid only if it contains name and office of tax authority: CBDT [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification New Delhi, the 23rd March, 2017 G.S.R. 283(E).- In… Read More »

Direct Taxes Ready Reckoner with Equity Share Quotations -40th Edition AY 2017-18, 2018-19 -Vinod K. Singhania

Direct Taxes Ready Reckoner with Equity Share Quotations (as on 1st April 2001) (40th Edition (Asst. Year 2017-18 & 2018-19)) Paperback – 2017 by Dr. Vinod K. Singhania (Author) Price Rs 915. Click to buy Online Paperback: 780 pages Publisher: Taxmann Publications Pvt. Ltd.; 40th Edition edition (2017) View Contents – Direct Taxes Ready Reckoner with… Read More »

115JB Book Profit- Unabsorbed Depreciation of earlier years allowed as Dedcution

HIGH COURT OF GUJARAT Principal Commissioner of Income-tax-2 v. Surat Textile Mills Ltd. M.R. SHAH AND B.N. KARIA, JJ. TAX APPEAL NOS. 37 & 118 OF 2017 FEBRUARY  17, 2017 Sudhir M. Mehta, Advocate for the Appellant. J.P. Shah, Sr. Advocate and Manish J. Shah, Caveator for the Respondent. JUDGMENT M.R. Shah, J. – As… Read More »

Direct Taxes Ready Reckoner with Tax Planning -Girish Ahuja (Author), Ravi Gupta -18 Edition 2017 Book

Direct Taxes Ready Reckoner with Tax Planning Paperback – 23 Mar 2017 by Girish Ahuja (Author), Ravi Gupta (Author) A comprehensive guide to Practice and Compliance adhere to direct tax provisions, updated by all the relevant amendments as proposed by the Finance Bill, 2017 at the relevant places along with effective dates. The book has an… Read More »

Guidelines -Waiver of Interest Charged- section 201(1A) (i) of – Income-Tax Act

Circular No. 11/2017 F. No. 275/56/2016-IT (B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi 24th March, 2017 Order under Section 119(2)(a) of the Income-tax Act, 1961 Subject: Guidelines for waiver of interest charged under section 201(1A) (i) of the Income-tax Act, 1961. In exercise of the… Read More »

Yearly Tax Digest & Referencer- 2 Volumes)-46th Edition 2017- Taxmann

Yearly Tax Digest & Referencer (Set of 2 Volumes) (Vol 1 : 46th Edition 2017, Vol 2 – 22nd Edition 2017) Hardcover – 2017 -Taxmann Volume 1 A Section -wise Case Book of Judgments of Supreme Court/High Courts reported in www.taxmann.com & Various Tax Journals in year 2016 Also Incorporating: Section -wise Compendium of Circulars… Read More »

ICDS Clarification Issued by CBDT-25 FAQ -Circular No 10/ 2017 Dated 23.03.2017

F.No 133/23/2016-TM Government of India Ministry of Finance Department of Revenue Central Hoard of Direct Taxes (TPL Division) Circular No 10/ 2017 Dated 23.03.2017 Subject : Clarifications on Income Computation and Disclosure Standards (ICDS) Notified under Section 145(2) of the Income Tax Act 1961 Download PDF –  25 FAQ on ICDS Extract from Above Circular – 25… Read More »

Amending India-Singapore DTAA notified

Third Protocol Amending India-Singapore DTAA notified today; Comes into force with effect from 27th February 2017 The Third Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA) which was signed on 30th December, 2016, has come into force on 27th February 2017. The same has been notified in the Official Gazette today. The India-Singapore DTAA at… Read More »

Book Recent Trends in Transfer Pricing Intangibles, GAAR and BEPS -2017 Edition by Ravi Kant Gupta

Recent Trends in Transfer Pricing Intangibles, GAAR and BEPS by Ravi Kant Gupta he growing importance of the intangible assets in the global economy coupled with expanding international intra-firm trade, has meant that transfer pricing issues concerning intangibles have assumed critical importance for both the Multi National Enterprises as well as Tax authorities. The identification, accounting… Read More »

Govt Interest Subsidy Scheme on Housing Loans for Tax paying Middle Classes Released

Credit Linked Interest Subsidy scheme for tax paying Middle Classes made effective from January 1 this year Those sanctioned house loans and applied for since January 1steligible for interest subsidy of up to Rs.2.35 lakh each Aspirational  unmarried earning adults of a family made eligible for subsidy linked 20 year  loans Repurchase besides construction of… Read More »

Sec 68, Source of Source not to be proved -Copies of Tax return of NR donor can not be demanded

Issue Assessing Officer noted that the assessee had received gifts amounting to Rs. 45 lacs from her brothers namely Shri Tarsem Kumar, son of late Shri Amar Nath, resident of Evergreen Way Hayes, United Kingdom, amounting to Rs. 33 lacs and Shri Pirthi Chand, son of late Shri Amar Nath, resident of 6A, Cremonia No.… Read More »

Key Changes proposed in Finance Bill 2017

Changes proposed in Finance Bill, 2017 Changes made in the Finance Bill, 2017 as passed by the Lok Sabha viz-a-viz the Finance Bill, 2017 presented originally in the Lok Sabha [ Read  Finance Bill 2017 Amendment -Lok Sabha 20.03.2017-Download/Print ]  1) Threshold limit prohibiting cash payments reduced Finance Bill, 2017 had imposed a prohibition on receipt of… Read More »

Arun Jaitley moved Finance Bill 2017 in Lok Sabha

New Delhi: Finance Minister Arun Jaitley on Tuesday moved the Finance Bill, 2017, for consideration and passage in the Lok Sabha, saying that since it provides for electoral bonds, it required consideration as a Money Bill, which can only be debated in the Lower House. A Finance Bill is ordinarily introduced to give effect to… Read More »

Form 26A/27BA User Manual

Form 26A/27BA Introduction Form 26A is a form for Furnishing Accountant certificate under the first proviso to subsection(1) of section 201 of the Income Tax Act, 1961 under Rule 31ACB of Income Tax Rules,1962 to TAN users. TAN should get a Certificate from the Chartered accountant in Annexure-A of Form 26A Form 27BA is a… Read More »

Law Relating to Benami Transactions – 2017 Edition Book -Namrata Shukla Advocate

Law Relating to Benami Transactions -by Namrata Shukla Advocate (Author) Contents :–Introduction ; Possession and Adverse possession ; Suit for Recovery ; Prohibition of the right to recover Property held Benami ; Sales of Immovable Property ; Transfer by Ostensible Owner ; The Prohibition of Benami Property Transactions Act, 1988 ; Subject Index Price Rs… Read More »

Students’ Guide to e-Returns with CD- 2017 Edition -CBCS- Vinod K. Singhania

Students’ Guide to e-Returns with CD (CBCS) (January 2017 Edition) by Dr. Vinod K. Singhania (Author) The book contains :25 Case Studies for e-filing of income-tax returns in ITR-1 to ITR-6, 6 Case Studies for e-TDS returns in Form Nos. 24Q and 26Q,2 Case Studies for e-filing of service tax returns. Key Contents    Presentation of… Read More »

Targets and Collection of Tax Demand Till February 2017 -Unsatisfactory Performance

GOVERNMENT OF INDIA Ministry of Finance/Department of Revenue Central Board of Direct Taxes North Block, New Delhi-1 10001 E-mail : chairmancbdt@nic.in Tete : 23092648 & Telefax : 23092544 F. No. 385/17/2016-IT (B) Dated the 17th March, 2017. Dear Principal Chief Commissioner of Income Tax, Subject: Unsatisfactory performance in the area of recovery from arrear and current demand-… Read More »

Payments to Belgian entities not taxable as Fees for Technical Services

Payments to foreign entities under India-Belgium income tax treaty The Ahmedabad Bench of the Income-tax Appellate Tribunal held that payments made to Belgian entities are not taxable as “fees for technical services” in view of the most favoured nation clause under the India-Belgium income tax treaty. The case is: Cadila Health Care Ltd. Read a March 2017… Read More »

4.21 Cr Income Tax Returns e filing during FY 2016-17

Number of e-filed Income Tax Returns in Financial Year 2016-17 (till 28.02.2017) was 4.21 Cr: The total amount of refund issued in the current fiscal (including refund arising out of rectification, appeal effect etc.) is Rs. 1,48,459 crore (till 28.02.2017) The number of e-filed Income Tax Returns in Financial Year 2016-17(till 28.02.2017) was 4.21 Cr.… Read More »

Rollback provision in revised India-Korea DTAA- CBDT Clarify

Clarification by Central Board of Direct Taxes on rollback provision in the revised India-Korea Double Taxation Avoidance Agreement The Central Board of Direct Taxes (CBDT) has clarified that under the revised India-Korea Double Taxation Avoidance Agreement (DTAA), applications for bilateral Advance Pricing Agreement (APA) involving international transactions with Associated Enterprises in Korea for the APA… Read More »

Section 10(37) -Income Tax Exemption on Transfer of Agricultural Land

Section 10(37) of Income Tax Act Section 10 (37 ) inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005 Exemption of capital gains on compensation received on compulsory acquisition of agricultural land situated within specified urban limits Incomes not included in total income. 10. In computing the total income of a previous year of any person,… Read More »

Genuine hardship of Assessee to be considered before asking 15% of Tax Demand

Held It is true that Instruction No.4 (B)(b) of the Circular dated 29.2.2016, gives two instances where less than 15% can be asked to be deposited. However, it is equally true that the factors, which were directed to be kept in mind both by the Assessing Officer, and by the higher superior authority, contained in… Read More »

Disclosure of unaccounted income due to search – No Penalty – Delhi High Court

Issue For the relevant assessment year 2005-06, Assessee reported its income through a return under Section 139(1) of the Act, declaring an income of Rs.1,72,799/- on 30.12.2005 A search and seizure operation under Section 132(4) of the Act was carried out on 11.01.2007 in the premises of the assessee’s group companies and directors of the… Read More »

87A Rebate for AY 2017-18

Section 87A Rebate for AY 2017-18 87A Rebate for AY 2017-18 : Rebate of Rs. 5,000 for resident individuals having total income up to Rs. 5 lakh [Section 87A] Purpose of 87A Rebate for AY 2017-18 (Financial Year 2016-17) With a view to providing tax relief to the individual taxpayers who are in lower income bracket, a rebate is… Read More »