On a great move India will start charging income tax on digital economy firms, such as Facebook, Twitter and Uber, soon after finalizing a framework by April 2015 to tackle the widespread corporate practice of shifting of profits to low-tax…
Category: Income Tax
CBDT chief to keep exclusive charge of Income Tax investigations
A major reshuffle has been effected in the CBDT, with the board’s Chairperson Anita Kapur deciding to assume exclusive charge of Income-Tax department investigations in order to personally spearhead ongoing probes into cases of tax evasion and black money. The charge of I‑T investigations, usually,…
Taxpayers can approach Advance ruling on Tax liabilities on deals above Rs 100 cr
The Central Board of Direct Taxes (CBDT) has notified that resident taxpayers who plan transactions valuing Rs 100 crore or above can approach the Authority for Advance Rulings (AAR) for determination of their tax liabilities under such transaction. This step will help reduce litigation on mergers and…
Loss Incurred in Illegal Business is allowed as Deduction- HC Gujrat
By way of this Tax Appeal, the appellant has challenged the judgment and order dated 29.01.2004 passed by the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot whereby the Tribunal has dismissed the Appeal. 2.While admitting the matter on 21.12.2004, this…
Disallowance from Business/Profession income a Practical Approach
Sections 40, 40A and 43B provide the list of expenses which are specifically disallowed while computing income chargeable to tax under the head “Profits and gains of business or profession”. In this advance learning we will learn about various expenses…
PENALTIES OF INCOME TAX IN TABULAR FORM [AY 2014–15 & AY 2015–16]
Section Nature of default Penalty leviable 1 2 3 140A(3) Failure to pay wholly or partly— (a) self-assessment tax/fringe benefit tax, or (b) interest, or © both under section 140A(1) Such amount as Assessing Officer may impose but not exceeding tax in…
Deduction of tax at source from payment on transfer of certain immovable property Applicable for the Assessment Year 2014–15 and 2015–16
1 Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other…
No TDS liability of bank on interest accrued on FD made by litigant on directions of Court
In case of UCO Bank v. Union of India Where litigant deposit FD with the bank on directions of Court, he ceased to have any control or proprietary right over those funds. Although FD was drawn in the name of…
Fixed deposit (FD) Limit Increased to Rs. 1,50,000 from Rs.1,00,000 for Claiming Exemption u/s 80C
An Individual & an HUF can Claim deduction under Section 80C by investing in FD for more than 5 years under the Bank deposit scheme 2006. Eralier the Limit of deposit under the scheme was Rs.1,00,000 only. Now with the…
Various Threshold Limits under Income Tax Act For Assessment Year 2015–2016
For Assessment Year 2015–2016 Sl No Particulars Threshold Limit A. BASIC EXEMPTION 1. Maximum amount of income which is not chargeable to Income-tax in case of Individual, HUF/ AOP/ BOI/ Artificial Juridical Person Rs.2,50,000 2 Maximum amount of income which is…