The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court on Wednesday in connection with the probe into alleged black money accounts in HSBC Bank in Geneva.…
Category: Income Tax
TAX SLAB RATES FROM A.Y. 2001–2002 TO 2014–2015
Income Tax Rates/Slabs for A.Y. (2001–02) Slab ((Rs) Tax (Rs) Surcharge Total Income>Rs. 60,000 Surcharge Total Income>Rs. 1,50,000 Less than 50,000 Nil Nil Nil 50,000 to 60,000 (TI-50,000) * 10% 12% 17% 60,000 to 1, 50,000 1,000+(TI-60,000) * 20% 12% 17% Greater…
No disallowance can be made u/s 14A of Income – tax Act, 1961 if there is no exempt income is earned during the year
No disallowance can be made u/s 14A of Income – tax Act, 1961 if there is no exempt income is earned during the year. ACIT Vs. Mr . M.Baskaran, ITA No. 1717/Mds/2013, Date of Order: 31.07.2014, ITAT — CHENNAI Facts of…
AO cannot made reassessment u/s 147 of the Income–tax Act, 1961 only on the ground that there is escapement of income
AO cannot made reassessment u/s 147 of the Income–tax Act, 1961 only on the ground that there is escapement of income; instead he should indicate the fact which was not disclosed by assessee during the original assessment. Global Signal…
TDS Rate Chart Financial Year 2014–15 & AY 2015–16
TDS Rate Chart Financial Year 2014–15 & AY 2015–16 Nature of Payment Made To Residents Threshold Limit (Rs.) Company / Firm / Co-operative Society / Local Authority Individual / HUF Rate (%) Rate (%) 192 — Salaries Average rates 193 — Interest…
CBI arrested Deputy Commissioner Income Tax, Hyderabad & Auditor in case of bribe
CBI arrested a Deputy Commissioner Income Tax in Hyderabad on yesterday Night on the charge of accepting a bribe of Rs.23 lakh through a middleman. Sources in the investigative agency said that the accused Jai Prakash, posted as Deputy Commissioner Income…
Swiss Bank to provide timely info on black money
In a major breakthrough in India’s fight against black money allegedly stashed abroad, Switzerland on Wednesday said it will examine Indian requests for banking information on a priority basis and provide requested details in a time-bound manner. The Swiss authorities would also “assist…
Bodh Gaya’s Mahabodhi temple got an income-tax notice
The Income Tax Department has issued notice to Bodh Gaya’s Mahabodhi temple, Buddhism’s holiest shrine, for not filing annual return of its income of over Rs 100 crore through donations. The notice was issued to the Bodh Gaya Temple Management Committee…
Rs. 3,200/- Crore smile on Vodafone’s face
In a ruling that could have a significant bearing on several multinationals fighting transfer-pricing cases in India, the high court here on Friday ruled in favour of British telecom major Vodafone Group, saying it didn’t have to pay additional tax of Rs…
FinMin begins Budget exercise
The finance ministry on Friday initiated the budgetary exercise for 2015–16, seeking inputs from government ministries and departments. “The Budget circular for 2015–16 is hereby issued, containing the timelines for submission to the finance ministry, along with prescribed formats,” stated an office memorandum. The…