RECTIFICATION U/S 154 OF INCOME TAX ACT
RECTIFICATION UNDER SECTION 154 OF INCOME TAX ACT Hello readers, we all understand rectification just as correction in any order passed by Income tax authority concerned so let's review every clause of section 154 in detail with relevant judgement and my significant findings to it. Now you can first read the extract of Act in… Read More
Tags: 154, Income tax, Income Tax Refunds, ITR, RECTIFICATION, Tax
Procedure for PAN allotment to undergo a change w.e.f. 03rd Feb 2014
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Dated 24th January, 2013 Press Release The procedure for PAN allotment process will undergo a change w.e.f. 03.02.2014. From this date onwards, every PAN applicant has to submit self-attested copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth… Read More
Tags: Commissioner, Government of India, Identity document, Income tax, PAN Facilitation Centre, Press Release, Rekha, Taxation in India
Report by Regional Director (RD) u/s 394A of the Companies Act, 1956- Taking accounts of comments/inputs from Income Tax Department and other sectoral Regulators while filing reports by RD
General Circular No 1/2014, Dated :15th January 2014 Subject: Report u/s 394A of the Companies Act, 1956- Taking accounts of comments/inputs from Income Tax Department and other sectoral Regulators while filing reports by RDs. Section 394A of the Companies Act, 1956 requires service of a notice on the Central Government wherever cases involving arrangement/compromise (under Section 391) or reconstruction / amalgamation (under… Read More
Tags: Amalgamation, Central Government, Companies Act 1956, Government, Government of India, Income tax, Merger, RD report, Registrar of Companies, Section 394
Conference : Corporate Landscape – Recent Developments and Perspective
Achromic Point Presents Corporate Landscape - Recent Developments and Perspective - Mumbai 21st February 2014 Dear Industry Colleague, Greetings from Achromic Point We would like to take this opportunity to inform and invite you to our upcoming seminar "Corporate Landscape - Recent Developments and Perspectivewith our knowledge partner MPC Legal in Mumbai on 21st February 2014. The seminar aims… Read More
Tags: chartered accountant, Corporate law, Corporation, Income tax, India, Law, Mumbai, United States
Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961
RBI/2013-14/412 DBOD. No.BP.BC.77/21.04.018/2013-14 December 20, 2013 The Chairmen and Managing Directors / Chief Executive Officers of all Commercial Banks (excluding Regional Rural Banks) Dear Sir, Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961 Please refer to our mailbox clarification dated November 6, 2009 with respect to… Read More
Tags: Banks, Government of India, Income tax, Income Tax Act, Income Tax Act 1961, India, Karnataka High Court, United States
Timely Issue of TDS Certificate to Customers
RBI/2013-14/401 UBD.CO.BPD.(PCB).Cir.No. 41/12.05.001/2013-14 December 5, 2013 To, The Chief Executive Officer All Urban Co-operative Banks Dear Sir / Madam, Timely Issue of TDS Certificate to Customers It has been brought to our notice that some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing… Read More
Tags: Banking Regulation Act, Customer, Customer service, General manager, Income tax, Tax return (United States), TDS Certificate, Timely Issue of TDS Certificate
Advance Pricing Agreements (S.92CC And 92CD)
ADVANCE PRICING AGREEMENT (S. 92CC & 92CD) BY ANSHUL SEHGAL & ARJUN NIHAL SINGH 1. PROVISIONS Sections 92CC and 92CD [1] read with Rules 10F to 10T and 44GA under the Income Tax Rules, 1962 [2] were introduced in the Finance Act, 2012 have been inserted in the Income Tax Act, 1962 [3] to provide the Advance Pricing… Read More
Tags: Advance pricing agreement, Finance Act, Income tax, Income Tax Act
Timely Issue of TDS Certificate to Customers
RBI/2013-14/361 DBOD.No.Leg.BC.65/09.07.005/2013-14 November 6, 2013 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/Madam, Timely Issue of TDS Certificate to Customers It has been brought to our notice that, some banks are not providing TDS Certificate in Form 16A to their customers in time, causing inconvenience to customers in filing income-tax returns timely. 2. The matter… Read More
Tags: Banks, Fiscal year, Income tax, New Delhi, Rajesh Verma, Tax, Tax Deducted at Source, TDS Certificate
Minimum Alternative Tax And Dividend Distribution Tax On Special Economic Zone
Background Karnataka High Court (High Court) in the case of M/s Mindtree (Tax Payer) v. Union of India[1] held that the imposition of Minimum Alternate Tax and Dividend Distribution Tax on SEZs is neither a breach of promise nor a violation of the doctrine of legitimate expectation and also held that tax levies on SEZs is constitutionally valid. Facts of… Read More
Tags: Dividend Distribution Tax, Finance Act, Government of India, Income tax, Income Tax Act 1961, SEZ, SEZ Act, Special Economic Zone
CBDT Order On Appointment Of IRS Officers As Joint Commissioners
The CBDT has issued Order No. 186 of 2013 dated 01.10.2013 stating that the President has appointed 164 officers of the India Revenue Service (Income Tax) to the grade of Joint Commissioner of Income-tax purely on Ad-hoc basis in the pay scale of Rs. 15,600-39,100 + 7,600/- with immediate effect and until further orders. CBDT… Read More
Tags: CBDT, Government of India, Income tax, India, Indian Revenue Service, National Academy of Direct Taxes, Taxation in India, United States
Accrual Of Income – Supreme Court Lays Down Important Law
CLR Editorial Note The question for consideration in this appeals is whether the benefit of an entitlement to make duty free imports of raw materials obtained by the assessee through advance licences and duty entitlement pass book issued against export obligations is income in the year in which the exports are made or in the year in which… Read More
Tags: Appeal, Government, High Court, Hon, Income tax, Morvi, Supreme Court, The Honourable
Transfer Pricing of Marketing Intangibles: An Analysis in light of LG Electronics India Pvt Ltd Case
I. Introduction The taxation of income from intangibles is perhaps the most important large case issue in the inter-company transfer pricing world today.[1] An increasing number of multinational enterprises (hereinafter MNE™s) have been tapping the Indian market by offering their products through local affiliates. Due to strong market competition, they have substantially increased their advertising expenditure.… Read More
Tags: Arm's length principle, Delhi High Court, Income tax, Income Tax Act 1961, India, Maruti Suzuki, Suzuki, transfer pricing
TDS Credit has to be given despite TDS Certificate entry is not displayed in Form 26AS
CLR Editorial Note: In this case or TDS credit, the assessee claimed credit for TDS which was denied by the Assessing Officer on the ground that the claim did not match the entries shown in Form No. 26AS and that there was a discrepancy. On appeal by the assessee, the CIT(A) held that the assessee… Read More
Tags: Bombay High Court, Commonwealth Law Reports, Delhi High Court, Income tax, India, Order of Australia, Tax, Tax Deducted at Source, TDS
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