Income Tax Act | Corporate Law Reporter

Guidelines for Weighted Deduction of 150% of the Expenditure Incurred on skill Development u/s 35ccd

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Press Release Dated 18th July, 2013 Subject : Guidelines for Weighted Deduction @ 150% of the Expenditure Incurred on skill Development Under Section 35ccd of the Income-Tax Act, 1961. The National Manufacturing Policy (NMP) 2011 proposed to provide inter alia, the following… Read More

Tags: Finance Act, Government of India, Income tax, Income Tax Act, Income Tax Act 1961, Nazi Party, NSDA, Taxation in India

Income-tax (10th Amendment) Rules, 2013 – Insertion of Rule 6AAF, 6AAG, 6AAH AND FORM NO.3CQ, 3CR

GOVERNMENT OF INDIA MINISTRY OF FINANCE ( DEPARTMENT OF REVENUE ) NOTIFICATION No. 54/2013 Dated : July 15, 2013 In exercise of the powers conferred by section 295 read with sub-section (1) of section 35CCD of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962,… Read More

Tags: CBDT, Government of India, Income Tax Act, Income Tax Act 1961, Nazi Party, NSDA, Official Gazette, Taxation in India

Past adjustment of refunds against the arrears where procedure u/s 245 of Income Tax Act was not followed

INSTRUCTION NO. 6/2013 DATED 10-7-2013 Subject: Past adjustment of refunds against the arrears where procedure u/s 245 of Income Tax Act was not followed - regarding. Hon'ble Delhi High Court vide its judgement in case of Court On Its Own Motion Vs. UOI and Others in W.P.(C) 2659/2012 dated 14.03.2013 has issued seven Mandamus for necessary action… Read More

Tags: Delhi High Court, Hon, Income tax, Income Tax Act, Income Tax Act 1961, Mandamus, Order (biology), The Honourable

Amount received in the form of grants-in-aid from the Central Government – Gujarat State AIDS Control Society

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 52/2013 DATED 5-7-2013 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Gujarat State AIDS Control Society, a body constituted by the Government… Read More

Tags: Central Government, Fiscal year, Government of India, Gujarat, Gujarat government, Income Tax Act, India, Narendra Modi

Odisha Electricity Regulatory Commission

GOVERNMENT OF INDIA MINISTRY OF FINANCE ( DEPARTMENT OF REVENUE ) NOTIFICATION No. 48/2013 DATED 3-7-2013 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Odisha Electricity Regulatory Commission, a Commission established by the… Read More

Tags: Central Government, Government of India, Income Tax Act, Income Tax Act 1961, ministry of finance, New Delhi, Tax, Taxation in India

Rectification of mistakes u/s 154 – Manner of disposal of application received for rectification of mistake

Hon'ble Delhi High Court vide Judgment in case of Court On its Own Motion v. UOI and Ors. in W.P. (C) 2659/2012 dated 14.03.2013 has issued several Mandamuses for necessary action by income-tax Department one of which is regarding maintenance of "Rectification Register" in which details like receipt of applications under section 154 of the IT Act,… Read More

Tags: Delhi High Court, Hon, Idaho Transportation Department, Income tax, Income Tax Act, Permanent account number, Tax, United States

Income-tax (8th Amendment) Rules, 2013 – Furnishing of authorisation and maintenance of documents etc. for the purposes ofsection 94A

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION NO. 47/2013 Dated: June 26, 2013 S.O.1856 (E) - In exercise of the powers conferred by sub-section (3) of section 94A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to… Read More

Tags: Central Board of Direct Taxes, CITES, Income Tax Act, Income Tax Act 1961, India, ministry of finance, Principal Officer, Taxation in India

Clarifications regarding Circulars on Application of Profit Split Method

Clarification issued with Regard to Circulars on Application of Profit Split Method and on Conditions Relevant to Identify Development Centres Engaged in Contract R&D Services with Insignificant Risk; Circulars Were issued Earlier based on First Report of N Rangachary Committee on Taxation of Development Centres and IT Sector Chapter X of the Income-tax Act, 1961… Read More

Tags: Arm's length principle, CBDT, Income Tax Act, India, Tax, Taxation in India, Transactional Net Margin Method, transfer pricing

Standardizing the process of filing application under section 10(46) of the Income Tax Act, 1961

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CENTRAL BOARD OF DIRECT TAXES New Delhi the 24 June 2013 Subject : Standardizing the process of filing application under section 10(46) of the Income Tax Act, 1961. Under section 10(46) of the Income-tax Act, specified income arising to a body or authority or Board or Trust or Commission,… Read More

Tags: Central Government, Government of India, Income Tax Act, Income Tax Act 1961, ministry of finance, New Delhi, Tax, Taxation in India

Commodities Transaction Tax Rules, 2013

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 46/2013 New Delhi, the 19th June, 2013 COMMODITIES TRANSACTION TAX RULES, 2013 S.O. 1769 (E).- In exercise of the powers conferred by sub-sections (1) and (2) of section 133 of the Finance Act, 2013 (17 of 2013), the Central Government hereby makes the following rules relating to commodities transaction… Read More

Tags: Bank of India, Central Government, Finance Act, Government of India, Income Tax Act, ministry of finance, New Delhi, Reserve Bank of India

High Court Explains Why Section 43B applies To Employees PF

Ratio of the case: Due date in Section 36(1)(va) for payment of employees™ Provident Fund, ESIC etc contribution should be read with section 43B(b) to mean due date for filing ROI CLR Editorial Notes: The assessee collected employees™ Provident Fund contribution for payment to the provident fund authorities. However, the amount was not paid to the provident… Read More

Tags: CIT, Employee Provident Fund, High Court, Income Tax Act, Income Tax Act 1961, Order of Australia, Provident Fund, Rate of return

How to Pay TDS on Sale of immovable property

Introduction As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be… Read More

Tags: Bank, Finance Act, Fiscal year, Immovable property, Income tax, Income Tax Act, Income Tax Act 1961, Login, Permanent account number, Tax, TDS

Amendment in Rule 12 of income Tax Rules 1962

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION No. 42/2013 New Delhi, the 11th day of June, 2013 Income-tax S.O.1513(E).”€ In exercise of the powers conferred by section 295 of the Income tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules,… Read More

Tags: CITES, Government of India, Income Tax Act, Income Tax Act 1961, ITR-3, New Delhi, Tax, Taxation in India