Income Tax Act

Basic Exemption under Service Tax is not basic

Generally, it is understood that no service tax is payable, if a person™s taxable service turnover does not exceed Rs 10 lakhs in a financial year.  Basic emption  is given under taxation law and other laws to ensure that a person does not suffer undue hardship in complying with applicable legal requirements. For example, basic… Read More

Tags: Capital goodFiscal yearIncome taxIncome Tax ActPaymentService ProviderTaxTax exemption

IT Exemption Under Section 35(1)(ii) for Scientific Research Expenditure to “Centre for DNA Fingerprinting and Diagnostics”, Hyderabad

It is hereby notified for general information that the organization "Centre for DNA Fingerprinting and Diagnostics, Hyderabad (PAN-AAATC2727J) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5D of the Income-tax Rules, 1962 (said Rules), from 01.04.2012 onwards in the category… Read More

Tags: AuditCentral GovernmentGovernment of IndiaIncome Tax ActOrganizationParagraphScientific methodSection Thirty-five of the Constitution Act 1982

SC quashes ICAI™s Appeal on ceiling on number of tax audits

SUPREME COURT OF INDIA RECORD OF PROCEEDINGS CIVIL APPEAL NO(s). 7208-7209 OF 2005 INST.OF CHARTERED ACCOUNTANTSOF INDIA VERSUS K. BHAGAVATHEESWARAN & ANR. (With office report) Date: 01/04/2013 These Appeals were called on for hearing today. CORAM : HON™BLE DR. JUSTICE B.S. CHAUHAN HON™BLE MR. JUSTICE FAKKIR MOHAMED IBRAHIM KALIFULLA For Appellant(s) Mr. N.K. Poddar,Sr.Adv. Mr. Pramod Dayal, Adv. Mr. Nikunj Dayal,Adv.… Read More

Tags: Amicus CuriaeAppealAppellate jurisdictionIncome Tax ActIncome Tax Act 1961New DelhiSupreme Court of IndiaThe Honourable

PTI notified as news agency for the purposes of Section 10(22B) of the Income-tax Act, 1961

NOTIFICATION NO. 35/2013 DATED 17/05/2013 In exercise of the powers conferred by the clause (22B) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the "The Press Trust of India Limited, New Delhi" as a news agency set up in India solely for collection and distribution of news, for the purpose… Read More

Tags: Central GovernmentGovernment of IndiaIncome Tax ActIncome Tax Act 1961IndiaNew DelhiPress Trust of IndiaTax

Online advertising on foreign entity not taxable in India – An Analysis

Introduction The recent decision of ITO v. Right Florists P. L.   I.T.A. No. : 1336/ Kol. / 2011, deals with India™s right to tax payment made by an Indian entity (˜ICO™) to a foreign entity for online advertising services provided by the latter. Here, ICO made payments to Google Ireland and Yahoo USA (together… Read More

Tags: FCOForeign and Commonwealth OfficeGovernmentHyundai Heavy IndustriesIncome Tax ActIncome Tax Act 1961IndiaItalyOnline advertisingOrganisation for Economic Co-operation and DevelopmentPermanent establishmentThe Income-tax Act 1961United States

Income Tax Jurisdiction Notification – for Bhopal Region

SECTION 120 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - JURISDICTION OF - COMMISSIONER OF INCOME-TAX (CENTRAL) NOTIFICATION NO. 26/2013 [F.NO.187/18/2012 (ITA.I)], DATED 28-3-2013 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby :- (a) directs that… Read More

Tags: Central Board of Direct TaxesCommissionerIncome taxIncome Tax ActIncome Tax Act 1961TaxTaxation in India

Department Clarification on Arms Length Price Variations

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PARTII, SECTION 3, SUBSECTION(ii)] GOVERNMENTOF INDIA MINISTRYOF FINANCE [DEPARTMENTOF REVENUE] NOTIFICATION New Delhi, 15April 2013 [INCOME TAX] In exercise of the powers conferred by the second proviso to subsection (2) of section 92 C of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby notifies that… Read More

Tags: Income taxIncome Tax ActIncome Tax Act 1961IndiaNew DelhiTaxTaxation

CBDT Notifies Subordinate Officer

SECTION 118 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - CONTROL OF - NOTIFIED SUBORDINATE OFFICER NOTIFICATION NO. 24/2013 DATED 28-3-2013 SO 854(E)-In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Commissioner of Income-tax (Central), Bhopal shall be subordinate… Read More

Tags: BhopalCentral Board of Direct TaxesDirector-generalFeedBurnerIncome taxIncome Tax ActIncome Tax Act 1961Taxation in India

GoI clarification on Electoral Trusts Scheme

The Government has notified the Electoral Trusts Scheme, 2013 vide Notification No. S.O.309(E) dated 31st January, 2013. Beside rule 17CA for functioning of electoral trusts for the purpose of section 13B of the Income-tax Act, 1961 has also been notified vide Notification No. S.O. 308(E) dated 31st January, 2013. The scheme and the rules provide… Read More

Tags: Companies ActCompanies Act 1956Electoral Trusts SchemeGovernmentIncome Tax ActIndiaRepresentation of People Act

IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March

The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on such payments aggregating to Rs. 3,859 crore. Income-tax Department urges… Read More

Tags: Accounts payableAdvance corporation taxDefault (finance)Filing (legal)Fiscal yearIncome Tax ActPaymentProperty taxTax

Definition of Related Party – A Comparative Analysis

Related party relationships are a normal feature of commerce and business. For example, entities frequently carry on parts of their activities through subsidiaries, joint ventures and associates. In those circumstances, the entity has the ability to affect the financial and operating policies of the investee through the presence of control, joint control or significant influence.… Read More

Tags: Board of directorsBusinessCompanies Act 1956Hindu Undivided FamilyIncome Tax ActIncome Tax Act 1961IndiaJoint ventureSubsidiarytransfer pricing

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