Income Tax

I-T Dept. has issued notices to 1 lakh crypto currency investors: CBDT chairmanChanges in the duty structure aimed at promoting ‘Make in India’: CBEC chiefThe Income Tax Department has issued about on...

As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/ Assistance received by the employee from his employer is provided subject to f...

Fees under section 234Ea) The levy of fees under section 234E has been a matter of great concern.It is highly appreciable that the Government has taken an open mind while considering the problems of e...

Hardship arising out of the Apex Court’s decision in Goetze (India) Ltd. v. CIT (2006) 284 ITR 323 (SC)a) In the case Goetze (India) Ltd. v. CIT (2006) 284 ITR 323 (SC) the assessee filed its return o...

Till date all government awareness programmes for education of tax payers adopt the stick approach like making them aware of penalties and prosecution under the Income tax Act, 1961.This approach may...

A major portion of the revenue by way of income-tax is recovered through deduction of tax at source. Thus, in-depth verification of all the TDS returns is necessary. Even though for furnishing the inf...

Even in the e-filing era, the assessees are overburdened with the compliances to be made with regard to filing of returns and payment schedules. An assessee is required to file quarterly returns relat...

For filing of return, it is mandatory to have PAN. A person applying for PAN has to give his details in a prescribed form & the same will be allotted to him by the Income Tax Department. Earlier, when...

Section 143(1)- Increase in scope of “Incorrect claim apparent from any information in the return”– sub-clause (iv) may be redrafted to include specific reference to report under section 44ABThe Finan...

Tax on certain dividends received from domestic companies (Section 115BBDA)In the Finance Act, 2016 new section 115BBDA was introduced to levy tax on certain dividend income received by a resident ind...

Section 142(2A) was amended by Finance Act, 2013 apparently to amplify the scope of special audit i.e. the Assessing Officer now has the power to direct a special audit, having regard to volume of tra...

Clarification to prevent erosion of Indian tax base through Transfer Pricing adjustments in hands of Foreign CompaniesOverseas AEs may decide either not to charge any consideration; or charge moderate...

Section 115JAA(2A) – Restriction on carry forward of MAT/AMT credit and claim of FTC in relation to taxes under dispute – Restriction to be removedIn line with Rule 128(7), the Finance Act 2017 insert...

As per the existing provisions of the Act, the ‘work’ for the purpose of deduction of tax at source on payment to contractors has been defined to include “manufacturing or supplying a product accordin...

Request to bring back erstwhile provisions to reduce undue hardship to genuine assesseeThe Finance Act, 2017 has inserted an Explanation to section 132(1), 132(1A) and 132A(1) to declare that the ‘rea...

Considering application of section 132(3) read with section 132(8A), search in actual practice is kept open for a period of 60 days in case no incriminating evidence is found against the assessee or t...

a) Tax on accreted income – Section 115TD (1)(b) – merger of two trusts / organisationsa. One will appreciate that entire scheme of Income tax is based on Real income theory.b. Tax on accreted income...

As per the provision prior to Finance (No. 2) Act, 2014 contained in section 142A, the Assessing Officer may, for the purpose of making an assessment or reassessment require the Valuation Officer to m...

Request to bring back erstwhile time limit for filing of revised tax return at least in cases of claim of foreign tax creditThe Finance Act 2017 amended section 139(5) to provide that the time for fur...

Reference to return in response to section 142(1) may be included in Sections 139(4) and 139(5)Prior to amendment made by the Finance Act, 2016:Section 139(4) provided that a person who has not furnis...