Income Tax

1. As per Section 269SS if specified sum (any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place) taken...

Section Nature of income When to deduct Rate of TDS 192 Salary Monthly- at the time of payment where estimated yearly net taxable salary exceeds tax free limit. On the average rates on the basis of pe...

TDS provisions in Finance Act, 2015 Changes applicable w.e.f. June 1, 2015 General Provisions: 1. Exemption of TDS on payments to transporters (Section 194C): No TDS will be deducted on payment to tho...

Section 195 of the Income Tax Act,1961: Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest referred to in section 194LB...

Employees Provident Fund Organisation (Ministry of Labour, Govt. of India) Bhavishya Nidhi Bhawan, 14- Bhikaji Came Place, New Delhi – 110066 No. WSU/6(1)2011/IT/Vol-IV/5931 Dated- 21.05.2015 To, All...

No. 275/50/2006-11(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi CIRCULAR No. 07/2015 Date- April, 23, 2015 Subject: Requirement...

F. No. 134/11/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes 21st May, 2015 Subject: – Draft scheme of the proposed rules for computation of Arm’s...

Income Tax Appellate Tribunal 4th Floor, Prathishtha Bhavan, 101 Maharshi Karwe Marg, Mumbai – 400 020 20th May, 2015. ORDER All applications for adjournment shall be filed atleast three weeks in adva...

New provision inserted Provident Fund (PF) is one of the best fixed-income instruments. This is so because PF is the ONLY debt product apart from PPF, where the interest rate is not only quite attract...

Four Years Rigorous Imprisonment with Fine of Rs. Two Lakhs Each To Then Deputy Commissioner Of Income Tax And Then Inspector For Accepting Bribe Of Rs. Two Lakhs The Special Judge for CBI Cases, Sake...

1. Whether the Tribunal was right in confirming the penalty under section 271(1)(c) in respect of the inflation of purchase which was actually detected only when the assessment was subjected to audit...

CBDT issues a Circular for Early and Satisfactory Resolution of Taxpayers’ Grievances Relating to Verification and Correction of Tax Demand Outstanding against them. The Income Tax Department has take...

IntroductionThe price charged usually reflects the function that each enterprise performs (taking into account assets used and risk assumed). Comparability analysis of the controlled transaction for t...

Particulars of Tax Benefits Exiting Provision Deduction / Benefit allowed Effective Date of Amendment Tax benefits under section 80C for the girl child under the Sukanya Samriddhi Account Scheme No su...

Introduction At present India is going through one of the major tax reforms. In last two budgets our Finance Minister had introduce lots of things to make our economy globalize. “Income Computation an...

1. IntroductionAs per Income Tax Provisions the following income shall be chargeable to Income Tax under the head ‘’Income from other sources ‘’: Where an individual or a Hindu undivided family receiv...

Extract of letter dated 8th May 2015 written by Hon’ble Ms. Anita Kapur, Chairperson of the CBDT The number of existing income tax payers is low compared to the potential. The gap between the potentia...

Disallowance of expenditure due to non compliance of TDS provisions 1. IntroductionSection 40 of the Income Tax Act, 1961 provides for non deduction of amount of expenditure specifically mentioned the...

After being passed by the lower house of Parliament, the Rajya Sabha on Thursday, May 7, 2015 has passed the Finance Bill, 2015. The Bill is already been passed by Lok Sabha on 30.04.2015 and will now...

MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) Dated-8th May, 2015 NOTIFICATION No. 44/2015 (INCOME-TAX) S.O. Whereas the Central Government in exercise of the powers conf...