Income Tax Archives - Page 9 of 11

Income Tax Calculator For A Y 2016-17

January 12, 2016February 9, 2016 TaxIndiaUpdates In1 comments17422 views

How To Compute Net Taxable Income A. Income From Salary XXXXX B. Income From House Property XXXXX Less:Standard DeductionInterest u/s 24(1)(b) XXXXXXXXXX XXXXX C. Income From Business and Profession XXXXX D. Income from Capital Gain XXXXX E. Income From Other Sources XXXXX F. … Continue Reading →

Income Tax

Depreciation is Allowed on Trademarks Copyrights and Know How

January 12, 2016January 12, 2016 TaxIndiaUpdates In0 comments7266 views

Depreciation is Allowed on Trademarks Copyrights Know How The Supreme Court of India vide its decision in case M/s. Mangalore Ganesh Beedi Works Vs Commissioner of Income Tax, Mysore & Anr. dated 15-10-2015 held that Intellectual property such as trademarks, copyrights and know-how come within the definition of … Continue Reading →

Income Tax

Taxation of Subsidy under Income Tax Law

January 11, 2016January 12, 2016 TaxIndiaUpdates In2 comments24577 views

Taxation of Subsidy under Income Tax Law General Definition of Subsidy A subsidy is a form of financial aid or support extended to an economic sector (or institution, business, or individual) generally with the aim of promoting economic and social policy. Debatable points regarding the Taxability of Subsidy … Continue Reading →

Income Tax

HUF Taxation in India

January 4, 2016January 4, 2016 TaxIndiaUpdates In0 comments9591 views

HUF Taxation in India What is HUF? Sec. 2(31) of the IT Act, 1961 defines the word ‘person’, which includes HUF. Therefore, HUF is a separate assessable entity under the Income Tax Act, 1961 and Wealth Tax Act, 1957. No separate definition of the expression … Continue Reading →

Income Tax

CBDT Guidance Note on FATCA and CRS

December 31, 2015January 13, 2016 TaxIndiaUpdates In0 comments3706 views

. Guidance Note on FATCA and CRS: CBDT vide its press release dated 31st December 2015 has issued Guidance Note for implementation of FATCA and CRS. For implementation of ( Foreign Account Tax Compliance Act ) FATCA and CRS, necessary legislative changes have been made … Continue Reading →

Income Tax

Electronic Filing of Appeal before CIT Appeals is Mandatory

December 30, 2015December 31, 2015 TaxIndiaUpdates In0 comments3121 views

. CBDT vide its press release dated 30-12-2015 mentioned that Electronic Filing of Appeal before CIT Appeals is Mandatory for persons who are required to file the return of income electronically. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE … Continue Reading →

Income Tax

CBDT Clarification on Scrutiny Assessments and some important issues and scope of scrutiny in cases selected through CASS

December 29, 2015 TaxIndiaUpdates In0 comments10415 views

. CBDT vide its Instruction No.19/2015 Dated 29-12-2015 – Income Tax has given direction that in cases selected for scrutiny, it should be the endeavour of the Assessing Officer that the initial notice issued under section 143(2) of the Income-tax Act, 1961 is accompany a notice under section … Continue Reading →

Income Tax

No TDS on interest on FDRs made in the name of the Registrar General of the Court

December 29, 2015December 29, 2015 TaxIndiaUpdates In0 comments4182 views

. CBDT vide Circular No. 23/2015 dated 28-12-2015 have clarified that No TDS on interest on FDRs made in the name of the Registrar General of the Court or the depositor of the fund on the directions of the Court till the matter is decided … Continue Reading →

Income Tax

MAT not applicable to a Foreign Company Including an FII/FPI w.e.f. 01-04-2001

December 25, 2015 TaxIndiaUpdates In0 comments3219 views

CBDT vide Instruction No. 18/2015 dated 23-12-2015 it is clarified that MAT not applicable to a foreign company including an FII/FPI w.e.f. 01-04-2001, if – (i) the foreign company is a resident of a country with which India has a Double Taxation Avoidance Agreement and such foreign company … Continue Reading →

Income Tax

No Disallowance under section 43B if contribution to PF Deposited before Due Date u/s 139(1)

December 19, 2015 TaxIndiaUpdates In0 comments14702 views

. The CBDT vide Circular No. 22/2015 dated 17-12-2015 has clarified regarding allowability of certain expenses u/s 43B of the Income Tax Act, 1961 as under: No disallowance can be made u/s 43B of the I.T. Act if assessee deposits any sum payable by … Continue Reading →