Category: Income Tax
Income Tax Department Income Tax Return Statistics/Analysis Assessment Year 2012-13 Income Tax Department has released Statistics of Income Tax Return for AY 2012-13 for wider use and analysis by Departmental personnel and academicians. The data has been divided into following categories: Income Tax Returns – All Taxpayer Income …
Income Tax Department Time Series Data Statistics/Analysis Financial Year 2000-01 to 2014-15 1. Direct Tax Collection (Rs. in crores) Corporate Tax grew from 35696 in AY 2000-01 to 454419 in FY 2015-16 (12.73 times) Personal Income Tax grew from 31764 in AY 2000-01 to 286801 in FY 2015-16 (09.03 times) …
Circular No. 10/2016 F.No.279/Misc./M-140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 26th April , 2016 Subject:- Limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961 – reg. The issue whether the …
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 28th April, 2016 PRESS RELEASE Subject: Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind …
The Supreme Court in its recent judgment has held that tips collected by the hotel from customers and distributed to employees are not salary for the purpose of TDS under Section 192. Case Law Details: Civil Appeal Nos. 4435-37 of 2016 ITC Limited Gurgaon (Appellant) versus Commissioner of IT (TDS) Delhi (Respondent) …
Announcing the e-Filing Vault Option Protect your Income Tax Department e-Filing account! Dear Taxpayer, In order to ensure that you are able to secure your E-filing account against any fraudulent login attempts, the Income Tax Department has introduced a new facility called the “E-filing Vault”. In order …
Circular No. 11/2016 F.No.279/Misc./M-140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 26th April, 2016 Subject:- Payment of interest on refund under section 244A of excess TDS deposited under section 195 of the Income tax Act, 1961- reg. The …
Circular No. 09/DV/2016 (Departmental View) F.No.279/Misc./M-116/2012-IT J Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi , 26th April , 2016 Subject:- Commencement of limitation for penalty proceedings under sections 271D and 271E of the Income tax Act, 1961 – …
In its latest judgment , Delhi High Court has held that deduction under Section 80-O of the Income tax Act, 1961 computed applying average profit margin for domestic income and not considering fixed costs was a distorted apportionment of net profit. Case Law Details: ITA 264/2002 ITA 415/2004 M/s Continental Carriers …… …
In a recent judgment, ITAT Chennai has held that a statement recorded u/s 133A can not be retracted saying survey team had exerted force on the assessee when he issued a cheque by properly preparing, signing it for the amount surrendered. Case Law Details: I.T.A.No.1429/Mds./2015 Assessment Year :2007-08 …
