Income Tax Archives - Page 396 of 453

Increased PAN applications due to demonetisation and amendments in Rule 114B and Rule 114E. Timely resolution of probable duplicate PAN

administrator December 2, 2016 Income Tax

Increased PAN applications due to demonetisation and amendments in Rule 114B and Rule 114E. Timely resolution of probable duplicate PAN marked by system Income Tax is gearing up of the PAN services due to sharp increase in PAN Applications after the recall of high denomination bank notes and …

50C provisions not apply to transfer of right in partnership firm. Sale deed of property executed in favour of incoming partners by retiring partners-ITAT

administrator December 2, 2016 Income Tax, ITAT, Judgments

50C provisions not apply to transfer of right in partnership firm. Sale deed was executed in favour of incoming partners for transferring retiring partner’s right in the property belonging to the partnership firm-ITAT ABCAUS Case Law Citation: ABCAUS 1070 (2016) (12) ITAT Assessment Year: 2011-12 Date/Month of Judgment/Order: …

Statement of income distributed by Securitisation Trust-Rule 12CC of Income Tax. Form 64E to be furnished u/s 115TCA

administrator December 2, 2016 Income Tax

Statement of income distributed by Securitisation Trust-Rule 12CC of Income Tax. Form 64E to be furnished u/s 115TCA MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 107/2016 New Delhi, the 28th November, 2016 INCOME-TAX S.O. 3573(E).—In exercise of the powers conferred by section …

Gold jewellery ornaments holding limit and seizure-clarification

administrator December 1, 2016 Income Tax

Gold jewellery ornaments holding limit and seizure-clarification Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 01 December, 2016. PRESS RELEASE Sub: Clarifications with respect to Gold Jewellery under Income Tax Law In order to remove any doubt about the …

Imprest account not necessarily part of partner capital account as held by ITAT was without properly analysing evidence-HC

administrator December 1, 2016 High Courts, Income Tax, Judgments

Imprest account not necessarily part of partner capital account as held by ITAT was based merely on partner’s statement without properly analysing the evidence-High Court ABCAUS Case Law Citation: ABCAUS 1068 (2016) (11) HC Brief Facts of the Case: The responding assessee was a partnership fir. The return …

Interest on loan for declaring dividend allowable deduction u/s 36(1)(iii) – High Court

administrator November 29, 2016 High Courts, Income Tax, Judgments

Interest on loan for declaring dividend allowable deduction u/s 36(1)(iii) even in absence of profits/reserves and the treatment of such dividend as loans in the books of the company – High Court ABCAUS Case Law Citation: ABCAUS 1066 (2016) (11) HC Assessment Year: 2008-09 Date/Month of Judgment/Order: 07-11-2016 Important …

Subsidies received by Industrial Undertaking eligible deductions us 80-IB 80-IC if towards reimbursement of transport power and Interest cost.

administrator November 29, 2016 Income Tax

Subsidies received by Industrial Undertaking eligible deductions us 80-IB 80-IC if towards reimbursement of transport power and Interest cost. CIRCULAR NO. 39/2016 F.No.279/Misc./140/2015/ITJGovernment of IndiaMinistry of FinanceCentral Board of Direct Taxes****** New Delhi, Dated 29th November, 2016 Subject: Transport, Power and Interest subsidies received by an Industrial Undertaking- …

No Penalty 271(1)(c) if primary information furnished with return of income as held by Supreme Court

administrator November 29, 2016 Income Tax, ITAT, Judgments

No Penalty 271(1)(c) if primary information is furnished with ITR as held by Supreme Court in the case of Reliance Petroproducts Pvt Ltd-ITAT ABCAUS Case Law Citation: ABCAUS 1065 (2016) (11) ITAT Assessment Year: 2008-09 Date of Judgment: 28-11-2016 Important Case Laws cited: Reliance Petroproducts Pvt Ltd Brief …

No 200 percent Penalty if income declared us 115BBE and 75% of tax and surcharge is paid as per Taxation Laws 2nd Amendment Bill 2016

administrator November 28, 2016 Income Tax

No 200 percent Penalty if income declared us 115BBE and 75% of tax and surcharge is paid before the end of the previous year as per post demonetization amendments in Income Tax Penal Provisions. Finance Minister has today introduced Taxation Laws (Second Amendment) Bill 2016 in Lok Sabha …

PMGKY Yojana 2016 Income tax Disclosure-Immunity Scheme with 50 % tax and lock in of 25% income. New penalty provisions introduced