Category: Income Tax

Excel Form 12BB for furnishing evidences/particulars of deductions claimed to employer by an employee for computation of TDS on Salary u/s 192

Excel Form 12BB for furnishing evidences/particulars of deductions claimed to employer by an employee for computation of TDS on Salary u/s 192

May 2, 2016 Income Tax, Taxation
Form 12BB for furnishing evidences/particulars of deductions claimed by an employee for TDS from Salary  CBDT Vide notification no. 30/2016 dated 29-04-2016 has inserted a new Rule 26C in the Income Tax Rules, 1962 and notified Form 12BB for furnishing to the employer, the evidences and particulars of …

TDS TCS Rules major amendments-CBDT Notification 30/2016. Rule 26C Form 12BB, Rule 30 Section 194IA, Rule 31A, TDS Qyarterly Return Due Dates etc.

May 2, 2016 Income Tax
TDS TCS Rules major amendments. Rule 26C Form 12BB, Rule 30 Section 194IA, Rule 31A, TDS Qyarterly Return Due Dates etc. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 30/2016 New Delhi, the 29th April, 2016 INCOME-TAX S.O. ___(E).— In exercise …
Consistency in taxability of income/loss arising from transfer of unlisted shares under Income-tax Act 1961 – CBDT F.No.225/12/2016/ITA.II dated 02/05/2016

Consistency in taxability of income/loss arising from transfer of unlisted shares under Income-tax Act 1961 – CBDT F.No.225/12/2016/ITA.II dated 02/05/2016

May 2, 2016 Income Tax
F.No.225/12/2016/ITA.II Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, dated the 2nd of May, 2016 To, Principal Chief-Commissioners of Income-tax/ Principal Directors General of Income-tax Subject: – Consistency in taxability of income/loss arising from transfer of unlisted shares under Income-tax Act, 1961-regd. …
Merging orders of re-assessment u/s 143(3)/147 and original assessment u/s 143(3) for the purpose of rectification time limit u/s 154 do not apply

Merging orders of re-assessment u/s 143(3)/147 and original assessment u/s 143(3) for the purpose of rectification time limit u/s 154 do not apply

May 2, 2016 Income Tax, ITAT, Judgments
In a recent judgment, ITAT Kolkata has held that the re-assessment under section 143(3)/147 is independent and separate from the original assessment order passed u/s 143(3) and it can not be said that the both the orders of assessment made u/s 143(3) originally and the assessment made subsequently u/s …
Tied-up grants received from donor for specific purpose do not form part of total income of the charitable institution/trust u/s 11-ITAT

Tied-up grants received from donor for specific purpose do not form part of total income of the charitable institution/trust u/s 11-ITAT

May 1, 2016 Income Tax, ITAT, Judgments
In a recent judgment, Hyderabad ITAT has held that grants or contribution in the nature of tied-up grants cannot be taken into consideration for the purpose of computing total income of the charitable institution/trust u/s 11 of the Income Tax Act, 1961. Case Law Details: ITA No. 1443/Hyd/2014 Assessment …
Foreign visit travel expenses, delegate fee and related expenses incurred for spouse of the chartered accountant firm’s partners disallowance

Foreign visit travel expenses, delegate fee and related expenses incurred for spouse of the chartered accountant firm’s partners disallowance

May 1, 2016 Income Tax, ITAT, Judgments
Disallowance made for foreign visit travel expenses, delegate fee and related expenses incurred for the spouses of the chartered accountant partners upheld by ITAT Mumbai. Case Law Details: ITA No. 5088/Mum/2014  Assessment Year : 2010-11 M/s. Sharp & Tannan vs. ACIT Date of Judgment/Order: 29/04/2016 Brief Facts of the Case: The …