Income Tax Archives - Page 438 of 474

Backward areas notified for State of Telangana West Bengal Bihar u/s 32(1)(iia) 32AD(1) of Income Tax Act. CBDT Notification No. 61/2016

administrator July 21, 2016 Income Tax

MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NOTIFICATION INCOME-TAX New Delhi, the 20th July, 2016 S. O. 2478 (E).— In exercise of the powers conferred by section 32 and section 32AD of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies …

Income Tax Department to issue 7 lakh notices seeking Information for High Value Non PAN Transactions as per AIR information

administrator July 21, 2016 Income Tax

Income Tax Department to issue 7 lakh letters/notices seeking Information in respect of High Value Non PAN Transactions Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 21st July, 2016. Press Release Under the Annual Information Returns (AIR), various types of …

Arms length price us 92C variation in wholesale trading up to 1% and 3 % in other cases to be deemed ALP for AY 2016-2017- CBDT Notification 57/2016

administrator July 20, 2016 Income Tax

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 14th July, 2016 S. O. 2425(E).—In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act,1961 (43 of 1961), read with proviso to sub-rule (7) of rule 10CA of …

Income Tax Project Insight to widen tax-base and data mining with L & T Infotech Ltd to track tax evaders. First phase expected to go live in May 2017

administrator July 20, 2016 Income Tax

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 19th July, 2016. Press Release Sub : Income Tax Department signs contract with L & T Infotech Ltd for implementation of Project Insight In the last decade, the Income Tax Department embarked …

Appointments of advocates on Income Tax panel not equitable and without consideration of the issue of law involved vis-a-vis experience of Advocate – Bombay HC

administrator July 20, 2016 High Courts, Income Tax, Judgments

Appointments of advocates on Income Tax panel not equitable and without consideration of the issue of law involved visavis the experience of the Advocate – Bombay High Court Case Law : ITA No. 2287/2013 The Commissioner of Income Tax (Appellant) vs. M/s. TCL India Holdings Pvt.Ltd (Respondent) Date of Judgment: 12th July 2016 …

Income Tax Business Application (ITBA) Exemption Module-Approval, registration cancellation of trusts societies non-profit companies u/s 12AA 80G(5) 10(23C)

administrator July 19, 2016 Income Tax

Income Tax Business Application (ITBA) Exemption Module Income Tax Department has launched a new Income Tax Business Application (ITBA) Exemption Module (Phase1). The said module has been designed to automate and expedite the the following functions: (a) Registration and cancellation of trusts/societies/non-profit companies u/s 12AA of the Income Tax …

CBDT entered into seven Unilateral Advance Pricing Agreements APAs with Indian taxpayers. Some of these agreements also have a Rollback provision

administrator July 19, 2016 Income Tax

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 18th July, 2016. Press Release Sub : Signing of Advance Pricing Agreements by CBDT The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., …

Additional depreciation u/s 32(1)(ii) on capital work in progress converted into plant and machinery erected, commissioned during the year allowable – ITAT

administrator July 18, 2016 Income Tax, ITAT, Judgments

Additional depreciation u/s 32(1)(ii) on Capital Work in Progress converted into plant and machinery during the year is allowable – ITAT ABCAUS Case Law Citation: 976 2016 (07) ITAT Assessment Year: 2006-07 Date/Month of Judgment/Order: July 2016 Important Judgments Cited: JCIT vs. Lotus Energy (India) Ltd. 68 taxmann.com …

Forming opinion on the basis of information received by Investigation wing not satisfaction of the AO to reopen the case u/s 147 – ITAT

administrator July 18, 2016 Income Tax, ITAT, Judgments

Forming opinion on the basis of information received by Investigation wing does not amount to satisfaction of the AO to reopen the case u/s 147 – ITAT ABCAUS Case Law Citation: 975 2016 (07) ITAT Assessment Year: 2004-05 Date/Month of Judgment: July 2016 Important Case Laws/Judgments Cited: Pr. …

Document pertaining to earlier year also constitutes record for rectification us 154 and if over-looked it amounts to a mistake apparent on record- ITAT

administrator July 16, 2016 Income Tax, ITAT, Judgments

Document pertaining to earlier year also constitutes record and if the same is over-looked, it amounts to a mistake apparent on record u/s 154 – ITAT ABCAUS Case Law Citation: 974 2016 (07) ITAT Assessment Year: 2009-10 Date/Month of Judgment: July 2016 Important Judgments cited: Sunil Sahni vs. …

Category: Income Tax