Supreme Court agrees with the High Courts that Income Tax Department erred in issuing reassessment notices for AYs ending before 31st March, 2021 as per old provisions even after 31st March, 2021 while the government has enacted a complete new …
Continue reading “Crux of the Supreme Court Order on Section-148 of the Income Tax”
read moreAround 90K notices for reassessment has been invalidated by various High Courts due to technical issue. #supremecourtofindia today justify the actions of the HCs. But invoking its power under Article 142 of the Indian Constitution, the Apex Court today …
Continue reading “Landmark Decision of the Apex Court on Section-148 of the Income Tax Act”
read moreInternational collaboration to end tax avoidance Gone are the days? When a MNE incorporated in a Country, while its POEM is in a tax heaven, its production is in another jurisdiction and customers are located in some other jurisdiction, can …
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read moreSuspicious – Liberalised Remittance Scheme Interplay with Black Money Act and Income Tax Act Setting Context: Foreign Exchange Management Act (FEMA) is the regulation which take care of all Foreign Exchange dealing of Residents in India. The Act is applicable …
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read moreStringent Provisions under Black Money Act Setting Context: The Black Money (Undisclosed foreign Income and Assets) and imposition of Tax Act 2015 (BMA) was born after the Apex Court expressing concern over the issue of Black Money and recognising …
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read moreCS : Computer Software ITA : Indian Income Tax Act Software Royalty – Judicial Dilemma: [2005] Motorola Case Special Bench ITAT Delhi- COMPUTER SOFTWARE being ‘Copyrighted’ article not ‘copyright’ Not taxable both under ITA and relevant DTAA. [2010] Gracemac …
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read moreTaxation Laws (Amendment) Bill, 2021-Better Sense prevails at last (No tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets) The issue of tax ability of gains …
Continue reading “RETROSPECTIVE TAX – AMENDMENT: RELIEF TO VODAFONE, CAIRN “
read moreTaxation of private trusts is more or less settled way back under Income Tax Act, 1956 but still it is one of the most vulnerable and neglected areas as most of the person dealing in these matters both from tax …
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In its quest to enhance transparency, promote Ease of doing business and Foreign Direct Investment in India, bring accountability in tax administration and eliminate face-to-face-interactions between taxpayers and Tax Department, the Central Government has introduced the scheme of electronic or …
Continue reading “E-Assessment – A Transparent Interaction with Tax Payer”
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Subsequent to the filing of Income Tax Return, the Income Tax Department examines the correctness of the return filed. This process, of examining and reviewing the ITR by the Income Tax Department is known as ‘Income Tax Assessment’. The various …
Continue reading “Brief Understanding on Income Tax Assessment”
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