Taxing Law in India

  1.  Accounting Standards U/s 145(2) of IT Act 2. Authority for Advance Rul¬ings (Procedure) Rules, 1996 3. Authority for Advance Rulings (Procedure for Appointment as Chairman and Vice-Chairman) Rules, 2016 4. Bank Term Deposit Scheme, 2006 – U/s 80C(2)(xxi) 5. Banking Cash Transaction Tax 6. Banking Cash Transaction Tax Rules, 2005 7. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, … Continue reading Taxing Law in India

Offences and Prosecution under Income Tax Act 1961

Section – 275A : Contravention of order made under sub-section (3) of section 132 Section – 275B : Failure to comply with the provisions of clause (iib) of sub-section (1) of section 132 Section – 276 : Removal, concealment, transfer or delivery of property to thwart tax recovery Section – 276A : Failure to comply with the provisions of sub-sections (1) and (3) of section … Continue reading Offences and Prosecution under Income Tax Act 1961

Collection and recovery of Income Tax

Income Tax Act 1961 Section – 190 : Deduction at source and advance payment Section – 191 : Direct payment Section – 192 : Salary Section – 192A : Payment of accumulated balance due to an employee Section – 193 : Interest on securities Section – 194 : Dividends Section – 194A : Interest other than “Interest on securities” Section – 194B : Winnings from … Continue reading Collection and recovery of Income Tax

Procedure For Assessment of Income Tax in India

Income Tax Act 1961 Section – 139 : Return of income Section – 139A : Permanent account number42 Section – 139AA : Quoting of Aadhaar number Section – 139B : Scheme for submission of returns through Tax Return Preparers Section – 139C : Power of Board to dispense with furnishing documents, etc., with return Section – 139D : Filing of return in electronic form Section … Continue reading Procedure For Assessment of Income Tax in India

Income Tax Authorities

INCOME TAX ACT 1961 Section – 116 : Income-tax authorities Section – 117 : Appointment of income-tax authorities Section – 118 : Control of income-tax authorities Section – 119 : Instructions to subordinate authorities Section – 120 : Jurisdiction of income-tax authorities Section – 121 : Jurisdiction of Commissioners Section – 121A : Jurisdiction of Commissioners (Appeals) Section – 122 : Jurisdiction of Appellate Assistant … Continue reading Income Tax Authorities

Indian Oil Corporation Ltd. Vs. State of Bihar & ANR.[SC 2017 NOV]-Taxation

KEYWORDS : Entry Tax The enacting part of Section 3(2), the Appellant is certainly a dealer liable to pay tax under the VAT Act, in that it is a registered dealer falling within Section 3(1) of the said Act. Therefore, any argument based on gross turnover is wholly unnecessary to include the Appellant under Section 3(2) of the Entry Tax Act. ACT: ENTRY TAX-Bihar Value Added … Continue reading Indian Oil Corporation Ltd. Vs. State of Bihar & ANR.[SC 2017 NOV]-Taxation

Union of India & Ors. Vs. Bengal Shrachi Housing Development Ltd. & ANR [SC 2017]

Date: November 07, 2017 • Keywords:-Taxable person vs Taxable event ⇒ It is thus clear, on a conspectus of the authorities of this Court, that service tax is an indirect tax, meaning thereby that the said tax can be passed on by the service provider to the recipient of the service. Being a tax on service, it is not a direct tax on the service provider … Continue reading Union of India & Ors. Vs. Bengal Shrachi Housing Development Ltd. & ANR [SC 2017]

Sedco Forex International Inc. through it’s Constituted Attorney Mr. Navin Sarda Vs. Commissioner of Income Tax, Meerut & ANR[SC 2017]

Keywords:-Non-resident assessees-Mobilization fee Section 44BB has to be read in conjunction with Sections 5 and 9 of the Act and Sections 5 and 9 of the Act cannot be read in isolation. The aforesaid amount paid to the assessees as mobilisation fee is treated as profits and gains of business and, therefore, it would be “income” as per Section 5. This provision also treats this … Continue reading Sedco Forex International Inc. through it’s Constituted Attorney Mr. Navin Sarda Vs. Commissioner of Income Tax, Meerut & ANR[SC 2017]

Direct Tax Made easy

Direct Tax Laws Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act, 2015 Central Duties of Exercise (Retrospective Exemption) Act, 1986 Direct Tax Laws (Miscellaneous) Repeal Act, 2000 Expenditure Tax Act,1987 Finance Act,2013 Income Tax Act,1961 Interest Tax Act,1974 National Tax Tribunal Act,2005 Undisclosed Foreign Income and Assets (Imposition of Tax) Act,2015 Wealth Tax Act,195 Continue reading Direct Tax Made easy