State of Karnataka and ANR Vs. M/s. Durga Projects Inc [ALL SC 2018 MARCH]

KEYWORDS:- Taxable turnover in a works contract- DATE:- March 06, 2018- The KVAT Act 2003 did not provide a uniform rate of tax prior to 01.04.2006 on goods involved in the execution of works contract also becomes apparent when we read the amendment which introduced Section 4(1)(c) by Act 4 of 2006. As a result of the amendment, the legislature provided that the rate of tax in … Continue reading State of Karnataka and ANR Vs. M/s. Durga Projects Inc [ALL SC 2018 MARCH]

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

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

INDIA US DOUBLE TAXATION AVOIDANCE TREATY

54. Agreement for avoidance of double taxation of income with USA Whereas the annexed Convention between the Government of the United States of America and the Government of the Republic of India for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income has entered into force on the 18th December, 1990 after the notification by both the Contracting States to each … Continue reading INDIA US DOUBLE TAXATION AVOIDANCE TREATY

Assistant Director of Income Tax-I, New Delhi Vs. M/s. E-Funds IT Solution Inc[ SC 2017]

KEYWORDS:–  The Organisation for Economic Co-operation and Development (OECD)-Mutual Agreement Procedures (MAP) Assistant Director of Income Tax-I, New Delhi Vs. M/s. E-Funds IT Solution Inc. [Civil Appeal No. 6082 of 2015] [Civil Appeal No. 2962 of 2016] [Civil Appeal No. 6087 of 2015] [Civil Appeal No.6102 of 2015] [Civil Appeal No. 6084 of 2015] [Civil Appeal No. 6100 of 2015] [Civil Appeal No. 6094 of 2015] [Civil Appeal No. 6083 of 2015] [Civil Appeal … Continue reading Assistant Director of Income Tax-I, New Delhi Vs. M/s. E-Funds IT Solution Inc[ SC 2017]

The Commr. of Income-tax, U. P Versus Messrs Gappumal Kanhaiya Lal

AIR 1951 SC 5 : (1950) SCR 563 : (1950) 18 ITR SC 584 : (1950) SCJ 443 (SUPREME COURT OF INDIA) The Commr. of Income-tax, U. P Appellant Versus Messrs Gappumal Kanhaiya Lal Respondent (Before : Saiyid Fazl Ali, M. Patanjali Sastri, Mehr Chand Mahajan And B. K. Mukherjea, JJ.) Appeal No. 6 of 1949 Decided on : 26-05-1950. Income Tax Act, 1922—Section 9—Annual … Continue reading The Commr. of Income-tax, U. P Versus Messrs Gappumal Kanhaiya Lal