TDS on Housing Rent
TDS on Housing Rent Applicability of TDS payment u/s 194IB & u/s 195 of the Income Tax Act in the case of housing rent payments to landlords is as bellow : A) Section 194IB -…
Option to choose a valuation method for valuing shares rests solely with the assessee: Delhi HC
Option to choose a valuation method for valuing shares rests solely with the assessee: Delhi HC AGRA PORTFOLIO PVT. LTD. (ITA 1385/2018) Facts: 1. The appellant had allotted 3,15,000 equity shares of a face value…
Taxation of unexplained income or investment
Taxation of unexplained income or investment: 1. Sec .68 of Income Tax Act– Cash Credits Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee…
20% Pre deposit is not a precondition for granting a stay on Income Tax Demand – HC (Delhi)
20% Pre deposit is not a precondition for granting a stay on Income Tax demand: National Association Of Software And Services Companies (NASSCOM) (TS-195-HC-2024(DEL)) Observations of the Hon Delhi HC while rejecting the precondition of…
TDS exemption is available U/S 194C in case of a declaration, even when the transporter is not the owner: ITAT Jodhpur
TDS exemption is available U/S 194C in case of a declaration, even when the transporter is not the owner: ITAT Jodhpur Adhunik Khanan VA Parivahan Theka Sahakari Samiti Limited Vs. ITO (ITA Nos. 177 to…
Subscription to database is not royalty or professional fees and so not taxable: Delhi HC
Subscription to database is not royalty or professional fees and so not taxable: Delhi HC THE COMMISSIONER OF INCOME TAX - INTERNATIONAL TAXATION -3 Vs RELX INC Facts: 1. The case is pertaining to the…
Interest on loan taken to invest in a subsidiary is allowable as a deduction: Bombay HC
Interest on loan taken to invest in a subsidiary is allowable as a deduction: Bombay HC PCIT Vs Videocon Industries Ltd. & Anr (Bombay High Court) (Income Tax Appeal No.434 of 2018) Facts: 1. The…
Individual Residential Status as per Income Tax Act
Individual Residential Status as per Income Tax Act. Taxation of individuals in India is primarily based on their residential status in the relevant tax year. An individual is said to be a resident in the…
Whether agri operations on leased land be eligible for exemption under Income Tax Act?
Whether agri operations on leased land be eligible for exemption under Income Tax Act? Introduction: 1. Agriculture income earned by individuals and HUF is exempt under the Sec 10(1) of the Income Tax Act. This…
Alternate Minimum Tax (AMT) on LLP
Alternate Minimum Tax (AMT) on LLP Introduction to Alternate Minimum Taxation (AMT) Initially, the concept of MAT, i.e. Minimum Alternative Tax, was introduced only for the companies. However, gradually it was made applicable to all…