When cannot section 263 be evoked? Section 263 cannot be evoked in the following cases:- An assessment order can not be re-opened if there is no jurisdictional error in the order. The order of the AO can not also be revised if it has
The Finance Act, 2007 introduced Fringe Benefit Tax (FBT) on securities or sweat equity shares transferred or allotted by employers under Employee Stock Option Plans. The FBT is to be paid on the Fair Market Value (FMV) of the shares on the date of v
Ours is a indian company registered under companies act, has a joint venture with Saudi Arabian Company with a 20% Share capital of Saudi Arabian company. The indian company receives net dividend regularly from the saudi arabian company for the share
HOUSING SOCIETIES in the city that disputed the applicability of income tax on transfer fees - collected by a society when a flat is sold by a member - may have to pay up. The Income-Tax (I-T) Department has begun issuing notices to such housing soci
What are the deductions admissible to a Senior Citizen? K G menonThere are not many . A person becomes senior citizen under Income Tax Act in any year after attaining the age of 65 even for one day. Once he attains 65 years, his status as senior citi
I have the following queries?1. Is there a time limit for issuing notice u/s 142 (1) ?2. Can a notice u/s 142(1) be issued after a notice under 143(2) has been issued? If, yes what is the rational behind issuing such notice as powers under 143(2) are
Can assessing officer issue notice u/s 148 on the basis of report of investigation wing. Is reassessment u/s 147 valid despite the fact he has given the reasons of opening case that investigation department has carried out investigation and found tha
Archana Rajaram and Daksha BaxiNishith Desai Associates, Mumbai ________________________________________The Budget presentation by the Indian Finance Minister ('FM') is an important annual fiscal event for the nation. It not only narrates the fiscal
Wealth-tax (First Amendment) Rules, 20077 August 07Wealth-tax (First Amendment) Rules, 2007 - Amendments in rule 4A, substitution of rule 4AA and Form DA; insertion of Form DAANotification No. 216/2007 [F. No. 142/11/2007-TPL], dated 7-8-2007In exerc
Directorate of Income Tax (Systems) has sent letters todeductors giving the details of inconsistencies in the TDS/TCS returnfiled. The details pertain to the first three quarters of F.Y. 2006-07.The following explains the various possible problems in
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