NEW DELHI: The Supreme Court said on Tuesday professionals cannot claim depreciation under Section 32 of the Income Tax Act. The Section is applicable to an assessee carrying on business and not to a professional, the apex court said, dismissing an a
Nearly 150,000 salaried individual taxpayers will have to re-file their returns for the 2007-08 assessment year, as their returns went up in smoke during a recent fire in the income-tax office at Mayur Bhawan in Connaught Place. The October 6 inciden
The Income Tax Department is planning to extend the Refund Banker Scheme to the entire country as a move aimed at expediting refund of excess tax. The scheme, launched in Delhi and Patna in March this year, was later extended to Kolkata, Chennai, Ban
No. 402/92/2006- MC (46 of 2007)Government of India/ Ministry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, the 31 st October 2007PRESS RELEASEThe Central Board of Direct taxes have extended the last date of filing of income
The outcome of the review plea will have a bearing on the more than 100 back offices of multinationalsSanjiv Shankaran Of foreign companies with India's income tax (I-T) department filing a review petition earlier in the week in the Supreme Court urg
"E-payment of taxes mandatory from January" Chennai, (PTI): E-payment of taxes for corporates and tax-payers coming under the provision of Section 44AB would be mandatory from January 1 next, C R Ravichandran, Chief Commissioner of Income Tax said. S
The Finance Ministry has notified the guidelines for FBT on ESOPs. For listed entities,the fair market value, or FMV will be determined on the date of vesting.FMV will be the average of opening and closing quotes of the scrip. For unlisted companies,
The proposed curbs on inflow through P-notes could raise tricky tax issues for foreign investors and institutional players. If the measures are imposed in totality, it could have adverse tax implications for many investors. The issue primarily concer
Taxation can be a complicated issue for a non resident (NRI). He may be subject to tax in India on some income and further doubly taxed in both countries on another source of income. This situation of double taxation can be avoided by appropriate pla
85% assessees file tax returns now Number of returns filed after notices has dropped sharply. Tax compliance in India is improving steadily. Four years ago, 76 per cent of the 28.8 million tax-payers (assessees) filed annual income tax returns.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
