Computing the income chargeable to tax as per the provisions of the Income-Tax Act, 1961 is the first step in tax compliance. The natural sequence thereafter would be filing the return of income and awaiting approval of the tax authorities in respect
The Income Tax Department has moved the Supreme Court against the ruling by a quasi-judicial body which held that foreign firms are not liable to pay tax on assignment amount charged from their Indian subsidiaries if contracts are signed outside the
E-filing of income tax returns is likely toincrease sharply to 3 million in the current financial year (2007-08),up from around 322,000 in 2006-07. Non-corporate assessees, whose accounts are auditedunder Section 44AB of the Income Tax Act, are
Not paying your taxes in time could soon result in heftier fines and longer prison sentences if proposals being considered by the income-tax department are any indication. According to sources, as part of its proposed restructuring of penalties for t
The Tax Return Preparer (TRP) scheme of the Income Tax department is facing an uncertain future, or so it appears. A cross section of TRPs accept that the scheme has not generated much income. No wonder many are contemplating to quit. The pilot schem
The Supreme Court has ruled that the companies have statutory obligation to deduct tax at sources (TDS) on interest payments for the loans taken in the name of its directors. The revenue department is empowered to impose interest on such a company fo
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What are books of account? In a recent case, the Madras High Court concluded that P&L account and balance-sheet are not books of account as contemplated under the I-T Act. T. C. A. Ramanujam Computation of business income under the income-tax law has
The INCOMETAX E-FILING website will be unavailable between 5pm on 14th August till 11 pm on 15th August on account of site upgradation work.
Owning land away from city limits may be a good idea to keep away from the madding crowd - but not so much from taxes. As the penchant for a house with that green patch grows even in smaller cities, the income-tax department is mulling over enhancing
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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