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Direct Taxes (including International Taxation)
E-Commerce portals under special review: File Quarterly Tax Return
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 18, 2015
E-Commerce, though a familiar word that is read and heard in our daily life, it has always been in news. May be either for their profitab...
Credit card payments through bank shall not be considered as unexplained expenses
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 16, 2015
If all expenses via credit card paid through banks then such expenses shall not be treated as unexplained income of the assessee and thus...
To invoke deemed dividend, shares held by shareholder alone be basis to determine substantial int...
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Jun 12, 2015
Dividend” includes‑(e) any payment by a company, not being a company in which the public are substantially interested, of any sum by way ...
Claim refund even if there is delay in filing refund claim
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 11, 2015
Every year CBDT receives numerous applications for condonation of delay in filing returns claiming refund and returns claiming carry forw...
No more demand to be raised to deductee for non- payment of TDS to the Government
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 11, 2015
The concept of Tax Deducted at Source (TDS) seems simple but has many twists and turns in it. We presume that we are familiar to most of ...
Income after deducting expense incurred relating to such income shall be taxed
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 10, 2015
The High Court in Totgars Co-Operative Sale Society Ltd. vs. Income Tax Officer ruled that interest from banks on the deposits to be taxe...
Gift Deed and Bank Certificate produced shall certify the genuineness of gift
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 5, 2015
If certain amount received by assessee as a gift from NRI then such transaction shall be considered as genuine if gift deed and bank cert...
To levy interest, specific section shall be mentioned in the order
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 4, 2015
Counter sales of goods against convertible foreign exchange though does not involve clearance at customs shall be treated as export. To l...
Amount remitted to India from a source outside India shall not be taxed if such amounts are not i...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 3, 2015
If NRI received certain amount from his own account outside India through proper banking channels, income shall not be said to accrue or ...
Concealment penalty levied if mistake in return not voluntarily revised
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 30, 2015
Where assessee claimed loss on sale of assets in profit and loss account and in return of income then penalty for concealment shall be le...
Amendments with prospective effect shall not be given retrospective effect
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 20, 2015
The Supreme Court cleared that any amendments with prospective effect shall not be given retrospective effect for the block of period und...
Shall companies deduct tax on Other Income of its employee: Impact on TDS Return
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 12, 2015
Many employees provide their income other than income from salary to their employer company to deduct tax thereon. Every time company, to...
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