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Direct Taxes (including International Taxation)
Submit ITR V Form to CPC Bangalore to Complete Income Tax Return Filing
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 5, 2012
ITR V stands for ‘Income Tax Return – Verification’ form. It is an acknowledgment for E-filing which is generated after uploading t...
Export sales are not a source of income outside India
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 5, 2012
CIT vs. Havells India Ltd (Delhi High Court) As per ITAT.ORG: The assessee, an Indian company, paid Rs. 14.71 lakhs to a US company for â...
TDS Defaulter Is Liable Only For Interest & Penalty & Not for Tax
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 4, 2012
Jagran Prakashan Ltd vs. DCIT (TDS) (Allahabad High Court) As per the ITAT.ORG: The assessee, a publisher of newspapers, gave 10-15% trad...
Perquisite in Respect of Medical Treatment
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 1, 2012
Any perquisite in one form of a medical allowance is typically taxable. On the other hand, reimbursement by an employer of medical expens...
Discounting Charges Is Not Interest under section 194A
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 1, 2012
CIT vs. Cargil Global Trading Pvt. Ltd (Supreme Court) As Reported by ITAT.ORG: The assessee paid Rs. 3.97 Crores to an associate concern...
Repatriation of Sale Proceeds by NRI outside India
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 1, 2012
Repatriation outside India – It means buying or drawing of foreign exchange from an authorized dealer in India and remitting it outside...
100% Depreciation on Sale & Lease Back allowable despite of Tax Avoidance
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 31, 2012
CIT vs. Cosmo Films Ltd (Delhi High Court) Equipment from the Haryana State Electricity Board (“HSEBâ€) was purchased by the assessee ...
Dependent Agent Permanent Establishment and its Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 30, 2012
DDIT vs. B4U International Holdings Ltd (ITAT Mumbai) The assessee, a Mauritius company, was engaged in telecasting TV channels. In India...
Slump sale and its Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 30, 2012
Slump sale means the transfer of one or more undertakings as a result of the sale for lump sum consideration without values being assigne...
Double Taxation Relief
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 30, 2012
Double Taxation is a situation in which the same income becomes taxable in the hands of the same company or individuals (tax- payer) in m...
Facts relating to House Property owned by NRI
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 29, 2012
NRI often have confusion over the tax related issues and provisions in respect of immovable properties. They have various queries regardi...
Taxability of Gifts Received by individual or HUF
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 29, 2012
Gifts received by an individual or HUF are taxable in certain situations as prescribed by the Income Tax Act. The gift may be in the form...
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