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2016 (9) TMI 607 - ITAT MUMBAI The tribunal upheld the disallowance of ?76,54,986/- for doctors' overseas travel expenses as they were not incurred wholly and exclusively for business purposes and were against public policy. Regarding the disallowance of 25% of ?1,26,75,000/- on physicians' samples, the tribunal remanded the issue back to the AO for verification, allowing the expenses only if they were for testing the efficacy of new products.
The circular outlines the income tax deduction guidelines for salaries during the financial year 2018-19 under Section 192 of the Income Tax Act, 1961. It specifies tax rates based on income slabs and age categories, including normal rates, rates for senior citizens, and those over 80 years. It introduces a Health and Education Cess of 4% on income tax, including surcharges. The document details the method of tax calculation, employer responsibilities, and conditions for deductions and exemptions. It also describes the process for filing returns, penalties for non-compliance, and the requirement for providing evidence for claims like house rent allowance and deductions under Chapter VI-A.
FICCI PRE-BUDGET MEMORANDUM 2018-2019 A pre-budget memorandum by FICCI for 2018-2019 highlights various economic and sectoral issues, emphasizing the need for tax reforms to stimulate growth. Key recommendations include reducing corporate tax rates to 25% for all companies, addressing the inverted duty structure in manufacturing, and expanding GST to include petroleum products. The memorandum advocates for rationalizing GST compliance, enhancing tax incentives for sectors like healthcare and housing, and improving the ease of doing business. It also calls for clarity on tax provisions affecting sectors such as IT, telecommunications, and financial services, and suggests measures to support MSMEs and infrastructure development.
Explanatory Notes on the provisions relating to direct taxes The Finance Act, 1992, introduced several amendments to direct tax laws in India, including changes to the Income-tax Act, Wealth-tax Act, Interest-tax Act, and Expenditure-tax Act. Key amendments include revised tax rates for various income categories, modifications to deductions and exemptions, and the introduction of new sections for specific tax treatments. The Act aimed to widen the tax base, simplify tax procedures, and provide incentives for savings and investments. Notable changes include the restructuring of capital gains taxation, adjustments in the treatment of partnership firms, and modifications to wealth and interest tax provisions. Additionally, the Act sought to enhance tax relief for specific groups, such as senior citizens and handicapped dependents, and streamline tax compliance for small businesses.
2000 (11) TMI 313 - ITAT PUNE The Tribunal held that the Diagnostic Centre did not qualify as an industrial undertaking and was not entitled to the investment allowance under section 32A. Additionally, the Tribunal upheld the partial disallowance of inauguration expenses. The appeal of the Revenue was partly allowed.
The circular outlines the procedure for income-tax deduction from salaries for the financial year 1991-92 under Section 192 of the Income-tax Act, 1961. It states that the Finance (No. 2) Act, 1991, retains the existing tax rates and exemption limit of Rs. 22,000. It details the calculation of tax deductions, including considerations for perquisites, benefits, and exemptions such as travel concessions, gratuity, and medical reimbursements. The document also covers deductions under various sections like 80CCA and 80D, and tax rebates under Section 88. It emphasizes compliance with tax deduction and payment procedures, including penalties for non-compliance.
The circular outlines the rules for income-tax deduction from salaries for the financial year 1994-95 under section 192 of the Income-tax Act, 1961. It details the revised tax exemption limits and rates established by the Finance Act, 1994, including the abolition of a 12% surcharge. The document explains the calculation of tax deductions, including provisions for perquisites, exemptions, and deductions such as travel concessions, gratuities, and medical expenses. It also provides guidance on tax rebates under section 88 and 88B, and the responsibilities of employers regarding tax deduction at source, including the issuance of TDS certificates and filing annual returns.
The circular outlines the income tax deduction guidelines for salaries during the financial year 1993-94 under section 192 of the Income-tax Act, 1961. It highlights changes introduced by the Finance Act, 1993, such as raising the income-tax exemption limit from Rs. 28,000 to Rs. 30,000, and maintaining tax rates of 20%, 30%, and 40% for various income slabs. Amendments include increased standard deductions, medical treatment exclusions, and enhanced deductions for specific expenditures. The circular also details procedures for tax deduction at source, exemptions, and rebates available to employees, ensuring compliance with the Income-tax Act and related rules.
The circular outlines the income tax deduction guidelines for salaries during the financial year 1992-93 under section 192 of the Income-tax Act, 1961. Key changes include an increased income-tax exemption limit from Rs. 22,000 to Rs. 28,000 and a reduction in taxable income slabs. The Finance Act, 1992, introduces amendments enhancing deductions for working women, medical expenses, and investments in notified schemes. It also details the valuation of perquisites, exemptions for travel and medical benefits, and conditions for tax rebates. Employers are responsible for deducting tax at source and complying with reporting requirements, with penalties for non-compliance.
2024 (2) TMI 101 - ITAT MUMBAI The Tribunal partly allowed both the assessee's and revenue's appeals, providing specific directions on various disallowances and claims. It allowed MTM losses as deductible, deemed the suo motu disallowance under Section 14A reasonable, and remitted the disallowance of bad debts and business loss on re-possessed assets for fresh examination. Proportionate bond expenses were allowed, and the rebate under Section 88E was directed for reconsideration. Relief under Section 90 was granted, and Section 115JB was held inapplicable to banks. Transfer pricing adjustments were revised, depreciation on leased assets was upheld, and club membership fees were allowed as business expenditure.
Finance Act, 2023 Explanatory Notes to the Provisions of the Finance Act, 2023 The Finance Act, 2023 introduces several amendments to the Income Tax Act, 1961, impacting various tax provisions. Key changes include adjustments to income tax rates for different entities, with specific rates for individuals, Hindu Undivided Families, firms, and companies. The Act also revises provisions for deductions, capital gains, and presumptive taxation schemes, and introduces new tax incentives for International Financial Services Centres (IFSCs). Additionally, it addresses tax treatment for online gaming, market-linked debentures, and mutual funds. The Act further modifies procedures for tax assessments, appeals, and penalties, aiming to streamline tax administration and compliance.
2014 (3) TMI 1150 - ITAT MUMBAI The Tribunal ruled in favor of the assessee in various aspects, allowing deductions for recoveries from guest house expenses, fees paid to consultants, investment allowances, and contributions to institutions. Disallowances were upheld for entertainment expenses like annual general meeting costs, payments to clubs, and food at employees' gatherings. The Tribunal also allowed certain capital expenditures such as on immovable assets and partly convertible debentures. Additionally, deductions were permitted for leave salary provisions and remuneration to key personnel, while disallowances were made for certain business expenditures lacking evidence.
1997 (2) TMI 566 - ITAT MUMBAI The Tribunal allowed the assessee's claims on various expenditure items such as club subscription fees, repairs and maintenance expenses, and professional fees. Disallowances were upheld for certain expenses like taxi hire charges and representation fees. The Tribunal provided specific directions for each issue, including calculations and exclusions, resulting in partial relief for the assessee in both appeals.
The circular outlines the tax deduction process from salaries under Section 192 of the Income-tax Act, 1961, for the financial year 2007-08. It specifies the tax rates applicable based on income levels and categories, such as general taxpayers, women below 65, and senior citizens. The document details the method of tax calculation, including the handling of non-monetary perquisites by employers and the computation of average income tax. It also covers the responsibilities of employers in deducting and depositing tax, issuing TDS certificates, and filing quarterly TDS returns. Additionally, it discusses various deductions and exemptions available under the Income-tax Act, including those for housing loans, medical expenses, and specific allowances. Penalties for non-compliance are also mentioned.
The circular outlines the income-tax deduction from salaries for the financial year 2006-07 under Section 192 of the Income-tax Act, 1961. It specifies the rates of tax deduction based on income levels, gender, and age, including special rates for women and senior citizens. The document also explains the method of calculating tax deductions, including the treatment of non-monetary perquisites and situations involving multiple employers. It covers deductions under various sections, including those for medical expenses, house rent, and contributions to provident funds. The circular details the responsibilities of employers in deducting and depositing tax, issuing TDS certificates, and filing quarterly statements. Penalties for non-compliance are also addressed.
Instructions for deduction of tax at source from salaries during the financial year 1999-2000 The circular outlines the procedures and rates for tax deduction at source from salaries for the financial year 1999-2000, as per the Finance Act, 1999. It specifies tax rates based on income brackets, with no tax for incomes up to Rs. 50,000, and increasing rates for higher income levels. Employers must deduct tax from salaries exceeding Rs. 50,000, considering perquisites and other income sources. The document also highlights exemptions, deductions, and rebates available under various sections of the Income-tax Act, including provisions for housing loans, medical expenses, and investments. Compliance requirements for employers, such as issuing TDS certificates and filing annual returns, are detailed. Penalties for non-compliance are also specified.
1990 (12) TMI 193 - ITAT MADRAS-D The appeal was partly allowed, with certain issues remanded for further examination. The Tribunal upheld the inclusion of specific items in the estate, rejected the deduction claim for marriage expenses, and adjusted the interest rate charged under section 70 of the Estate Duty Act.
1980 (6) TMI 41 - ITAT AHMEDABAD-A The appeal was partially allowed. The Tribunal deleted the disallowance of Rs. 2,34,507 for the gratuity provision, upheld the disallowance of Rs. 1,08,216 for managing directors' remuneration and perquisites, and directed the ITO to reconsider the triple shift depreciation allowance, development rebate on machinery, and additional education cess liability.
FICCI-PRE-BUDGET-MEMORANDUM-2015-16 India's economic outlook improved in 2014-15, with GDP growth projected at 5.5-5.6%, up from below 5% in previous years. Inflation concerns eased, and the current account deficit was reduced. Export growth was steady, and foreign investment inflows increased significantly. The government introduced progressive policies to enhance the business environment, including infrastructure development, manufacturing support, and financial inclusion initiatives. The forthcoming budget aimed to boost demand and investments, with suggestions to extend investment allowances, support startups, and implement GST. The fiscal deficit was targeted to decrease, emphasizing revenue growth and efficient expenditure. The agriculture, chemicals, aviation, education, and healthcare sectors received specific recommendations for tax adjustments and policy reforms to support growth and competitiveness.
The circular issued by the Central Board of Direct Taxes outlines the procedure for income tax deduction from salaries for the financial year 2013-14 under Section 192 of the Income-tax Act, 1961. It specifies the tax deduction rates based on income slabs and age groups, including surcharges and education cess. Employers are responsible for deducting taxes and issuing Form 16 to employees. The circular details the process for calculating taxable income, considering deductions under Chapter VI-A, and provides guidelines for handling multiple employers, arrears, and other income heads. It also emphasizes the importance of accurate PAN and TAN details and the requirement for filing quarterly TDS statements.
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