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2019 (6) TMI 1288 - ITAT DELHI The Tribunal ruled on various issues including disallowances under Sections 14A and 40(a)(ia), additions related to notional rent and interest expenses, and deletions of prior period expenses and SEZ deductions. The Tribunal generally upheld the CIT(A)'s decisions on allowable expenses and deductions, while also directing adjustments in certain disallowances. The Tribunal emphasized adherence to specific provisions of the Income Tax Act in determining the tax liability of the assessee.
Explanatory Notes to the Provisions of the Finance Act, 2016 The circular outlines the amendments introduced by the Finance Act, 2016, focusing on direct tax provisions. Key changes include the introduction of a new tax regime for offshore funds, exemption from Dividend Distribution Tax for certain distributions, and a special taxation regime for securitization trusts. The circular also details the rationalization of tax deduction at source provisions, incentives for start-ups, and modifications to the tax treatment of charitable institutions. Additionally, it addresses the implementation of a presumptive taxation scheme for professionals, adjustments to advance tax payment schedules, and the introduction of the Direct Tax Dispute Resolution Scheme, 2016, aimed at reducing litigation.
The circular outlines the income tax deduction from salaries for the financial year 2015-16 under Section 192 of the Income-Tax Act, 1961. It specifies the tax rates applicable based on income brackets and age categories, including normal rates, rates for senior citizens, and very senior citizens. It details the surcharge and education cess applicable on income tax. The circular also explains the method of tax calculation, employer responsibilities for tax on perquisites, and handling of salary from multiple employers. Deductions under various sections like 80C, 80D, and 80G are elaborated, along with the process for filing TDS statements and issuing Form 16. Penalties for non-compliance and procedures for corrections in TDS filings are also addressed.
The circular outlines the income tax deduction procedures for salaries during the financial year 2014-15 under Section 192 of the Income Tax Act, 1961. It specifies the tax rates applicable as per the Finance (No. 2) Act, 2014, including normal rates and those for senior citizens. It also details the surcharge and education cess applicable, along with the method of tax calculation. Employers are instructed on deducting tax at source, handling salary from multiple employers, and providing relief for arrears or advance salary. The document also covers deductions under Chapter VI-A, including those for life insurance, provident fund contributions, and medical expenses, among others.
The circular provides guidelines for income tax deduction from salaries under Section 192 of the Income-tax Act, 1961, for the financial year 2004-2005. It outlines tax rates based on income brackets and details the surcharge and education cess applicable. Employers are responsible for deducting tax at source, with provisions for non-monetary perquisites and multiple employers. The document explains various deductions, exemptions, and rebates available under different sections, including those for housing loans, medical expenses, and specific allowances. It emphasizes compliance with documentation requirements, such as TDS certificates and annual returns, and highlights penalties for non-compliance.
The circular outlines the instructions for the deduction of tax at source from salaries for the financial year 2001-2002 under section 192 of the Income-tax Act, 1961. It specifies the income tax rates applicable for different income brackets, with no tax for income up to Rs. 50,000, and varying percentages for higher income levels. A surcharge of 2% is applicable for income exceeding Rs. 60,000. The circular also addresses tax deduction procedures for employees with multiple employers, relief under section 89, and the inclusion of other income. It provides guidelines for calculating perquisites, exemptions, deductions under Chapter VI-A, and tax rebates. Additionally, it emphasizes the responsibilities of employers in deducting and remitting taxes, issuing TDS certificates, and maintaining proper documentation.
The circular outlines the procedures for tax deduction at source from salaries for the financial year 2001-2002 under Section 192 of the Income-tax Act, 1961. It specifies the rates of income tax, exemptions, and applicable surcharges. Employers must deduct tax based on estimated salary income, considering exemptions like house rent allowance and medical reimbursements. The document also details the responsibilities of employers regarding tax deductions, issuance of TDS certificates, and compliance with filing requirements. It includes guidelines for calculating perquisites and deductions under various sections, providing examples for clarity. Penalties for non-compliance with tax deduction rules are also highlighted.
2016 (2) TMI 1022 - ITAT MUMBAI The Tribunal partly allowed the appeal filed by the assessee, deciding all effective grounds against the AO. The appeal filed by the AO was dismissed, and the order was pronounced in the open court on 4 February 2016. The Tribunal upheld that the breach of Section 13(1)(d) and 13(2)(h) would lead to forfeiture of exemption of income derived from such investments but not the entire income of the trust. The Tribunal held that the assessee was not entitled to full exemption under Section 11 but allowed the exemption under Sections 10(34), 10(35), and 10(38) for dividend income and long-term capital gains. Additionally, the Tribunal allowed the exemption for education grants given to Indian students for studying abroad.
1945 (12) TMI 1 - ALLAHABAD HIGH COURT The court held that the allowances received by the assessee from the Kalsia State were deemed to be her income accruing in British India under Section 4(2) of the Income-tax Act. Therefore, these allowances were considered her income. However, the moneys received from the Nabha State were found not to constitute her personal income assessable under the Act. Additionally, the court ruled that the assessee, as the wife of the Ruling Chief of Kalsia, was not exempt from taxation under international law for her personal income in British India.
2023 (11) TMI 1082 - CESTAT CHENNAI The Tribunal upheld the jurisdiction of the Commissioner, Coimbatore, and found no jurisdictional error in the show cause notice issued by the DGCEI officer. It determined that service tax applies to activities related to mining, not the mined materials themselves, and distinguished between service and manufacture. Leasing services with transfer of possession are not liable for service tax, but vehicles supplied without a contract are. The Tribunal invoked the extended period due to suppression of facts and mandated penalties under section 78 of FA 1994, but quashed penalties under section 77(2). The case was remanded for recalculating duty and interest, with cum-tax benefit granted if not already provided.
2022 (7) TMI 642 - AUTHORITY FOR ADVANCE RULING, UTTAR PRADESH The transfer of business by Airport Authority of India (AAI) to M/s. Adani Lucknow International Airport Limited (ALIAL) is considered a supply under Section 7 of the CGST Act. The transfer qualifies as a going concern and is exempt under Entry No. 2 of the exemption notification No. 12/2017. Concession fees are part of the consideration for the transfer, exempting monthly/annual fees from GST. However, GST at 18% is leviable on salary/staff cost reimbursements. Reimbursements for municipal tax, property tax, and water charges are exempt from GST. Reversal of Input Tax Credit is required under Section 17 (2)/(3) of the CGST Act.
2015 (10) TMI 2406 - BOMBAY HIGH COURT The court ruled in favor of the respondents, holding that the sales made by the petitioner were within the State of Maharashtra and taxable under the MVAT Act. The petitioner's claim for exemption under a specific notification was denied, and the recovery notices and assessment orders issued by the respondents were deemed valid. The court granted the petitioner three weeks to file appeals and ordered no coercive measures to be taken during this period.
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.
Explanatory notes to the provisions of the Finance (No. 2) Act, 2009 The Finance (No. 2) Act, 2009 introduces several amendments to the Income-tax Act, 1961, and other related laws. Key changes include adjustments to income tax rates for various entities, amendments to definitions such as "manufacture," and provisions for the taxation of Limited Liability Partnerships (LLPs). The Act also extends deadlines for certain tax exemptions, introduces investment-linked tax incentives, and clarifies the computation of profits for Special Economic Zones (SEZs). Additionally, it addresses the treatment of anonymous donations, rationalizes Tax Deduction at Source (TDS) provisions, and abolishes the Commodity Transaction Tax. The amendments aim to streamline tax administration, enhance compliance, and provide clarity on various tax-related issues.
The circular outlines the tax deduction process under Section 192 of the Income-tax Act, 1961, for salaries during the financial year 2003-2004. It specifies the income tax rates applicable based on income brackets, with no tax for incomes up to Rs. 50,000 and varying rates for higher incomes. A surcharge applies for incomes exceeding Rs. 8.5 lakh. Employers can opt to pay tax on non-monetary perquisites. The circular details procedures for handling multiple employers, arrears, and deductions for house property interest. It also covers tax exemptions, deductions under Chapter VI-A, and rebate entitlements, emphasizing compliance and documentation requirements for employers.
Instructions for Deduction of Tax at Source From Salary The circular outlines the procedures for deducting income tax from salaries for the financial year 2002-2003, as per Section 192 of the Income-tax Act, 1961. It specifies tax deduction rates based on income slabs, with no tax for incomes up to Rs. 50,000, and increasing rates for higher incomes. A surcharge applies for incomes exceeding Rs. 60,000. Employers may opt to pay tax on non-monetary perquisites. The circular also covers tax deductions related to multiple employers, arrears, and various allowances, along with exemptions under specific sections. It mandates the issuance of TDS certificates and emphasizes compliance with PAN and TAN requirements.
FINANCE (NO. 2) ACT, 1998 The Finance (No. 2) Act, 1998, outlines various amendments and provisions related to income tax, affecting both corporate and non-corporate taxpayers for the assessment year 1998-99. Key changes include maintaining the previous year's tax rates, specifying tax deduction rates for non-salary incomes, and revising the standard deduction for salaried individuals. The Act also introduces new sections for depreciation on intangible assets, tax incentives for the petroleum sector, and provisions for venture capital funds. Additionally, it addresses redesignation of income-tax authorities, removal of certain tax exemptions, and amendments for educational and medical institutions. The Act also extends tax holidays for specific industries and regions and introduces the Kar Vivad Samadhan Scheme for resolving tax disputes.
The agreement between the Governments of India and Belgium, effective from June 6, 1975, aims to avoid double taxation and prevent fiscal evasion concerning income taxes. It applies to residents of both countries and covers various taxes, including income tax, corporate tax, and surtax. The agreement outlines the definitions, scope, and application of tax laws, including provisions for permanent establishments, business profits, dividends, interest, royalties, and capital gains. It also includes clauses on non-discrimination, mutual agreement procedures, and exchange of information. The agreement will remain effective indefinitely unless terminated by either party with appropriate notice.
1942 (2) TMI 24 - ALLAHABAD HIGH COURT The Court held that the notice dated 23rd February 1938 issued under Section 34 of the Indian Income-tax Act was valid as the income had indeed escaped assessment. The income from zar-i-chaharum was not agricultural income and thus taxable. Similarly, the income from nazrana was considered a fee for building permissions and not agricultural income, making it taxable. The late Maharaja of Benares, although recognized as a Ruler of an Indian State, was not exempt from taxation as he was not an independent sovereign, and his income from properties in British India was subject to taxation under the Government of India Act.
2023 (4) TMI 388 - ITAT BANGALORE The Bangalore Metro Rail Corporation Limited, despite claiming state status, was held not exempt from Union taxation under Article 289 as it operates as a separate legal entity engaged in profit-making activities. The Tribunal remitted various issues, including the taxation of reimbursement of state tax revenue receipt and disallowance of certain expenses, back to the Assessing Officer for fresh consideration. The Tribunal partially allowed appeals from both the assessee and the revenue, with specific matters requiring further assessment by the AO.
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