Home Highlights March 2016 Year 2016 This

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1. The assessee company is eligible to claim Foreign Tax Credit (FTC) against its Minimum Alternate Tax (MAT) liability u/s 115JB of the Income Tax Act for taxes paid in...

2. DIRECT TAX DISPUTE RESOLUTION SCHEME, 2016 - Scheme not to apply in certain cases - Clause no. 205 of the Bill - where assessment has been made under section 153A or...

3. Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

4. Guidelines under clause (23FE) of section 10 of the Income-tax Act, 1961 - Circular

5. Refund of taxes TDS - Tax Credit u/s 199 - Defective ROI filled - PAN of a non existing entity (amalgamated) used for filing ROI - when ld AO has assessed income of the...

6. Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

7. The assessee offered additional income under the head 'Income from other sources' during the course of survey proceedings. The Assessing Officer treated it as income...

8. Addition on account of difference in TDS receipts - AO directed to re-compute the income of the assessee in accordance with cash system of accounting, which is the...

9. Stay of demand - payment of 20% of the outstanding demand - ITAT rejecting its application for stay on the recovery of demand during the pendency of appeal - The Delhi...

10. Mismatch of credit of TDS due to non-payment of TDS - benefit of tax deducted at source by the employer - Non deposit of TDS by the employer - Reference of Section 205...

11. The ITAT held that when the principal amount of income subjected to tax deducted at source (TDS) bears an element of uncertainty and irrecoverability, the TDS deposited...

12. Credit for tax deducted at source for the purposes of section 199 - Rule 37BA of the Income-tax Rules, 1962 - As amended

13. Allowance of Tax Deducted at Source (TDS) claimed by a "Kaccha Aaratiya" (commission agent) engaged in selling agricultural produce on behalf of farmers. The key points...

14. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

15. CBDT's clarification on instructions on Stay of Demand / Guidelines for stay of demand