Home Highlights April 2012 Year 2012 This

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1. The Appellate Tribunal addressed two issues regarding TDS credit. Firstly, the Tribunal emphasized that income and TDS must align in any assessment year when income is...

2. Accrual of income - Additions based on TDS statements - The receipt of consideration of income, which has been already offered for taxation in earlier years, received in...

3. The ITAT, an Appellate Tribunal, addressed two key issues. Firstly, regarding the difference in sale consideration and stamp duty for 3 flats sold by the assessee, it...

4. Tax deducted at source (TDS) credit was denied in the intimation u/s 143(1) to the assessee. The Commissioner of Income Tax (Appeals) upheld the Centralized Processing...

5. Just because an assessee does not claim double taxation relief in respect of an income, it does not entitle the assessee to exclude that income from taxable income....

6. Section 90 of the Income Tax Act allows relief from double taxation by granting foreign tax credits (FTCs) on foreign income taxed in both India and the other country....

7. Section 90 of the Income-tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of fiscal evasion with foreign countries -...

8. If the hire charges as mentioned in form No. 26AS (as per TDS statement) are to be considered in the current year then the corresponding income as shown in the next year...

9. Income accrued in India - Capital gain - the new double taxation avoidance agreement has come into force much letter then the transaction took the place. In the new...

10. Credit of TDS - consideration received for offshore supply of rolling stock, when no corresponding income has been offered for taxation by the assessee - The ITAT cited...

11. The Delhi High Court dismissed the appeal challenging the findings of the Single Judge on the limitation period for a suit. The appellant did not dispute the legal...

12. Credit of TDS can be granted only when income corresponding to such TDS is assessed to tax in the same financial year. Assessee has the liberty to approach the Assessing...

13. TDS u/s 195 - professional fees paid outside India - it cannot go to the article of ‘other income’ only because of the reason that FTS article is not there in the Double...

14. Credit of TDS - Deductor deducted the TDS in the subsequent year - Income was shown in the ITR for the earlier year - since the assessee has shown income, the assessee...

15. TDS credit - TDS certificate was issued in the name of the previous owner of the bond. - The fact that the TDS certificate refers to assessment year 2005-06 is of no...