Home Highlights April 2013 Year 2013 This

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1. Levy of surcharge on tax u/s 113 - Block assessment u/s 158BC - Effective date of proviso appended to Section 113 of the Income Tax Act vide Finance Act, 2002 - the...

2. Computation of interest under Section 220(2) - Payment of tax on the undisclosed income relating to the block period - Whether surcharge at 15% under Section 113 of the...

3. Levy of surcharge u/s 113 - Block assessment u/s 158BD - the intention of the legislature was to make it prospective in nature. This proviso cannot be treated as...

4. Introduction of block assessment provisions in cases of search u/s 132 and requisition u/s 132A for early finalization of search assessments, coordinated investigation,...

5. The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

6. Constitutional validity of levy of basic excise duty and NCCD, after coming into force of the Constitution (101st Amendment) Act, with effect from 01.07.2017 -...

7. The Income Tax Appellate Tribunal (ITAT) ruled that surcharge is not leviable when the total income is less than Rs. 50 lacs. The Assessing Officer had contended that...

8. Surcharge u/s 113 - Surcharge under Section 113 of the Act is mandatory and is applicable with retrospective effect - HC

9. 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 -...

10. Levy of Surcharge and cess - to be computed over the rate of tax as per DTAA or not - Article 12 read with Article 2 of the tax treaty makes it clear that the rate of...

11. Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

12. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - tax payable on under-reported income shall be calculated as if such...

13. Applicability of surcharge and cess on DTAA rate of tax - as per DTAA between India and Netherlands, the income tax including surcharge shall not exceed 10% - A.O....

14. Clubbing of income of Non-resident and Permanent Establishment (PE) - Levy of surcharge at 5% as against assessee’s claim of 2% - The royalty and Fee for Technical...

15. Levy of surcharge and education over 10% tax as per the DTAA between India and France on royalty - revenue cannot levy surcharge and education cess, which is also in the...