‘Period of limitation’ explained

Under the Income-tax Act, 1961, a specific period of limitation is provided for filing an appeal before an appellate authority. Under section 260-A of the Act, a period of 120 days is provided for filing an appeal to the High Court from the order of the Income-tax Appellant Tribunal.

Condonation of delay in filing appeal

Under the Income-tax Act, 1961, a specific period of limitation is provided for filing an appeal before an appellate authority. Under section 260-A of the Act, a period of 120 days is provided for filing an appeal to the High Court from the order of the Income-tax Appellant Tribunal.

Creating the perfect blend

The Indian art market, along with that of the rest of the worlds has been going through a lean patch in the wake of the financial meltdown.

Interest income should be added to salary income to arrive at tax slab

I was filling up form ITR-2. To my utter surprise I find that there is no provision in the form to show deduction of 'Tax on Employment" i.e., Profession Tax paid. The deduction is, I think, permissible under Section 16 (iii).

Taxing gifts

The Union Budget 2009-2010 presented by the FM Pranab Mukherjee proposes to bring a wide array of gifts in the tax net.

Budget analysis: personal taxation

The Monsoon Budget 2009 was announced by the Finance Minister, Pranab Mukherjee on 06 July, 2009. The question doing the rounds post Budget is whether...

This club may not be exquisite but is indeed expensive

I earn income, I pay taxes - logical, you earn income, I pay taxes - not so logical. That's exactly what the taxman mandates by the so-called "Clubbing" provisions.

Assessment where account books are defective

A summary assessment or a best judgment assessment may be made by an assessing officer under section 144 of the Income-tax Act, 1961. The application of this section would be attracted if the assessee fails to comply with all the terms of a notice issued under section 142(1) or 143(2).

Cross border E-Commerce transactions-uncertainties in tax treatments

The advent of e-commerce can be considered as one of the greatest event in the economic history of mankind, next only to the Industrial Revolution of the early 20th Century.

Expenditure pertaining to tax-free income

Certain types of income are not includible in the tax computation because these are exempt under various provisions of the Act.

Setting up a business

Expenditure is deductible under the Income Tax Act 1961 only after a business is set up. The difficult question pertains to the date the business is deemed to be set up.

FBT credit: Need for reconsideration

Are you a foreign national, working in India, availing benefit out of allotment of shares made to you under an Employees’ Stock Option Plan? Is the Fringe Benefit Tax on this benefit, being recovered from you by your employer?

Accrual of interest in the hands of non-residents

Persons who are not resident in India are liable to tax under section 5(2) of the Income Tax Act, 1961. They may be taxed under clause (a) on income received or deemed to be received in India even if it accrues outside India,

Income from unlawful sources

Section 2(24) of the Income Tax Act, 1961 gives an inclusive definition of the word “income”. The expression “income” is very wide and the object of the Income Tax Act being one to tax income, it has to be given an extended meaning.

Auxiliary activities undertaken in India

A foreign enterprise has to pay tax in India if it has an office, branch or any other entity, which carries on a business in India.

Writ jurisdiction for quashing an order

The High Courts have writ jurisdiction to quash an order of a tribunal or an authority. This jurisdiction is conferred by Article 226/227 of the Constitution of India.

When penalty is barred

Section 275 of the Income-tax Act, 1961, which falls under Chapter XXI, deals with penalties. Clauses (a) and (b) of section 275(1) relate to cases where the assessment to which the proceedings for imposition...

Equalising expatriates tax burden

Today, with economies going global, companies are deputing its skilled and experienced employees (referred to as 'expatriates') all across its global locations to carry out their businesses.

Expenditure on building brand name

Most companies incur considerable expenditure on publicity and advertisement for building a brand name and enhancing its public image. This is specially done before a company decides to make an initialing public offering of its equity shares.

IT assessment for individuals - analysis of key provisions

Albert Einstein once said that the hardest thing in the world to understand is income tax. Agreed, filing tax returns does look baffling, but complexities diminish when you get to know the key provisions of the Income-tax Act, 1961 concerning assessments.

Interest on convertible bonds

When convertible bonds or debentures are issued, the question, which arises, is whether the amount paid to the investor is to be treated as interest or dividend.

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