filing of tax returns

Is Filing of Tax Returns by Foreign Company Having PAN Mandatory ?




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This question on obligation to file return of income under section 139 of the Income Tax Act for a foreign company having a PAN was raised by a premium subscriber . She asks “A couple of clients are asking me whether it is mandatory for foreign companies who have a PAN in India to file their tax returns in India. …

Scrutiny Season Ends Tomorrow With Two Bribery Arrests !




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An  Income Tax Officer, posted in Range 31(1)(2), Mumbai has been arrested today for allegedly demanding and accepting a bribe of Rs. 75,000 from an assessee.The CBI got a complainthat the officer had demanded the bribe for reducing his assessment of income tax from Rs 4 lakh to Rs 0.55 lakh.A press release from the CBI said it had registered …

section 50

Section 50 Not Applicable if No Depreciation Was Claimed on Business Asset !




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In case of sale of business assets on which depreciation under section 32  is available and claimed   , there is special provision under section 50 of the Income Tax Act to compute the capital gains. As per  section 50  , if sale consideration  of a business asset is over & above the WDV as on 1st April plus any asset …

How To Search & Download ITAT Orders Easily ?

Everyone who is practicing direct tax -whether chartered accountants, tax lawyers, tax professionals or income Tax Authorities – all are searching for a ITAT orders at different point of time. The ITAT , being highest fact finding appellate authority under Income Tax Act , plays an important role in delivering tax justice. Taxworry .com has brought before you a very …