INCOME-TAX (SECOND AMENDMENT) RULES, 2013 – AMENDMENT IN RULES 31A & 31AA; SUBSTITUTION OF RULES 31ACB, 37J AND FORM NOS.15G, 15H, 16, 16A, 24Q, 26Q, 27C, 27D, 27Q & 27EQ AND INSERTION OF FORM NO. 26B NOTIFICATION NO. 11/2013[F.NO.142/31/2012-SO(TPL)]/SO 410(E), DATED 19-2-2013 In exercise of the powers conferred by section 295 of the Income-tax Act, […]
The assessee is a Corporation established under the provisions of the Warehousing Corporations Act, 1962 (in short ?1962 Act?). It was earlier claiming exemption under section 10(29) of the Act but after deletion of the said provision with effect from 1-4-2003, it applied for registration under section 12AA of the Act. The said application was […]
The assessee was a an Individual having tax residency of USA.The assessee had a Permanent Establishment in India (?PE?) in form of proprietary concern for export of software.He claimed deduction u/s 80HHE in respect of export of softwares. However, both the Assessing Officer as well as the Commissioner (Appeals) were of the opinion that deduction...
The Tribunal on the question related to distance of the agriculture land from the municipal limits of the city of Khanna in the State of Punjab , held that the distance of 2 kms. from the municipal limits of the city of Khanna had to be reckoned for the purposes of section 2(14)(iii ) of […]
Under the Indutsrial Park Scheme , deduction u/s 80IA(4) was provided only upto 31/03/2009 . However , the Finance Act (No.2) 2009 had extended the ending date of the scheme from 31st March 2009 to 31st March 2011.Now CBDT has amended the Industrial Park Scheme 2008 and Rule 18C of the Income Tax Rules, 1962 to […]
Is Rectification u/s 154 Possible For Revising Capital Gains in case Compensation Received For Compulsory acquisition of Land or Property Gets Reduced by authority or Court or Tribunal?
Section 155(16)of the Income Tax Act was introduced from Asst Year 2004-05 (F.Y 2003-04 ) . This relates to capital gains on compensation .The reason for bringing such provision was that the land property were being acquired by government or private bodies for major infrastructure development. In that event
Hon’ble Speaker, I present the Part II of the Budget before the house.
1. Review of Revenue Receipts – This Financial Year began on the backdrop of economic recession. Lower tax receipts were expected due to global recession. Even the Central Government had reduced its target of tax receipts. Considering this situation, the tax receipt target