Its exempt when Central Government exempts such income u/s 10(6C). Section 10 of the Income Tax Act, 1961 lists down the incomes that are not to be included in the total income while computing the total income of any person. Further Clause 6C gives Central Government the power to notify in the Official Gazette to exclude the income arising to foreign company by way of royalty or fees for technical...
A 24-year-old man named Dinesh Kumar allegedly posed as an income tax commissioner and demanded Rs 30 lakh from a businessman in return of closing a fictitious complaint against the victim has been arrested by the crime branch of Delhi Police last Friday from the Millennium Park area in southeast Delhi. According to police , the accused – Dinesh- had worked as an informer for the income tax department and
The credit of tax paid -tds or TCS or advance tax or self assessment tax - is the single most reason for grivance by taxpayer from the income tax department. These days, it is common to get a notice of demand , when actually you had claimed Refund in your return. The reason why demand is created by the department is that NSDL does not show the tax deducted from your income or advance tax paid by you
The CIB wing of the Income Tax department has responsibility to collect information from various sources -mainly from AIR information which are then disseminated to field officials for action. Recently ,CIB, Mumbai’s director A.C. Tejpal had alleged that 11.4 crore pieces of information collected in the last five years were not disseminated. He is now suspended ! Watch the video ! Media reports that the Central Board of Direct Taxes (CBDT) has
Director General of Income Tax (Inteligence) , a recently formed directorate in the Income Tax Department are handling the data provided by US, Finland, Japan, Korea, Denmark and New Zealand on entities in these countries having made payments to Indians. It is reported that the data was provided in May 2010.
Section 80U of the I T Act provides deduction to person sffering from specified disability by at least to the extent of 40 % or in case of sever disability , 80 % suffering. For claiming deduction,you ought to have the certificate first , before you can claim the deduction u/s 80U. As per Rule 11A of I T Rules, medical authority for issuing certificate of disability are
Rs 10 crore from the Adiparasakthi temple in Melmaravathur was seized by The Income Tax department, in its first biggest seizure of unaccounted cash in Tamil Nadu, on Friday .The raid on the premises under Section 132 of the Income Tax Act was based on information regarding the stocking up of a large amount of black money in the temple run by self-proclaimed godman Bangaru Adigal. The cash was seized from his house on the temple premises, an official said.
The good news is that the Department has modified the return preparation software to include automatic calculation of tax and interest and this is available for download free of cost.Here are six steps to efile tax return?
It just happens so often that tax demand is raised on account of processing u/s 143(1) or scrutiny order u/s 143(3) of the Income Tax Act. You are convinced that the demand raised by the income tax department is wrong or bogus for any reason and has filed either 154 petition or made an appeal to authorities.Suddenly , you see that refund of earlier year or subsequent year is adjusted without your knowledge. Can A.o do that?