The government has acted fast , maybe , to bolster the falling stock market and prop the sentiment among the Financial Institutional Investors (FIIs) and Foreign Portfolio Investors(FPI) to accept the recommendation of Shah Committee formed for consideration of MAT application on these foreign investors. Now , after the Finance Ministry’s press briefing that the […]
Read MoreAuthor: Prashant Thakur
The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.
Don’t Think if Income is Below Exemption Limit, You Are Not Required to File Tax Return!
Individuals gear up ! The date has been extended by CBDT till 7th September 2015 . Use it to file tax return if you are mandatorily required to file tax return even if you have income of Rs 10,000 or any income below basic tax exemption. This post is just for all individuals who are […]
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CBDT Curtails Power of CCIT of Selection of Any Case for Scrutiny !
Central Board of Direct Tax ( CBDT ) has issued instruction for compulsory manual selection of scrutiny cases during the financial year 2015-16 . One of the surprising omission is blanket power to the CCIT /DGIT for selection of any case for scrutiny. So , during this year , only cases which falls within the criteria […]
Read MoreMeaning of “At any time”
The meaning of at any time under section 139 of the Income Tax Act is not defined in the act itself. But we can take guidance from decisions by various high courts. Here are excerpts of courts orders in which the Hon’ble High Court tried to explain the meaning of at any time. Meaning of […]
Read MoreSection – 25 : Removal of difficulties
25. (1) If any difficulty arises in giving effect to any provision of this Act, the Government may, on the recommendations of the Council, by a general or a special order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Act or the rules or regulations made thereunder, as […]
Read MoreSection – 24 : Laying of rules, regulations and notifications
24. Every rule made by the Government, every regulation made by the Board and every notification issued by the Government under this Act, shall be laid, as soon as may be, after it is made or issued, before each House of Parliament, while it is in session, for a total period of thirty days which […]
Read MoreSection – 23 : Power to make regulations
23. The Board may, by notification, make regulations consistent with this Act and the rules made thereunder to carry out the provisions of this Act.
Read MoreSection – 22 : Power to make rules
22. (1) The Government may, on the recommendations of the Council, by notification, make rules for carrying out the provisions of this Act. (2) Without prejudice to the generality of the provisions of sub-section (1), the Government may make rules for all or any of the matters which by this Act are required to be, […]
Read MoreSection – 21 : Import of services made on or after the appointed day
21. Import of services made on or after the appointed day shall be liable to tax under the provisions of this Act regardless of whether the transactions for such import of services had been initiated before the appointed day: Provided that if the tax on such import of services had been paid in full under […]
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