income tax

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Latest blogosphere posts tagged “income tax”

• Notification on Applicability of TDS u/s. 194J of IT Act’ 1961 in the case of transactions by the TPAs with Hospitals etc

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  The services rendered by hospitals to various patients arc primarily medical services and, therefore, provisions of 194J are applicable on payments made by TPAs to hospitals" etc. Further for invoking provisions of 194J, there is no stipulation that... [[ This is a content summary only. Visit my website ...
  11 hours ago

• Experts view on FM statement on Tax treaty renegotiation with 77 countries

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  This tax treaty controversy is snowballing. First it was just the India Mauritius Double Tax Avoidance Treaty that was under a shadow and has been that way for a couple of years then the proposed Direct Tax Code released in August this year proposed... [[ This is a content summary only. Visit my website ...
  11 hours ago

• ITAT gets four new VPs; R V Easwar becomes Sr Vice President; posted to Mumbai

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  PROMOTION on performance is a positive signal every organisation whether in private or public sectors intends to send to all stakeholders. This is what the Selection Panel headed by the Supreme Court Judge has also tried to do in the case of ITAT.... [[ This is a content summary only. Visit my website www.taxguru.in ...
  11 hours ago

• CBDT notified Constitution of DRPs in eight cities

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  Central Board of Direct Taxes has notified rules to regulate the procedure of the Dispute Resolution Panel (DRP) constituted under section 144C of the Income Tax Act, 1961 inserted by the Finance Act 2009. The rules came into effect from 20th... [[ This is a content summary only. Visit my website www.taxguru.in for ...
  12 hours ago

• Pete Rose’s girlfriend to pose for Playboy

  
  Thaindian News — Authority: 719
  Houston, Nov 24 (THAINDIAN NEWS) The banished baseball player Pete Rose is doing his utmost to stay young in the 60’s. In this endeavor he is sending his girlfriend to pose for Playboy. And she is a charmer by all means, a striking brunette in her 20’s.He said that Playboy was kind enough to grant [...]
  13 hours ago

• Houston mayoral candidate Gene Locke tells Texas Watchdog he will release tax forms “soon” (with video)

  
  Texas Watchdog — Authority: 545
  Houston mayoral hopeful Gene Locke will release his tax forms “soon,” he told Texas Watchdog Monday evening at a fundraiser in River Oaks.A cordial Locke emerged from a maroon Chevrolet SUV, with his wife at his side, and said he was ready to release the personal tax forms to “everybody.” He said his staff ...
  13 hours ago

• Satyam scam is of over Rs.14,000 crore: CBI (Second Lead)

  
  Thaindian News — Authority: 719
  Hyderabad, Nov 24 (IANS) The accounting scam at Satyam Computer Services is to the tune of Rs.14,000 crore (Rs.140 billion/$2.8 billion) and not Rs.7,800 crore (Rs.78 billion) as the company’s disgraced former chairman B. Ramalinga Raju stated earlier this year, the Central Bureau of Investigation (CBI) has said.The ...
  13 hours ago

• Gwinnett CPA Advises Atlanta Taxpayers on the Filing of Back Taxes & Old Income Tax Returns

  
  Accounting News and Notes — Authority: 133
  Gwinnett CPA Advises Atlanta Taxpayers on the Filing of Back Taxes & Old Income Tax Returns  The filing of old back tax returns often “freezes” taxpayers who become too scared to address their open monies. Below is an example of an inquiry from a taxpayer seeking advice on filing of past unfiled income tax ...
  14 hours ago

• Income-tax department sent notices to six Mumbai-based third party administrators (TPAs) to Pay TDS for last two years

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  The income-tax department last week sent notices to six Mumbai-based third party administrators (TPAs), who process insurance claims, askingthem to cough up Rs 117 crore for two consecutive financial years, beginning 2008-09.Related posts:TPAs... [[ This is a content summary only. Visit my website www.taxguru.in for ...
  22 hours ago

• The Roth IRA Boom for Advisors and Their Clients

  
  Earn Passive Income — Authority: 149
  The recent, wild fluctuations in the financial markets, combined with the concern that US federal income tax rates will inevitably go up, have more than a few people questioning just how far their retirement dollars will go in the future. If there is a single objective shared by the majority of IRA and 401(k) owners ...
  23 hours ago

• Download, know and FAQ on Form 15G & Form 15H

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form... [[ This is a content summary only. Visit my website ...
  1 day ago

• Tax cuts help just who youd expect

  
  Growth & Justice Blog — Authority: 448
  A new study from the Institute on Taxation and Economic Policy breaks down who among "non-elderly households" is paying what taxes at the state and local level. The report shows what weve been saying here for years — that when all forms of taxes (not just income taxes) are taken into account, the wealthiest ...
  1 day ago

• Applicability of penalty u/s. section 269T of IT Act, 1961, when payment was made in cash but not exceeded Rs.20,000/- on a single day

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  On perusal of the aforesaid account, it is seen that the assessee had to pay sum of Rs. 2,00,000/- to M/s. Ram Kumar Krishan Kumar as on 01.04.2002. Thus, the total amount payable by the assessee was of Rs. 2,00,000/-. Thereafter, the assessee has... [[ This is a content summary only. Visit my website www.taxguru.in ...
  1 day ago

• A.O. can rectify the intimation u/s 143(1) only to determine tax payable by assessee or any refund due to the assessee

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  With effect from 1-6-1999, section 143(1) does not contain any provision for any adjustment to the returned income shown by the assessee in the return of income, and no room is left for any intimation to the assessee except making arithmetical... [[ This is a content summary only. Visit my website www.taxguru.in for ...
  1 day ago

• Penalty u/s 271(1)(c) can not be levied on ground of disallowance of deduction u/s 80HHC of IT Act, 1961

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  Section 271(1)(c) provides that if the AO or the Commissioner (Appeals) or the Commissioner, in the course of proceedings in this Act is satisfied that any person has concealed the particulars of his income or furnish inaccurate particulars of... [[ This is a content summary only. Visit my website www.taxguru.in for ...
  1 day ago

• Contractor not eligible for deduction u/s. 80-IA

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  The use of word "developing in juxtaposition to infrastructure facility in section 80-1A(4) indicates that what is eligible for deduction under this sub-section is the profits and gains derived from the development of infrastructure facility and... [[ This is a content summary only. Visit my website www.taxguru.in ...
  1 day ago

• Confirmation of addition by tribunal does not mean concealment of income or inaccurate furnishing of particulars of income

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  The penalty proceedings and the assessment proceedings both are different. Explanation 1to section 271(1)(c) in respect of any fact relating to the computation of total income states that the amount added or disallowed in computing the total income... [[ This is a content summary only. Visit my website www.taxguru.in ...
  1 day ago

• When CIT cannot exercise jurisdiction u/s 263 of Income Tax Act, 1961

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  The second ground for passing provisional order by the CIT under Section 263 of the Act relates to the provision for doubtful debts. As per the CIT, the provision for doubtful debts at Rs.818.03 lacs debited in the Profit and Loss account was not... [[ This is a content summary only. Visit my website www.taxguru.in ...
  1 day ago

• Allowability of interest expenditure on borrowed funds

  
  LEGAL & FINANCIAL UPDATES FROM TAX GURU — Authority: 450
  In our considered opinion, no prudent businessman would borrow funds on interest and keep his own funds idle. Besides, (he transaction of loan is also not third party transaction but the funds borrowed from the Indian Overseas Bank by the sister... [[ This is a content summary only. Visit my website www.taxguru.in ...
  1 day ago

• Reforming CA’s Tax System

  
  Your Moral Leader — Authority: 145
  Yisroel Pensack writes : A Chula Vista attorney has submitted a proposal to the California Attorney General’s office for a constitutional amendment that would overhaul the state’s tax system via the voter initiative and referendum process. Frank D. Walker, 58, the amendment’s author and founder of "Prosper ...
  1 day ago

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