income tax

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Original Technorati articles tagged “income tax”

• in Business
  Amazon Executive Fumbles in Front of UK Parliament
  Amazon's Director of Policy makes an embarrassing appearance in front of a parliamentary committee on the low tax paid by Amazon
  by cmimanagers / on Nov 13, 2012
• in Finance
  No Money? No Problem - Increase Tax!
  Illinois is considering a temporary, outrageous income tax hike of 75% to chip away at its deficit.
  by bloggindave / on Jan 11, 2011

Latest blogosphere posts tagged “income tax”

 

• Expense by tenant on house property repairs cannot be included in ALV

  
  — Authority:
  In the present set of facts, we have noted that the AO had considered the impugned repair expenditure as annual rent in the hands of the assessee which was without any basis. As far as the assessee was concerned, the deduction @ 30% is like a standard deduction as prescribed u/s.24(a) of IT Act, not necessarily ...
  6 days ago

• S.269SS not applies to transfer between two accounts by Journal Entry

  
  — Authority:
  Section 269SS is attracted when the loan or deposit taken or accepted otherwise than by account payee cheque or account payee bank draft and in the Explanation (iii) below Sec.2 69SS, it is mentioned that loan or deposits means “loan or deposit of money” and transfer between two accounts by way of journal entry ...
  6 days ago

• Happy Tax Freedom Day 2013 to Connecticut Taxpayers

  
  — Authority:
    Tax Freedom Day for the country was on April 18, 2013. This is the day when, on average, taxpayers have paid all of their taxes for the year and now begin to keep what they earn.  Tax Freedom Day in 2013 was 5 days later than last year. This is partially due to the American Taxpayer Relief Act passed in late ...
  6 days ago

• Finance Bill gets enacted as Act No.17 of 2013 wef 10th May,2013

  
  — Authority:
  Finance Bill gets enacted as Act No.17 of 2013; President gives assent on 10th May,2013
  6 days ago

• Form & mode of filling of Income Tax Return for AY 2013-14

  
  — Authority:
  CA Pardeep Kumar Relevant Sections of Income Tax Act, 1961: 139(1), 139(3), 139(4A), 139(4B), 139(4C), 139(4D), 142(1), 148(1), 153A All Applicable Return Forms for A Y 2013-14: ITR – 1 (SAHAJ), ITR – 2, ITR – 3, ITR -4S (SUGAM), ITR – 4, ITR – 5, ITR – 6, ITR – 7 Filling of Income [...]
  6 days ago

• Applicability of Transfer Pricing provisions to Specified Domestic Transactions

  
  — Authority:
  Applicability of transfer pricing provisions was earlier limited to International Transactions only. With effect from 01.04.2013, the scope of Transfer Pricing provisions is extended to Specified Domestic Transactions and will accordingly be applicable from A.Y. 2013-14.
  6 days ago

• Mandatory e-filling of Audit report u/s. 44AB, 92E & 115JB

  
  — Authority:
  Mandatory ELECTRONIC FILLING of Chartered Accountant’s report under section 44AB, 92E & 115JB of Income Tax Act, 1961 . Where an assessee is required to furnish a report of audit under section 44AB, 92E or 115JB, he shall furnish the same Electronically on or before the due date for furnishing the return of ...
  6 days ago

• CENVAT credit written off on surrender of Excise Registration Certificate is allowable as deduction u/s 37

  
  — Authority:
  In the facts of the present case, the assessee had paid CENVAT on purchase of raw material which was deposited in its PLA account for claiming the benefit of set off against the excise duty payable on the manufactured items i.e. branded yearn. The assessee was paying higher rate of excise duty on the raw [...]
  6 days ago

• 2014: Taxpayers Must Report Personal Health ID Info to IRS

  
  — Authority:
  When Obamacare’s individual mandate takes effect in 2014, all Americans who file income tax returns must complete an additional IRS tax form. The new form will require disclosure of a taxpayer’s personal identifying health information in order to determine compliance with the Affordable Care Act’s individual ...
  6 days ago

• Chained Income Taxes — Chained Income Tax

  
  — Authority:
  Chained Income Taxes — Chained Income Tax This site has published articles about the proposed Chained Consumer Price Index(CCPI) President Barack Obama has included in this years’ budget. Those articles have talked about the punishing effects the CCPI will have on Social Security recipients, veterans ...
  1 week ago

• HC dismisses petition of CA alleging harassment by ITAT Members

  
  — Authority:
  Issue- The petitioner is a Chartered Accountant and has been appearing before the Income Tax Authorities as well as before various Benches of the Income Tax Appellate Tribunal. The grievance of the petitioner is that the petitioner is facing lot of harassment at the hands of respondents No.2 and 3, who are Judicial ...
  1 week ago

• S. 54/54F exemption available on Investment in purchase of plot/land for construction of house

  
  — Authority:
  Exemption claimed by the assessee under S.54 of the Act cannot be denied on the ground that the assessee has not utilised the sale consideration received from the sale of flats itself, in purchasing the plot. Law is well settled by the judicial precedents that investment in purchase of pot for construction of house ...
  1 week ago

• Foreign Currency Forward Contract Loss is not Speculation Loss

  
  — Authority:
  Admittedly, the assessee is not a dealer in foreign exchange. For the purpose of hedging the loss due to fluctuation in foreign exchange while implementing   the export contracts, the assessee had entered into forward contract with   the banks.  In some cases,   the export could not be executed and the    ...
  1 week ago

• S. 40(a)(ia) TDS – Special Bench verdict in Merilyn Shipping does not lay down correct law

  
  — Authority:
  debates in the Parliament are ordinarily not considered as the aids for interpretation of the ultimate provision which may be brought into the statute. The debates at best indicate the opinion of the individual members and are ordinarily not relied upon for interpreting the provisions, particularly when the provisions ...
  1 week ago

• No Penalty on tax liability which is based on decision not available at the time of filing ROI

  
  — Authority:
  The    revenue authorities had imposed penalty on the ground that deduction under section 80HHC of the Act was   wrongly claimed. The Tribunal however, deleted  such penalty. The Tribunal noted that    tax liability against the assessee was confirmed on the basis of the decision of the Apex Court in the case ...
  1 week ago

• S. 40A(2)(b) Interest Payment at 15% to related parties is not excessive

  
  — Authority:
  Only reason advanced for making disallowance out of the interest paid to two coparceners was that the interest paid to other parties was at 12% per annum. We find that the interest paid to two coparceners at the rate of 15% could not be said to be excessive, considering the prevailing rate of interest during [...]
  1 week ago

• Liquidated damages allowable as business expenditure

  
  — Authority:
  The impugned amount was not in the nature of penalty on account of disobedience or infraction of any law. In fact, the assessee being in the business of execution of Civil Construction work, therefore under an obligation to complete the contract within a specified time and in case of delay, he is subject to liquidated ...
  1 week ago

• Say goodbye to 2015/2016 income tax cuts

  
  — Authority:
  Due to a budget blowout caused by “an over-hang from the global financial crisis and strong Australian dollar”, the federal government has informally announced (drip fed via a series of casual comments in various interviews) that the income tax cuts, that were to take effect from 1 July 2015, are no longer going ...
  1 week ago

• Larry Glass – Accounting – Stanford Who’s Who Certified

  
  — Authority:
  Larry Glass Earns Inclusion Into The Exclusive Ranks Of Stanford Who’s Who ORANGE COUNTY, CALIFORNIA, UNITED STATES, May 10, 2013 / Stanford Who’s Who / — Stanford Who’s Who proudly announces the addition of Larry Glass to the ranks of professional individuals as a result of his work in the field of ...
  1 week ago

• N.C. Senate Republicans tax overhaul plan

  
  — Authority:
  From the Fayetteville Observer By Gary D. Robertson The Associated Press RALEIGH - Senate Republicans unveiled details about their long-awaited tax overhaul proposal Tuesday, saying that lower income tax rates and expanding the scope of the sales tax is fair to all, will boost the states economy and cut taxes for ...
  1 week ago

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