Tags » Income Tax Act

Due Date for filing Tax Audit Report for A.Y. 2014-15 (P.Y. 2013-14)

In exercise of power conferred by section 119 of the Income-tax Act, the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under Section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under Section 92E of the Act from 30th day of September, 2014 to 30th November, 2014. 44 more words


What is Income Tax?

In India, Income tax is an annual tax on income. The Income Tax Act  (Section 4) provides that in respect of the total income of the previous year (P.Y.) of every person, Income tax shall be charged for the corresponding assessment year (A.Y.) at the rates laid down by the Finance Act for that assessment year. 86 more words


Klemen v. R. – TCC: Taxpayer largely successful in dispute over transfer of equipment to related companies.


Klemen v. The Queen (July 29, 2014 – 2014 TCC 244) was a dispute over the tax and GST consequences of Mr. Klemen transferring equipment to a corporation with which he did not deal at arm’s length, CHL: 1,243 more words

Tax Litigation

Lefebvre v. The Queen – TCC: Lawyer allowed limited deduction for office premises expenses.


Lefebvre v. The Queen (July 16, 2014 – 2014 TCC 225) was a case in which Mr. Lefebvre sought to deduct certain expenses in connection with his office premises: 514 more words

Tax Litigation

Baker v. R. – TCC: Purchase of shares at inflated value by taxpayer’s RRSP results in income inclusion.


Baker v. The Queen (June 24, 2014 – 2014 TCC 204) was an odd case where the taxpayer allegedly purchased shares in his RRSP at an inflated value and CRA taxed him on the inflated amount pursuant to subsection 146(9) of the Income Tax Act: 748 more words

Tax Litigation

Kaplan v. R. – TCC: Student living in United States with family since 2002 not entitled to child tax benefits.


Kaplan v. The Queen (July 4, 2014 – 2014 TCC 215 ) was a decision where the taxpayer claimed Canada Child Tax Benefit in respect of five of his children for 2007 to 2010. 624 more words

Tax Litigation