Tags » Income Tax Act

Income Tax Return AY 2016-17

Due Date for filing Income Tax Return is 31st July, 2016 for Individuals, HUFs and Firms (Except those who needs to get their accounts audited under Income tax Act, 1961)

Income Tax Act

Interpretation of – Taxing Statute

It is trite that the letter of law has to be accorded utmost respect and strictly adhered to especially while interpreting a taxing statute. There ought not exist any scope for impregnating the interpretation by reading equity into taxing statutes. 129 more words

Justice R V Eashwar committee recommendations on Income Tax

The 10 member committee headed by R.V. Eashwar (Rtd. Justice) formed in October 2015 under the Ministry of Finance submitted the first round of recommendation on Income Tax simplification in January. 330 more words

Current Affairs

Here's a Good Joke: New Income Tax Data Shows India Has Only 20 Lakh Landlords

In yesterday’s column I had mentioned that only around 26 lakh Indians (to be precise the number is 26,01,777) filed for income from house property under the individual category, for the assessment year 2012-2013. 970 more words

Equitymaster

Permissibility to claim Benefits partly under the DTAA i.e. the Treaty and the Indian Income Tax Act in the same Assessment Year – A Plausible Fallacy?

By Ms. Shriya Maini*

PREFACE

This is one of my earlier writings from law school and hence, it is straight from the heart. I must admit that I was rather hesitant to share this draft for it might at the outset, appear a bit sketchy and rough. 4,336 more words

India

The trend of change in personal tax in recent years

Personal taxes, a part of the direct taxes in India, have gone through many major changes throughout the period, since the implementation of the Income tax Act (ACT) in 1922. 828 more words

Tax And Regulatory Service

MAT, EXEMPT INCOME AND NOTES TO ACCOUNTS – A HEADY CONCOCTION

In a significant ruling, the Mumbai Bench of the Tribunal in Shivalik Ventures (P) Ltd. v. DCIT, 60 taxmann.com 314 (Mumbai ­ Trib.) considered the debatable issue of exclusion from book profit for Minimum Alternate Tax (‘MAT’) of any amount credited in the Profit &Loss account, which is not at all taxable due to exemption, or which is not taxable because of its nature being capital receipt. 89 more words