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Budget 13-14: IT exemption limit on home loans hiked by one lakh
(UNI) Finance Minister P Chidambaram proposed additional tax benefit of Rs one lakh to the first home buyer who takes a loan for an amount not exceeding Rs 25 lakh. Presenting the Union Budget in the Lok Sabha, Mr Chidambaram proposed that a person taking a loan for his first home from a bank or…
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Tax credit relief for salaried class in Budget
(UNI) Much to the relief of the salaried class, no hike has been proposed in the income tax in the Budget for 2013-14 presented by Finance Minister P Chidambaram in the Lok Sabha today. Rather, the Budget proposes a relief of Rs 2,000 to every person who has a total income up to Rs 5…
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Finance Minister launches Central Processing Centre for TDS
(UNI) Finance Minister P Chidambaram dedicated to the nation the Central Processing Centre for efficient tax administration and processing of Tax Deducted at Source. The Income Tax Department (ITD) of India and Infosys will maintain the state-of-the-Centre located at Ghaziabad. The TDS facility will process more than 400 million tax deduction submissions filed by nearly…
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Delhi HC issues notice to Facebook, Google on tax dues
(UNI) The Delhi High Court issued notices to social networking sites Facebook and Google India and the government on a petition, seeking recovery of income tax dues to the tune of millions of dollars. A bench comprising Justices Vipin Sanghi and Rajiv Shakdhar while issuing notices to the respondents asked them to file their response…
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Delhi HC directs defreezing of Ramdev’s Patanjali Yogpeeth bank accounts
(UNI) The Delhi High Court directed to defreeze 11 bank accounts of Ramdev’s Patanjali Yogpeeth Nyas which were sealed by the Income Tax Department after the Trust failed to pay the first installment of Rs 75 lakh of the total of Rs 34.68 crore due on it. A bench comprising Justices Badar Durrez Ahmed and…
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India signs DTAC Protocol with Sweden to prevent evasion
(UNI) India and Sweden have signed a Convention and Protocol at Stockholm for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital (DTAC). The amended Protocol allows both countries to assist in conducting tax examination abroad by allowing officials of one country to enter…
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TDS applicable if amount paid exceeds Rs 75,000
(UNI) If the aggregate amount paid/credited or likely to be paid or credited to a contractor or sub-contractor exceeds Rs 75,000 during a financial year, tax should be deducted at source under section 194c of Income tax Act, a top Income Tax official said. Addressing a seminar on Revised provisions on TDS here K Satyanarayana,…
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Commissioner of Income Tax v Jagat Novel Exhibitors Private Limited
Commissioner of Income Tax v Jagat Novel Exhibitors Private Limited Delhi High Court 8 February 2012 Income Tax Appeal Nos. 7/2006, 2/2006, 3/2006, 4, 2006, 5/2006, 8/2006, 10/2006, 11/2006,17/2006 and 22/2006 The Judgment was delivered by : Sanjiv Khanna, J. 1. The aforesaid appeals filed by the Revenue under Section 260A of the Income Tax Act,…
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siteadmin
Commissioner of Income Tax v Jagat Novel Exhibitors Private Limited
Commissioner of Income Tax v Jagat Novel Exhibitors Private Limited Delhi High Court 8 February 2012 Income Tax Appeal Nos. 7/2006, 2/2006, 3/2006, 4, 2006, 5/2006, 8/2006, 10/2006, 11/2006,17/2006 and 22/2006 The Judgment was delivered by : Sanjiv Khanna, J. 1. The aforesaid appeals filed by the Revenue under Section 260A of the Income Tax Act,…
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