Jul 28, 2009

The Finance Minister announced a slew of amendments on both income-tax and service tax fronts to achieve the objective of "generating economic activity in the present environment of economic slowdown." The Lok Sabha later passed the...

What makes an Income Accrue or Arise in India although earned outside India?

A look at what constitutes as Income on Indian soil and what is not from the perspective of the IT department. The IT department defines certain incomes as Accruing or Arising in India. This is the basis of calculating your income and income tax....

Notification on Service tax exemption to maintenance of road

Construction and laying of new roads attract zero service tax, but repairs and maintenance do attract service tax. Government by Notification No. 24/2009-Service Tax, dated 27th July, 2009 exempted Repairs and maintenance work of Roads too from...

Despite s. 271(1B), s. 271 (1)(c) penalty is not valid if AO's satisfaction not recorded at stage of initiation

In the case of: Madhushree Gupta vs. UOI, Decided by: Delhi High Court In Ram Commercial Enterprises 246 ITR 568 (Del) {affirmed in Rampur Engineering 309 ITR 143 (Del) (FB)}, the Delhi High Court held that if the AO did not record his satisfaction...

Mere retraction of the confession may not be sufficient to make confessional statement irrelevant

In the case of: Meghraj Jain vs. UOI, Decided by: Bombay High Court Pursuant to a search under FERA, the premises of the appellant were searched on 11.4.1989. Foreign currency was recovered though no incriminating material was found. In his....

As expected RBI kept key policy rates unchanged in the monetary policy review

The RBI has kept the key rates unchanged and increased the inflation forecast to 5 per cent. The GDP is expected to grow at 6 per cent and the money supply growth is seen at 18 per cent, according to the quarterly review of the economy, released on...

Incomes which are tax-free under the Income Tax Act, 1961 (Simple Guide)

1. Agricultural income: Any income which you receive as income from any agricultural activity is deemed as not included in total income. If your father is into agriculture and he gives you a part of the income as a gift, then you don't need to...