taxation

   In case where the parents are non residents and the minor child is a resident derving income which accrues or arises outside India , the clubbing of such income does not  arise as provisions of Section 64(1A) can not override the provisions of Section 5 of IT Act,1961. ..

    Pension:- It is a regular monthly amount paid by the employer to a  former employee directly as a result of past employer - employee relationsip.  Taxability Since pension is received by the employee, ht esame is taxable under the head "Income From Salary"  Family Pensio..

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BASIC PRINCIPLES OF INCOME-TAX LAW By: Justice R.K.Abichandani 1.Constitutional Provisions : The Constitution of India vests the Parliament with plenary legislative powers to impose taxes on matters specifically enumerated in the Union List and all the power of making any law imposing a tax not mentioned in Concurrent or State Lists, as provided by Article 248(2). “Tax ..

ASSESSMENT OF FOOTWEARS IN CENTRAL EXCISE: P class=MsoNormal style="MARGIN: 0cm 0cm 0pt 36pt; TEXT-IN..

  Who is Liable to Pay Income Tax   Under the Income Tax Act, income ..

  NEW STRUCTURE OF INCOME TAXspan style="font-size:6.5pt;fon..

  RELIEF to TAXPAYERSspan style="font-size:12.0pt;font-..

The Income-tax Department (ITD) has initiated actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 (the Act) w.e.f. 1st November 2016. The Prohibition of Benami Property Transactions Rules, 2016 have been framed in this regard. As per the Act, Benami property includes movable or immovable property, tangible or intangible property, corporeal or..

The Minister of State (IC) for Labour & Employment Shri Bandaru Dattatreya met the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley and discussed the issues relating to demonetization and gave suggestions keeping in view the welfare of the workers in New Delhi yesterday. Shri Dattatreya requested Finance Minister to initiate steps to deploy m..

Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired-out of disclosed sources or exempted income shall become taxable under the proposed Taxation Laws (Second Amendment) Bill, 2016, is totally unfounded and baseless.  In the wake o..

Following are the answers to the various frequently asked questions relating to GST: Question 1.What is GST? How does it work?   Answer: GST is one indirect tax for the whole nation, which will make India one unified common market.   GST is a single tax on the supply of goods and services, right from t..

The Rule 114H of the Income-tax Rules, 1962 (the Rules) has been amended vide Notification No.48/2016 [S.O.2151(E)] dated 20th June 2016.  In order to provide sufficient time to the reporting Financial Institutions for completing the due diligence procedure in respect of other reportable account referred to in Rule 114H (3)(d)(ii), which is high ..

The Government of India has constituted a Committee with a view to simplify the provisions of the Income Tax Act, 1961, with the following composition:   (i) Justice R.V.Easwar, (Retd.), former Judge, Delhi High Court and former President, ITAT- Chairman p style="text-align:justi..

In Chapter III of Second SIT report, the SIT has recommended as under:  “Financial Action Task Force (FATF) on money laundering recommends ‘tax crimes’ to be made a predicate offence so that action can be taken under Prevention of Money Laundering Act, 2002. There are more than 25 countries in the world which have made ‘tax crimes’ as a predica..