Income Tax Act, 1961 – Section 28 – Banks are required to purchase Government securities to maintain the SLR. As per RBI’s guideline dated 16th October 2000, there are three categories of securities: HTM, AFS and HFT. As far as AFS and HFT are concerned, the interest accrued will have to be treated as income …
Income Tax Act, 1961 -Sections 139 and 143- In this case, the appellant-assessee filed a return of income on 19th November 1989 for the assessment year 1989-90. On 31st October 1990, the appellant filed a revised return. As per intimation issued under Section 143(1)(a) of the IT Act on 27th August 1991, the appellant paid …
Income Tax Act,1961; Section 149,151-Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020-a.After 1 April 2021, the Income Tax Act has to be read along with the substituted provisions; b. TOLA will continue to apply to the Income Tax Act after 1 April 2021 if any action or proceeding specified under the …
Income Tax Act,1961- Section 80DD – Finance Act, 2022 – Deduction in respect of maintenance including medical treatment of a dependent who is a person with disability.–On attaining the age of 60 years or more by an individual subscriber or a member of an HUF, the payment or deposit to the scheme envisaged under Section …
Ravi Agrawal vs Union Of India 2024 INSC 648 – S 80DD Income Tax Act Read More »
Income Tax Act, 1961; Section 206C – Even though the statute may be silent regarding notice and hearing, the court would read into such provision the inherent requirement of notice and hearing before a prejudicial order is passed. We, therefore, hold that before an order is passed under Section 206C of the Income Tax Act, …
Income Tax Act, 1961; Section 17(2)(viii) – Income Tax Rules, 1962; Rule 3(7)(i) – Rule 3(7)(i) posits SBI’s rate of interest, that is the PLR, as the benchmark to determine the value of benefit to the assessee in comparison to the rate of interest charged by other individual banks. The fixation of SBI’s rate of …
Code Of Criminal Procedure, 1973; Section 228- Prevention of Corruption Act, 1988 -Income Tax Act, 1961 -In this case, the accused against whom charges were framed under the Prevention of Corruption Act, seek to rely upon findings recorded by authorities under the Income Tax Act- SC held: The scope of adjudication in both the proceedings …
Income Tax Act, 1961; Section 194-H- Commission or brokerage – Cellular mobile telephone service providers would not be under a legal obligation to deduct tax at source on the income/profit component in the payments received by the distributors/franchisees from the third parties/customers, or while selling/transferring the pre-paid coupons or starter-kits to the distributors – the …
Income Tax Act, 1961; Section 142,143- The expression “change of opinion” would imply formulation of opinion and then a change thereof. In terms of assessment proceedings, it means formulation of belief by the assessing officer resulting from what he thinks on a particular question. Therefore, before interfering with the proposed reopening of the assessment on …