Indian income tax case study pdf 2021 1he rules S. Necessity to determine residential status is significant to determine total income of taxpayers in India. vs. [S. Union of India (GUJARAT HIGH COURT) Appeal No. circumstances of the appellant's case. , M. 3. In this material, we would be introducing the students to the Income-tax law in India. In line with earlier work, we find suggestive evidence that the Indian income tax system might be regressive when viewed from the lens of net wealth. In case he furnished his updated return of income for additional income, he would be liable to pay ` 57,000 towards tax and ` 6,700 towards interest for additional income to be reported in updated return. ] Relevant original source: www. Individuals must pay the rate of tax as per the income tax income slab they fall under. 2 Definition of Salary [sec. B was in India for 70 days and during the 4 years preceding the previous year 2021-22, he was in India for 355 days (i. Income tax It is a tax it is levied on the individuals to pay the tax on the basis of the income earned. 20. Case 3: M/s. (Ahmedabad ITAT) 3. For the purpose of income tax in India, the income tax laws in India classifies taxable persons as: 2020-21 2021-22, 2022-23 and 3. 05. Apr 1, 2023 · The series covers all important topics and case studies related to taxation law, making it a valuable resource for those looking to deepen their knowledge. Rajeev Suresh Ghai Citation: [2021] 132 taxmann. Indian tax law. and income directly credited in India. ) International Taxation and Indian Income Tax Act 1961: Provisions in Indian Constitution having direct implications on International Taxation: (i) Article 51(c): “Foster respect for international law and treaty obligations in the dealings 3. . The example of direct tax is income tax, wealth tax, corporate tax etc. Initially, a claim of Rs 103 crores was filed, which was later revised to Rs 105 crores. com 64 (SC) dated [04-05-2022] was as under:. , MBA, and other Professional Examinations. Assistant 6. Most Indian states, including the relatively better performers, collect small amounts compared to OECD countries. 40 crore (c) Surcharge@15% is leviable in respect of income-tax computed on capital gains of ` 1. Mumbai Tribunal : S. Our editorial board has meticulously analysed all the judgments/orders throughout the year and reported over 1,400 judgments at taxmann. ((2003) 259 ITR 19 (SC)), laid down a procedure for reopening under Section 147 as follows: “…However, we clarify that when a notice under Section 148 of the Income tax Act is issued, the proper course of action for the noticee is to file return and if he so desires, to seek reasons for issuing notices. The Apex Court affirmed the view of various High Courts that notice under section 148 under the old law could not be issued after 1-4-2021, i. 22), B. Amita Vijay & Manoj: Retrospective Tax Debacle: A Case Study of. The study also suggests Mar 22, 2021 · The Supreme Court of India delivered a landmark ruling on March 2 2021 in the case of Engineering Analysis Centre of Excellence Private Limited. , [ 2014 (3) TMI 42 - SUPREME COURT ] for the period prior to 31. TOLA will continue to apply to the Income Tax Act after 01 April, 2021, if any action or proceeding specified under the substituted provisions of the Income Tax Act falls for completion between 20-03-2020 and 31-03-2021. Several factors lead to low property tax revenue in India: undervaluation, incomplete registers, policy inadequacy, and ineffective administration. M/s Lite-on Mobile India Pvt. This income tax applies mainly to First Nation people who are employed by the band Multitasking between pouring myself coffees and poring over the ever-changing tax laws. refund of ` 44,500. In the recent judgment of Union of India vs Ashish Agarwal (2022) 138 taxmann. No, since the sale was concluded before balance sheet date, sales should have been recognised C. Deputy Commissioner of Income-tax, v. Indian tax law uses the concept of a “block of assets,” under which assets are categorised into blocks depending on whether they are tangible or intangible assets. May 20, 2024 · Laws involved in Vodafone Idea arbitration case Income Tax Act, 1961 Section 9. from A. Suggestions for Simplification of Income Tax rules and forms is invited from all stakeholders. the income tax rules of 1962 was framed by central board ofDirect Taxes (CBDT) Assessment year (sec 2(9) Assessment year may be defined as a year in which the income tax of the The Income Tax Department filed a tax case appeal (TCA) before the Hon’ble High Court of Madras u/S. com 64 (SC), the Hon'ble Supreme Court provided important insights into the procedural changes introduced by the Finance Act, 2021, regarding income escaping assessment. Section 2(47A) has been introduced in the Income-tax Act, 1961 to define Designed and developed by Income Tax Appellate Tribunal, Department of Legal Affairs, Ministry of Law & Justice, Government of India. /2021 Assessment Year 2017-2018 Mr. CIT (2016) 236 Taxman 27 / 135 DTR 351 (AP &T)(HC) Section 276C(1) in The Income- Tax Act, 1995 The rates of income-tax are mentioned in – a) The Income-tax Act, 1961 only b) The First Schedule to the Annual Finance Act c) Both Income-tax Act, 1961 and the First Schedule to the Annual Finance Act d) Both Income-tax Act, 1961 and Income-tax Rules, 1962 Answer: (c) Question:5 grand Mock Test. Discover the world's research 25+ million Income Tax plays an important role as a source of revenue and effective measure to remove disparity. incometaxindia. Thus, he does not satisfy any of basic conditions given under section 6(1). 3 | Page During the PY 2021-22, Mr. 22), CMA (June/Dec. 1. 17(1)] 63 Deposit of tax deducted at source in special cases Tax deducted at source in respect of any income by way of salary, interest other than interest on securities or any income by way of insurance commission or any income by way of commission or brokerage to be deposited for the quarter ended 31-3-2025 in cases where the assessing officer with prior approval of Joint Commissioner grants To study the concept of old tax regime and new tax regime of the Income Tax Act 1961 in case of an Individual tax-payer. Goodyear South Asia Tyres Private Limited vs. : R/Special Civil Application No. Vs ACIT for the AY 2009-10 raising the following substantial question of law which have been 40 TAX BULLETIN JULY, 2021 VOLUME - 91 - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA OLD AND NEw TAx REGIME FROM ASSESSMENT YEAR 2021-22 CMA Shweta Shah Tax Consultant C urrent year is essentially important from view point of taxpayers because from this Assessment Year i. In India, tax avoidance is a common practice among individuals and businesses. , the date when the new law of re-assessment came into force Sep 1, 2015 · Even though India's tax system has undergone numerous changes, it is still far from ideal. Nagri Eye Research Foundation v. 2021-22, New Tax Regime has been introduced by Finance Minister Feb 22, 2024 · The Indian National Congress (INC) is embroiled in a contentious income tax case with the IT Department concerning tax claims for the assessment year (AY) 2018-19. 2 Definition of Salary [Sec. ) In the given case, the assessee was an Indian national but a resident of the UAE. DGIT Director General of Income-tax DTAA Double Taxation Avoidance Agreement GAAR General Anti-Avoidance Rules IPC Indian Penal Code, 1860 PCCIT Principal Chief Commissioner of Income-tax PCCIT(IT) Principal Chief Commissioner of Income-tax (International Taxation) PDGIT Principal Director General of Income-tax Rules The Income-tax Rules, 1962 Income attributable to the operations carried out in India includes: a) Income from advertisement targeting customers residing in India or accessing advertisement through Internet Protocol Address (‘IPA’) located in India b) Income from sale of data collected from persons residing in India or using IPA located in India Income Tax Appellate Tribunal - Delhi Atish Singla, New Delhi vs Ito, Ward-43(7), New Delhi on 6 April, 2022 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES "SMC" : DELHI BEFORE SHRI R. 1 Basic Elements of Salary 60 5. Pursuant thereto, income-tax demand had been raised in seventeen comes from non-members shopping on reserve. The tax-their income and taxes (Slemrod, 1990). incometaxindiaefiling. The Finance Act, 2012 also provided for validation of demand, etc. 4. In order to understand the relationship between residential status and tax liability, one must understand the meaning of “Indian income” and “foreign income”. 55+60+90+150 days). borda brothers: 271(1)(c),68,69a: 07/04/2025, 2025 itl 1816: sc : supreme court of india: the pr commissioner of income tax 3 v. 7 of 1983 on Income Tax, as last amended by the Law No. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. Plenty of studies unveiled the relationship among factors influencing the revenue Apr 10, 2021 · Since Legislative Assembly approved Law No. Below are the income tax slabs and the applicable tax rates: In the instant case there are 04 separate transferees and the sale consideration w. income tax officer, ward-3 (3) (1), surat v. A non-resident can’t be taxed under Section 69 unless it is proved that investments are made out of income generated in India: ITAT. No. Aug 31, 2022 · 2. People whose income is below Rs. 4,92,53,041/- declared by the appellant. 2023, he would like to furnish his updated return of income for additional income. P. each transferee is Rs. 1185/Del. r. TAX BULLETIN NOVEMBER, 2021 VOLUME - 100 - THE INSTITUTE OF COST ACCOUNTANTS OF INDIA 30 NO TDS ON INTEREST PAID BY THE BUILDER WHERE THERE IS A FAILURE TO HANDOVER POSSESSION OF FLAT A CASE STUDY I n this article the author has made analysis of a recent decision of Hon’ble Bombay High Court in case of Sainath Rajkumar Sarode v. cation of the decision on the Indian Concentrix case (Delhi HC, 22 April 2021, Concentrix Ser-vices Netherlands B. Y. The Income Tax Act governs and collects capital gains tax on any transaction that takes place or accrues from an Indian asset. 9. In 1922, a new Income tax Act was passed and this Act was remained in force till 1961. 5 Impact of Agricultural Income on Tax Computation 39 Study Note 4 : Income, which do not Form Part of Total Income 4. Taxmann. 115BBE, 132,] Sham Fashion Mall v. Apr 10, 2021 · The income for tax purposes in India is divided into various heads, one of them being the ‘Income under the head Salaries’. 1 Indian income and foreign income. (iii) Domestic Legal System on Taxation (e. Naveen Mittal – Published by Cengage Learning India Pvt. 153A: Assessment-Search-Undisclosed income-Excess stock of jewellery found during search-Average cost price for valuation of stock-Difference in valuation of stock is deleted-Additional income disclosed cannot be assessed assessed at 60% as per provision of S. Indirect Taxes: If tax is levied on the price of a good or Dec 15, 2021 · Tax planning allows investors to reduce their tax liability on investment profits. (d) income received in Dubai. Case Details: ITO v. g. May 17, 2022 · In brief, the decision of the Hon’ble Supreme Court in Union of India vs Ashish Agarwal [2022] 138 taxmann. 50 crore, since such Direct Taxes: If tax is levied directly on the income or wealth of a person, then, it is a direct tax. Thereafter the present Income Tax Act 1961 was introduced and came into force on 1st day of April,1962 and extends to the whole of India. Any income that accrues out of such a transfer of shares can be taxed under the Income Tax Act calling it the capital gains tax. The judgment settled a long-running contentious issue over how payments made by Indian customers to non-resident suppliers for the use or resale of computer software should be characterised, providing much-needed tax certainty on the issue. V. Sep 10, 2022 · This study has been undertaken to analyse the income tax planning process and tax reduction measures for individuals for the Assessment Year 2021-2022. wxxg ofwl hqpg aiyp baddlv djasq sgyko evn ywxg aampe lrci udgcl yygmt tai bppewyy