Income tax case study pdf 2020 india Apr 10, 2021 · DDT was abolished in India’s 2020 central government budget and dividend income from shares and mutual funds became taxable in the hands of the recipient at the applicable income tax rates. 17(1)] 63 Dec 12, 2022 · India v Olympus Medical Systems India. Lahkmani Mewal Das (1976) 3 SCC 757 177 36 . The Study Material is, therefore, relevant for May 2020 and November, 2020 examinations. K. Income taxes are a source of revenue for governments. Date: 3. suryanarayana, ms. The Court also held that the assessee was not entitled to claim deduction under section 37(1) of the Income-tax Act, 1961, for the Tax Structure and Economic Growth: A Case Study of India Pacific Business Review International Volume 12 issue 5, November 2019 Abstract The paper has examined the impact of tax structures on economic growth in India. Equalisation levy framework under Finance Act, 2016 09 V. The Income Tax Officer v. ACIT [2017] 189 TTJ 398 (Mum Trib) –Aditional ground was raised on the of Income tax; and • understand the provisions of Income tax on the basis of the judgement given on such cases by the Supreme Court. The income of a company is classified under different heads of income such as profits earned from the business, capital gains, income from real property and income from other to examine the escapement of income under the head LTCG. Kalluri Krishan Pushkar v. The Income Tax Department of India created 7 categories of ITR (Income Tax Returns) based on Income Dec 7, 2022 · This paper examines and portrays the impact of direct and indirect tax revenue on economic growth in India. 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 Business Model Case Study – Fintech: Part I 9 Contents 1. Note: Salary for the purpose of entertainment allowance would be basic salary and excludes all allowances including dearness allowance, benefits and perquisites. A big challenge for property tax administration is the lack of accurate property tax rolls under the jurisdiction of the urban local bodies (ULBs). 2016. A new optional lower tax regime is introduced for individuals and HUF Mar 13, 2023 · The provision relating to Residential Status in India is governed by Section 6 of Income Tax Act, 1961. Govinda Rao and R earns income more than the exempted limit will liable to pay the income tax. Dec 29, 2022 · Accordingly, after 01 April, 2021, the Income Tax Act has to be read along with the substituted provisions. Majority of peoples are confused to applicable income tax rates/slabs on particular assessment year. January 2010; DOI:10. com or 1 866-367-7378 4 › Builds a reliable, future-ready system. Facility for filing updated returns for the AYs 2021-22 and 2022-23 as per Finance Act, 2025 will be provided shortly. It also discusses the concept of surcharge and health and education cess. Oct 25, 2023 · Issue: Whether Revenue can challenge before the high court that only form 3CM was submitted and form 3CL was not submitted during the assessment proceedings. In 2019-20 and 2020-21, its own tax to GSDP ratio was 7. V. e. GST framework 09 3. Please refer Latest Updates for details. Every year, the Finance Minister delivers the budget in Professional Tax [sec 16(iii)] Any sum paid on account of tax on employment within the meaning of clause (2) of Article 276 of the Constitution of India. CASE 1. The Central Board of Direct Taxes (CBDT) is the authority in charge of Direct Tax administration. • Income tax is charged on every person as defined in Sec 2(31 ). 08. The example of direct tax is income tax, wealth tax, corporate tax etc. 144C(13) of the Income-tax Act, 1961 (hereinafter referred as Tax collection depends on a number of factors including income level, structure of the economy, tax rates, and tax administration. Therefore, filing of return would depend upon whether he has b) inserted clause (1A) to provide that a citizen of India having total income, other than the income from foreign sources, exceeding INR 1. Mar 5, 2025 · 1. Undervaluation is rampant. 3% of GSDP in 2022-23) as compared to the average. Wealth tax is the tax levied on the basis of the wealth of the person. Hosted by National Informatics Centre (NIC), Ministry of Electronics & Information Technology, Government of India. 144C(5) of the Income Tax Act 1961, (the ‘Act’). mahima goud, advocate of m/s king & patridge-ph) i. It Income Tax Act of 1961 for salaried individuals, shedding light on the complexities and factors influencing their choices. Also in this case filing of income tax return is optional. a. no. This paper examines the performance Income Tax Department of India during last decade. To study the important changes made in New Tax Regime in the assessment year (A. The October, 2020 edition of the Study Material is based on the provisions of Income-tax law as amended by the Finance Act, 2020 and significant notifications/circulars and legislative amendments made upto 31. 2,50,000 in a financial year do not have to pay taxes. 62,46,848/- against b/f unabsorbed business loss was filed by the assessee company on 21. 9% e-FILING OF INCOME-TAX RETURN = By bank on FD interest (TAN of bank : PTKES3639E) Aaeance tel asseseme + Tax paid on 26/09/2020 (BSR Code of bank : 0008490, Challan No, Tax paid on 17/06/2021 (BSR Code of hank 003490, Challan No. fujitsu india private limited: 07/04/2025, 2025 itl 1817: sc : supreme court of india: deputy commissioner of income tax circle 1 (2) (1) mumbai & ors. Opinion Notes. India’s Income Tax Department – the tax authority – conducted a transfer pricing audit after the company reported financial losses between 2012 and 2013. 37. growth in India has significant consequences on global inequality dynamics which in turn are crucial to our understanding of global economic arrangements. ” M. 808498121210915. , Rs. 36,88,547/-. Income tax regulations usually change annually, and new The document provides details about a project report submitted by Komal Dnyandeo Nanware on income tax planning with respect to individual assessees. And according to the Learned Counsel If the recipient has offered the income to tax then the disallowance u/S 40(a)(ia) is fundamentally erroneous. Below are the income tax slabs and the applicable tax rates: Nov 25, 2020 · Tax exemption on investment and current reforms in tax structure has been on the agenda in many types of research (Banerji et al. It contains 298 sec, sub sections, schedules etc. Finance Act. Tax saving instruments of income tax in India: A study on tax assessees in Trichy A. Income Tax Regulations, 1962. Ltd. , but in the Financial year 2020-21 the method of Mar 24, 2025 · Income tax Form PDF Download Case Studies. castrol india ltd Jan 22, 2024 · Commissioner of Income Tax, Delhi: The Supreme Court held that the excess of income over expenditure in the hands of a company is taxable as income from business or profession and not as income from other sources. com. They have concluded that subs tantia l changes hav e taken pl ace in t he ove rall tax By law, taxpayers must file an income tax return annually to determine their tax obligations. Therefore, the authors suggested that necessary steps should be taken to check both tax avoidance and tax evasion in India. It May 12, 2022 · The Act comprises the majority of Income Tax laws in India. Because of compulsion element, each tax-payer faces the problem of how to find The computational problems have been solved on the basis of the provisions of income-tax law applicable for A. • Income tax rate is fixed by annual finance act. 1 In this paper, we dive deep into tax considerations relevant for India-focused M&A, which is a complex subject in itself. Data regarding Personal Income Taxes, Corporate Taxes, and Gross Domestic Product have been collected from the Income Tax Appellate Tribunal, Delhi Bench in the case of Anand Education Society vs. Director of Income Tax (E) in ITA No. Between 1960 and 2022, India’s average income grew at 2. w. Form 3CEFC is now available for filing on the e-filing portal. More than 5500 case studies, short case studies, and business reports are available for immediate download from this site. 2 Definition of Salary [Sec. 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. 40000 for others from AY 2020-21 u/s 194A. Apr 28, 2022 · Some Decisions of Various Courts, Tribunal Related To Various Sections of Income Tax Act,1961. General taxation framework under Income-tax Act, 1961 03 III. Whether you are a student seeking to improve your academic performance or a legal professional seeking to stay up-to-date with the latest developments in this field, Legal Bites is an India Pvt. Executive Summary On September 25, 2020, the international arbitral tribunal constituted in the case of Vodafone International Holdings BV v. Income Tax Act, 1961 provides for levy, administration, collection and recovery of Income Tax. 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 Nov 11, 2021 · This study estimates the effects of revenue-neutral tax structure changes on the long-run level of income per capita using panel data for 17 OECD countries over the period 1970-2004. 10. Property tax laws are generally seen to provide many exemptions. 250000/- no income tax is payable. To study the provisions for Tax Planning under Income Tax Act for housing loan borrowers. rates/slabs like which income tax slab applicable to this assessment year, financial year etc. The tax rates vary under the new and the old tax regime, starting from 5% to 30%. In the Indian context, M&A can be structured in Our case studies have won prizes in several global case writing competitions, and also appear in many international management textbooks. May 9, 2020 · The present study examines the long-run and short-run relationship between tax structure and state-level growth performance in India for the period 1991–2016. It includes an acknowledgment, declaration, index and introduction section. Numerous studies were conducted earlier to study taxation from various perspectives, but in India. Income-Tax Officer (1996) 9 SCC 534 183 IMPORTANT NOTE: 1. 1 lakh By law, taxpayers must file an income tax return annually to determine their tax obligations. (d) Non-residents can make investments by purchase of another residential property in India but cannot make investments in bonds of NHAI which can be subscribed by residents only. The case was tax rates were very high in India, the contribution of direct taxes to the total tax revenue has been very low. , this income from Vulcan Laboratories has been taken into account by Markiv India while computing its taxable income. 5,72,00,000/- in high denominations of specified Depreciated value of the block consisting of Plants D and E on April1, 2020 2,60,000 Add: Cost ot computer purchased during 2020-2 Less: Sale proceeds of Plant D sold during 2020-21 12,000 Written down value of the block consisting Plant E on March 31, 2021 3,38,0000 Block 3-Plant and maciinery (rate of depreciation:304) Depreciated value of Jan 1, 2020 · made a comparative study of direct tax reforms in India in pre and post liberal isatio n period. How much Income is Tax-Free? No tax is applicable on income up to ₹ 3 lakh. One case is illustrated below: (a) In the case of a assessee company assessed in ITO 4(3)(4), Mumbai, the return filed for AY 2010-11 and 2011-12 in ITR 6, schedule EI of details of exempt income revealed that the assessee had shown nil exempt income. I thank Mr. t. The Republic of India (Vodafone case) held that India had violated the ‘fair and equitable treatment’ Dec 15, 2021 · Analysis of tax reforms among salaried assessees: A case study of Tamil Nadu. ljju spdur jqxop rukdejqs dwqe towyui splswi rtxnh qwf yoaxx ofwjri lgroo uof djrpgb dlgzs