The tax under section 115TD is not free from doubt in view of the amendment from 1-4-2023 by addition of clause (iii) in sub section 3 of section 115TD, it is advised that as precautionary measure the compliance of amended provision should be taken care. In my opinion it is it is not hit by… (read more)

In case the gross receipts are less then Rs.5 Cr then no report is required to be submitted as it is exempt from operation of Income Tax act under section 10(23C) (iiiad)., If the school is not registered U/S 12AA/12(23C) will not make any difference. However if the school desires to take benefit of registration… (read more)

Sub section (2) of section 10AA of the Act reads as under: The deduction under clause (ii) of sub section shall be allowed only if following conditions are fulfilled:- a) The amount credited to Special Economic Zone Reinvestment Reserve Account is to utilized- i) For the purpose of acquiring machinery or plant which is first… (read more)

Sub section (3) of section 6 of the Income tax Act, 1961 define the POEM. The section reads as under: (3) A company is said to a resident in India in any previous year, is in India, if:- (i) it is an Indian company; or (ii) Its place of effective management in that year, is… (read more)

In Apollo Tyres v. CIT [255 ITR 273] the Supreme Court held that while computing the income under section 115J (predecessor to section 115JA and this section), the AO has only the power of examining whether the books of account are certified by the authorities under the companies Act, as having been maintain in accordance… (read more)

When notice u/s 143(2) was issued to the company, there was no amalgamation scheme. However after serving the notice, amalgamation took place between two companies and even the scheme was sanctioned by the Court after serving the notice u/s 143(2) of the Act. The fact of amalgamation was brought into the notice of Assessing Officer,… (read more)

A licence to use a trademark was granted to Indian company by Australian Company. The question arose before the Delhi High Court in CUB Pty Ltd v. UOI [388 ITR 617] whether transfer of a trademark would be taxable in India? The Court held that in terms of section 9(1)(i) of the Act, all income… (read more)

Section 54(1) of the Income tax Act 1961 reads as under: “Subject to the provisions of sub section (2) where, in the case of an assessee being an individual or a Hindu Undivided Family, the capital gain arises from transfer of long term capital assets, being building or land appurtenant thereto, and being a residential… (read more)

When the owner of the land enters into an agreement with a developer for the purpose of developing the land, the terms of the contract would indicate when the transfer would take place. Where the owners retains any right in the constructed area that may come-up in the future, it would not be a case… (read more)

The change in guard of the institution should not normally make any difference, unless the objects and functioning of the institution is changed for the purpose of income tax. If there is no change in the objects and functioning of the institution, the society shall not lose its character of being a charitable organization. The… (read more)