CIRCULAR NO. 9/2007, DATED 20-12-2007 In terms of the provisions of Chapter XII-H of the Income-tax Act (hereinafter referred to as Act), an employer, being a company, is liable to pay Fringe Benefit Tax (FBT) in respect of the fringe …

Fringe Benefit Tax – ESOP – Explanatory circular Read More »

OFFICE OF THE COMMISSIONER OF INCOME TAX (JUDICIAL) R.NO. 371-C, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI 400 020. No. CIT (J)/HC.WP/2007-08/445 12th November 2007 All the Commissioners of Income-tax, Mumbai. Sir, In the case of a pharmaceutical company, the Assessing Officer …

Departmental Circular on reassessment u/s 147. Read More »

INCOME-TAX (FOURTEENTH AMENDMENT) RULES, 2007 AMENDMENT IN RULE 3 – VALUATION OF PERQUISITES NOTIFICATION NO. 271/2007, DATED 7-11-2007 In exercise of the powers conferred by section 295 read with sub-section (2) of section 17 of the Income-tax Act, 1961 (43 …

Amendment in Rule 3 – valuation of perquisites. Read More »

CIRCULAR NO. 7/2007 DATED 23-10-2007 Procedure for refund of tax deducted at source under section 195 to the person deducting the tax The Board had issued Circular No. 790 dated 20th April, 2000, laying down the procedure for refund of …

CBDT Circular for refund of TDS under section 195. Read More »

NOTIFICATION NO. 264/2007, DATED 23-10-2007 In exercise of the powers conferred by section 295 read with Explanation (i) to clause (ba) of sub-section (1) of section 115WC of the Income-tax Act, 1961 (43 of 1961), read with section 22 of …

Fringe Benefit Tax – ESOP – Valuation Norms Read More »

‘Sevottam’ Scheme (Taxpayer Service Centre) Government of India Office of the Chief Commissioner of Income Tax 3rd Floor, Aayakar Bhavan, Maharshi Karve Road, Mumbai – 400 020. No. : ccit/mum/admn./Sevottam/2007-08 Date : 10/09/2007 O R D E R Counter No. …

‘Sevottam’ Scheme (Taxpayer Service Centre) Read More »

INCOME   TAX CIRCULAR NO. 4/2007, DATED 15-6-2007   The Income Tax Act, 1961 makes a distinction between a capital asset and a trading asset. 2. Capital asset is defined in Section 2(14) of the Act. Long-term capital assets and gains …

Distinction between shares held as stock-in-trade and shares held as investment – tests for such a distinction Read More »

Confession of additional Income during the course of search & seizure and survey operation F. No. 286/2/2003-IT (Inv) GOVERNMENT OF INDIA MINISTRY OF FINANCE & COMPANY AFFAIRS DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Room No. 254/North Block, New …

No confessional statement in the course of search, seizure and survey. Read More »