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Circulars Service Tax
Whether SBC would be leviable on exempted services and services in the negative list?
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Swachh Bharat Cess on exempted and negative list services is not leviable under the FAQ circular.
The circular clarifies that Swachh Bharat Cess is not leviable on services which are fully exempt from service tax and on services covered by the negative list, limiting the cess's chargeability to taxable services only.
Circulars Service Tax
What is the date of implementation of SBC?
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Swachh Bharat Cess implementation date fixed as 15 November 2015 under notification appointing its commencement.
The Central Government appointed 15 November 2015 as the date on which provisions of the Swachh Bharat Cess come into effect, by notification No.21/2015 Service Tax dated 6 November 2015.
Circulars Service Tax
What is Swachh Bharat Cess (SBC)?
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Swachh Bharat Cess applies as a service cess on taxable services, increasing service tax liability and compliance obligations.
Swachh Bharat Cess is a statutory cess levied as a service cess under Chapter VI of the Finance Act, 2015, imposed on all taxable services and collected in accordance with the Act's levy and collection provisions, thereby increasing service tax liability and requiring compliance with service tax accounting and remittance rules.
Manuals Income Tax
STEPS NEED TO BE TAKEN AFTER APPROVAL ADVANCE PRICING AGREEMENT(APA)?
Show AI Summary
Advance Pricing Agreement requires modified returns and extends reassessment deadlines for affected assessment years by tax authorities.
Entry into an Advance Pricing Agreement fixing the arm's length price requires the taxpayer to file a modified return for each affected assessment year within three months from the end of the month in which the APA is executed. If an assessment was already completed, the Assessing Officer must reassess under the APA and complete that reassessment within one year from the end of the financial year in which the modified return is filed. If the assessment was pending, the Assessing Officer may complete it within an extended timeframe permitted for APA-related assessments.
Manuals Income Tax
What is the limit of PANCARD regarding payment to Life Insurance company ?
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PAN requirement for life insurance premium payments: quoting PAN mandatory when annual premiums meet statutory threshold.
A payer must quote PAN when annual payments of life insurance premium to an insurer aggregate to Rs. 50,000 or more, the aggregation determining whether the PAN quoting obligation is triggered as a compliance mechanism for identification and reporting of premium payments.
Manuals Income Tax
What is the basic monetary limit required for PANCARD for amount deposit in mutual fund and shares?
Show AI Summary
PAN requirement for mutual fund and share deposits triggers mandatory identification and reporting when payments reach the statutory threshold.
Quoting a Permanent Account Number (PAN) is mandatory for deposits into mutual funds and for share purchases when the payment amount is fifty thousand rupees or more, under the PAN provisions and implementing rules governing income-return and reporting obligations.
Manuals Income Tax
What is the basic limit for PANCARD for payment to foreign country?
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PAN requirement for foreign travel payments: cash disbursements above prescribed limit require PAN for travel, tour, or currency purchases.
A PAN must be furnished where a single-instance cash payment connected with travel to a foreign country exceeds the prescribed cash threshold; this covers cash payments for fare, payments to travel agents or tour operators, payments to authorized persons under foreign exchange law, and purchases of foreign currency, while excluding travel to neighbouring countries and specified pilgrimage locations.
Manuals Income Tax
Whether PANCARD is require for opening account in bank?
Show AI Summary
Permanent Account Number requirement: PAN is mandatory for opening bank accounts under income tax rules with no monetary threshold.
Permanent Account Number (PAN) is mandatory for opening a bank account under the income tax statutory framework and implementing rules; the requirement applies generally and the source does not specify any monetary threshold limiting the obligation, reflecting PAN's function as an identification and compliance mechanism in return of income and assessment procedure contexts.
Manuals Income Tax
What is the limit of PANCARD for amount depositing in securities.?
Show AI Summary
PAN requirement for securities transactions mandates furnishing PAN for deposits exceeding prescribed threshold to enable identity verification.
A PAN furnishing requirement applies to sale and purchase of securities: where consideration in a securities transaction exceeds the statutory high-value threshold, the person transacting must furnish their Permanent Account Number to the counterparty, implementing identity verification and enabling tax reporting obligations under the income-tax rules.
Manuals Income Tax
Is PANCARD is required for time deposit exceed a time of ₹ 5 lakhs?
Show AI Summary
PAN requirement for time deposits: PAN must be furnished when a time deposit exceeds the prescribed regulatory threshold.
A PAN must be furnished when a depositor makes a time deposit with a bank, banking company, or banking institution that exceeds the prescribed monetary threshold; this imposes an identification and reporting obligation under the income tax PAN provisions and rules.
Manuals Income Tax
What is the Basic limit of PANCARD for sale purchase of immovable property?
Show AI Summary
PAN requirement for immovable property transactions: PAN must be furnished where property value meets the statutory threshold.
A Permanent Account Number (PAN) must be furnished for sale or purchase of immovable property when the transaction reaches the statutory value threshold, as part of PAN-related obligations in return of income and assessment procedure; this requirement applies to parties to the transaction to ensure tax documentation and compliance.
Manuals Income Tax
Is Permission is Required For Filing Of Revised Return?
Show AI Summary
Right to file revised return: no prior permission required and permission-application cannot substitute for revision.
No prior permission is required to file a revised return; the assessee has a right to submit a revised return. An application framed as seeking permission to revise the originally filed return cannot be treated as, or substitute for, a valid revised return, and therefore does not meet the statutory mechanism for revision.
Manuals Income Tax
How Much Time Revised Return Can Be Revised?
Show AI Summary
Revised return can be filed multiple times within the limitation period when omissions or errors are discovered in the original filing.
An assessee may file a revised return multiple times so long as each revision is within the applicable limitation period and corrects an omission or wrong statement discovered in the earlier return, permitting successive amendments prior to expiry of the statutory time bar.
Manuals Income Tax
Can Revised Return Substitute Original Return?
Show AI Summary
Revised return substitutes the original return, while mere corrections leave the original filing intact for assessment.
A validly filed revised return withdraws and substitutes the original return for assessment purposes; corrections or amendments made to a filed return without filing a revised return do not change the filing's character and therefore do not effect such substitution.
Manuals Income Tax
Is It Possible To File Auditor Report With Revised Return?
Show AI Summary
Auditor's report: may be filed with a revised return to rectify omission from the original tax return.
Where an assessee obliged to furnish an auditor's report with its income tax return fails to submit it with the original filing, the auditor's report may be furnished subsequently with the revised return, permitting rectification of that omission under the return amendment regime.
Manuals Income Tax
Whether Assessment Made Under Section 143(1) Would Be Considered as Assessment For Revised Return?
Show AI Summary
Assessment under section 143(1) not an assessment; revised return filed after intimation remains valid for consideration.
An intimation issued under section 143(1) is procedural and does not constitute a formal assessment; therefore a revised return filed after such an intimation but within the statutory period must be treated as duly filed and considered by the Assessing Officer.
Manuals Income Tax
X Ltd., closely held company issues 1,000 shares to Mr. A (resident) whose face value is 10, issue p...
Show AI Summary
Share premium taxation under Section 56(2)(viib): excess consideration over fair market value is taxable on closely held companies.
Taxability of share premium for a closely held company turns on whether consideration per share exceeds fair market value; if FMV exceeds consideration (FMV 42, consideration 40) no tax arises, whereas if consideration exceeds FMV (consideration 40, FMV 31) the excess per share (9) is taxable under the provision governing share premium receipts.
Manuals Income Tax
X Ltd., closely held company receives shares of A Ltd. (a listed public company) for 10,000 whose fa...
Show AI Summary
Taxability of discounted transfers to closely held companies: listed company shares are excluded from gift inclusion, so not taxable.
Receipt of listed public company shares by a closely held company for consideration below fair market value does not attract tax under the provision addressing gifts to firms and closely held companies, because shares of a listed company are excluded from that inclusion and therefore are not characterized as taxable income from other sources under that rule.
Manuals Income Tax
Example: 3) X gets by way of gift a plot of land in Pune from a partnership firm. The partnership fi...
Show AI Summary
Taxability of gifts: transfers from a partnership firm to an individual are taxable when the firm is not a relative.
A gift of immovable property from a partnership firm to an individual is taxable under the gift provisions because a partnership firm is not a "relative" even if the partners are relatives; the stamp duty valuation of the plot is noted for valuation reference.
Manuals Income Tax
Example: 2) X gets a gift of 43,000 from C, who is cousin of his father and he also gets a gift of 2...
Show AI Summary
Taxability of gifts: gifts received from non-relatives are taxable under the gifts provision, not excluded as relative transfers.
Gifts received by an individual or HUF from persons who do not qualify as "relatives" are taxable as income from other sources; in the example, gifts from a father's cousin and from the recipient's grandfather's elder brother are excluded from the relative exemption and the aggregate amount received from those non-relatives is taxable.

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Income Tax

Analysis of Judicial Approach in Tax Evasion through Accommodation Entries: A Case Study

29 January, 2024

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Genuineness of transactions: accommodation entries and circumstantial evidence can defeat claimed tax exemptions without commercial substance.
Denial of exemption under Section 10(38) is justified where claims rest on paper companies and accommodation entry providers; synchronized trading, SEBI ... Summary

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Acts Income Tax
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