Thursday | 30 Oct 2014
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tax calc

A trust couldn't be deemed as discretionary even if it allocated its income to a special fund held by trustees


IT: Where as per trust deed 50 per cent income was to be received by one set of beneficiaries and balance 50 per cent of income was to be received by...

Board asks CCITs to monitor cases of non-filing of return by taxpayers who have filed e-returns during last 3 years


IT : Section 139 of The Income-Tax Act, 1961 - Return of Income – Measures for Revenue Augmentation – Calling for Returns of Income in Case of Non-Filers...

Discount to foreign buyer in lieu of advance payments was in nature of interest; liable to TDS


IT/ILT: Pre-payment discount given by assessee to foreign buyers in absence of any mention in purchase contract that assessee was obliged to give said...