Income Tax

Income Tax Appellate Tribunal – An Introduction

Just 4 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Income Tax Appellate Tribunal – An Introduction Income Tax is the subject for Central Government to legislate under Schedule VI of the Constitution of India. No tax can be levied under the Article 265 of without authority of […]...

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An Overview of Capital Gain

Capital gains are profits that an investor has made from selling asset like stocks and real estate. Capital gains are differentiated as long-term and short-term for taxation purposes. In India, the definition of capital gains for various asset classes is different....

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Obligation to Furnish Statement of Financial Transaction (SFT) or Reportable Account Under Provisions of Section 285BA of the Income Tax Act, 1961

The person required to furnish details in the Form 61A according to the provisions of Rule 114E, the same shall be furnished to the Director of Income Tax (Intelligence and Criminal Investigation) or the Joint director of Income Tax (Intelligence and Criminal Investigation) through online....

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Tax on Gifts in India

Indian income tax law which is governed by the Income-tax Act, 1961 (IT Act or the IT Act, 1961) and Rules framed thereunder imposes tax on income of a person under various heads. Fifth one of which is Income from Other Sources provided under Section 56 of the IT Act. Further, Section 56 (2) defines incomes chargeable under the said head ...

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100% Deduction in Respect of Profits from Housing Projects

Who can claim deduction under this section? Any assessee (may be an individual, HUF, firm, company or any other person) can claim deduction under this section....

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Revised PAN/ TAN application & TCS/TDS filing charges from July 1, 2017

Just 4 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II With effect from July 1, 2017, all the TIN-FC may collect the fees as per the following schedule from deductors/collectors/ filers/Accounts Officers/applicants along-with GST and other levies as applicable as clarified in the circular-...

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Highlights of SC Judgement on Aadhar PAN Linkage

Supreme Court of India in its Landmark Judgement has upheld Section 139AA of the Income Tax Act,1961 as constitutionally valid which required quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns....

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CBDT Notifies new Safe Harbour Regime

In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, CBDT has notified a new safe harbour regime based on the report of the Committee set up in this regard....

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India Signs MLC to Prevent Base Erosion and Profit Shifting

Finance Minister Shri Arun Jaitley signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting at Paris on 7th June, 2017 on behalf of India....

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CBDT clarifies on SFT & SFT Preliminary Response Filing

Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017....

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Salary Exemption to Non-Resident for services rendered outside India

Sudhanshu Mohapatra Vs. DCIT (International Taxation)-2(1) (ITAT Kolkata) - Brief facts of the case are that the assessee is an individual and derives his income from salary and other sources. The assessee claiming himself as non-resident filed his return declaring total income at Rs. Nil. Under scrutiny, notices u/s. 143(2) and 142(1) of the Act were issued. ...

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Expense on PF in respect of Contractual Labors is allowable

M/s. Ratilal Bhagwandas Construction Co. Pvt. Ltd. Vs ITO (OSD) (ITAT Pune) - Assessee is not in a position to recover the amounts paid as provident fund contribution for the respective contract laborers, or considering the business exigencies when the Assessee bears the expenses on account of Provident Fund contribution, then whether in such a situation the expenses can be d...

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Mechanical Approval to Assessment order by Addl CIT u/s 153D is bad in law

AAA Paper Marketing Ltd. Vs. ACIT, Central Circle- I (ITAT Lucknow) - Just 4 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II 1. It is amply clear that in the case in hand the ACIT observed that the mechanical approval had to be accorded as there is hardly any time left for any discussion or consideration much less meanin...

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ITAT explains Change of opinion vs. Failure to apply mind

M/s Crescent Construction Co. Vs ACIT (ITAT Mumbai): ITA NO.658/Mum/2014 - The assessee as well as the Revenue is in cross appeal against the impugned order dated 29/11/2013 of the First Appellate Authority, Mumbai. In the appeal of the assessee (ITA No.658/Mum/2014), the first ground raised pertains to confirming the reopening u/s 147 of the Income Tax Act, 1961 ...

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Assessee can challenge Assessment order if AO not accepted consent of assessee in toto

Sri Patil Kadpakal Garjan Vs Addl. CIT (ITAT Bangalore) - When the Assessing Officer has not accepted the consent of the assessee in toto then the said consent cannot be applied as a Doctrine of estoppels against the assessee and the assessee has a legal right to challenge the assessment order before the appellate authority. ...

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Revised format of Issue of notices U/s. 143(2) of Income-tax Act, 1961

Notification No. F.No. 225/157/2017/ITA.II-Income Tax - (23/06/2017) - The three formats of notice(s) are: Limited Scrutiny (Computer Aided Scrutiny Selection}, Complete Scrutiny (Computer Aided Scrutiny Selection), Compulsory Manual Scrutiny The revised format of 143(2) notice(s) with a note on benefits & Procedures of' E-Proceeding' facility are enclosed for infor...

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S. 138(1): Central Govt specifies Joint Secretary (Ops.), NATGRID

Notification No. 54/2017-Income Tax - (21/06/2017) - In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of Section 138 of the Income-tax Act, 1961, the Central Government, hereby specifies Joint Secretary (Ops.), NATGRID, Ministry of Home Affairs, Government of India, for purposes of the said clause....

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CBDT notifies specified authority to furnish info to NATGRID

F.No. 225/300/2016/ITA.II - (21/06/2017) - To facilitate the process of furnishing information, Principal Director General of Income-tax (Systems) would enter into a Memorandum of Understanding ('MOU') with NATGRID which inter-alia, would include the mode of transfer of data, maintenance of confidentiality...

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CBDT revises format of Form No. 3CED- Application for Advance Pricing Agreement

Notification No. 53/2017-Income Tax / S.O. 1927(E) - (16/06/2017) - S.O. 1927(E). In exercise of the powers conferred by section 295 read with sub-section (9) of section 92CC of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

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Extension of ad-hoc appointments in the grade of JCIT

Order No. 105 of 2017-Income Tax - (16/06/2017) - The President is pleased to extend the ad-hoc appointments of the following IRS officers to the grade of Joint Commissioner of Income Tax from 01.04.2017 to 31.03.2018...

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Recent Posts in "Income Tax"

Revised PAN/ TAN application & TCS/TDS filing charges from July 1, 2017

Just 4 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II With effect from July 1, 2017, all the TIN-FC may collect the fees as per the following schedule from deductors/collectors/ filers/Accounts Officers/applicants along-with GST and other levies as applicable as clarified in the circular-...

Read More
Posted Under: Income Tax |

Income Tax Appellate Tribunal – An Introduction

Just 4 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Income Tax Appellate Tribunal – An Introduction Income Tax is the subject for Central Government to legislate under Schedule VI of the Constitution of India. No tax can be levied under the Article 265 of without authority of […]...

Read More
Posted Under: Income Tax |

Revised format of Issue of notices U/s. 143(2) of Income-tax Act, 1961

Notification No. F.No. 225/157/2017/ITA.II-Income Tax (23/06/2017)

The three formats of notice(s) are: Limited Scrutiny (Computer Aided Scrutiny Selection}, Complete Scrutiny (Computer Aided Scrutiny Selection), Compulsory Manual Scrutiny The revised format of 143(2) notice(s) with a note on benefits & Procedures of' E-Proceeding' facility are enclosed for information of the field authorities....

Read More

An Overview of Capital Gain

Capital gains are profits that an investor has made from selling asset like stocks and real estate. Capital gains are differentiated as long-term and short-term for taxation purposes. In India, the definition of capital gains for various asset classes is different....

Read More
Posted Under: Income Tax |

Salary Exemption to Non-Resident for services rendered outside India

Sudhanshu Mohapatra Vs. DCIT (International Taxation)-2(1) (ITAT Kolkata)

Brief facts of the case are that the assessee is an individual and derives his income from salary and other sources. The assessee claiming himself as non-resident filed his return declaring total income at Rs. Nil. Under scrutiny, notices u/s. 143(2) and 142(1) of the Act were issued. ...

Read More

Expense on PF in respect of Contractual Labors is allowable

M/s. Ratilal Bhagwandas Construction Co. Pvt. Ltd. Vs ITO (OSD) (ITAT Pune)

Assessee is not in a position to recover the amounts paid as provident fund contribution for the respective contract laborers, or considering the business exigencies when the Assessee bears the expenses on account of Provident Fund contribution, then whether in such a situation the expenses can be disallowed? ...

Read More

Mechanical Approval to Assessment order by Addl CIT u/s 153D is bad in law

AAA Paper Marketing Ltd. Vs. ACIT, Central Circle- I (ITAT Lucknow)

Just 4 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II 1. It is amply clear that in the case in hand the ACIT observed that the mechanical approval had to be accorded as there is hardly any time left for any discussion or consideration much less meaningful discussion […]...

Read More

ITAT explains Change of opinion vs. Failure to apply mind

M/s Crescent Construction Co. Vs ACIT (ITAT Mumbai): ITA NO.658/Mum/2014

The assessee as well as the Revenue is in cross appeal against the impugned order dated 29/11/2013 of the First Appellate Authority, Mumbai. In the appeal of the assessee (ITA No.658/Mum/2014), the first ground raised pertains to confirming the reopening u/s 147 of the Income Tax Act, 1961 ...

Read More

Obligation to Furnish Statement of Financial Transaction (SFT) or Reportable Account Under Provisions of Section 285BA of the Income Tax Act, 1961

The person required to furnish details in the Form 61A according to the provisions of Rule 114E, the same shall be furnished to the Director of Income Tax (Intelligence and Criminal Investigation) or the Joint director of Income Tax (Intelligence and Criminal Investigation) through online....

Read More
Posted Under: Income Tax |

Tax on Gifts in India

Indian income tax law which is governed by the Income-tax Act, 1961 (IT Act or the IT Act, 1961) and Rules framed thereunder imposes tax on income of a person under various heads. Fifth one of which is Income from Other Sources provided under Section 56 of the IT Act. Further, Section 56 (2) defines incomes chargeable under the said head ...

Read More
Posted Under: Income Tax |
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Latest Income Tax News

Income tax is the part of your income which you are required to pay to the Indian government for funding various infrastructural developments, pay salaries to those who are employed by the central or the state governments, etc. All the taxes which are imposed are based on law, and the law which governs provisions about taxes on income is the Income Tax Act, 1961.

Income tax needs to be paid by each and every individual, Hindu Undivided Family, Association of Persons, Body of Individuals, companies, corporate firms, local authorities and every artificial juridical person generating any income based on the income tax slab rates.

Income tax might seem to be a tedious tax for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details while calculating and in paying income tax. However, if you need a clear picture about income tax which is simple and easy to understand then you are at the right place.
Get all the latest news on income tax with Taxguru. We will offer you all the insight and details about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars.

At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost.

Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.

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