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Income Tax

Cash Receipt!! Is it really a Receipt??

Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not all transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash....

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Equalisation Levy: Impact and consequences

It’s been almost eight months since the equalisation levy was imposed on payment for specified service which includes online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified later, provided by a Non-reside...

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LLP v/s Private Limited Company – Taxation Comparison

After the announcements made in the Finance bill 2017 it is important to discuss the comparison between an LLP and Private limited company from a taxation point of view. ...

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Small House Big Tax Benefit

Krishna, Government of India has taken a major step towards ensuring that people get their own house by introducing Pradhan Mantri Awaas Yojna and changes have been made in Tax laws also. Please tell me elaborately regarding this....

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Union Budget 2017-18: Is TCS On Jewellery Withdrawn or its scope is Enhanced-Controversy Created due to proposed amendment in Section 206C

Finance Bill, 2017 has proposed the following amendments in section 206C regarding TCS on Jewellery: 1. Clause (ii) of sub section (1D) shall be omitted (this clause prescribes threshold limit for TCS on Jewellery); and 2. Clause (ab) of Explanation to Sec 206c shall be omitted (this clause defines meaning of the word jewellery); and...

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IRS Summarizes “Dirty Dozen” List of Tax Scams for 2017

The Internal Revenue Service today announced the conclusion of its annual Dirty Dozen list of tax scams. The annual list highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. ...

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Bombay HC bans mobile, cameras etc. inside Court Halls

All the parties/litigants and public at large are hereby informed that they shall not take mobile phones, cameras or audio/video recording devices and shall not record anything using them inside the Court Halls....

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Operation Clean Money gets Overwhelming Response

The Income Tax Department (ITD) had initiated 'Operation Clean Money' on 31st January, 2017 for the e-verification of large cash deposits made during 9th November to 30th December, 2016. Email and SMS were sent to 18 lakh taxpayers for submitting online response on the e-filing portal....

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Expeditious issue of Refunds is a High Priority for CBDT

Expeditious issue of Refunds is a High Priority for the Central Board of Direct Taxes (CBDT); Over 4.19 crore Income Tax Returns (ITRs) processed and over 1.62 crore refunds issued during the Current Financial Year up to 10th February, 2017....

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Direct Tax Collections for January, 2017 show Growth of 10.79%

Direct tax collections up to January 2017 show a consistent growth trend. The collection net of refunds stands at Rs. 5.82 lakh crore which is 10.79% more than the net collections for the corresponding period last year...

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Assessment cannot be made merely on the basis of a statement recorded u/s 133A

Kottakkal Wood Complex vs. DCIT (Kerala High Court) - Aassessment order itself reveals that the Revenue has placed reliance on the proceedings initiated against the appellant for imposition of penalty under Section 67 of the KVAT Act based on an inspection held on 17.08.2006. It is seen that the Revenue relied on letter dated 18.09.2007 issued by V. Ah...

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Slump sale in case of exclusion of some asset out of sale transaction for buyers convinience

Triune Projects Pvt. Ltd Vs DCIT (Delhi High Court) - The fact that certain assets of undertaking are left out of sale transaction because it would cause inconvenience for purchaser does not mean that transaction is not a slump sale...

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Writ Petition to challenge issue of reopening notice u/s 148 is maintainable

Jeans Knit Private Limited Vs DCIT (Supreme Court of India) - High Courts in all these cases have dismissed the writ petitions preferred by the appellant/assessee herein challenging the issuance of notice under Section 148 of the Income Tax Act, 1961 and the reasons which were recorded by the Assessing Officer for reopening the assessment....

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Mere thin trade and unusually high gain not sufficient to treat the Long Term Capital Gain on Shares as bogus

Dolarrai Hemani Vs ITO (ITAT Kolkata) - ITAT held that when purchase and sale of shares were supported by proper contract notes , deliveries of shares were received through demat accounts maintained with various agencies, the shares were purchased and sold through recognized broker and the sale considerations were received by account paye...

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Mere share transfer agreement does not cause effective share transfer unless accompanied with Transfer form & Share Certificates

Y.V. Ramana Vs CIT (ITAT Visakhapatnam) - In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is phys...

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Launch of Wikis & Blogs Functionality in ITBA Portal

ITBA-Portal Instruction No. 2 - (15/02/2017) - ITBA Blogs, accessed through the ITBA Portal, is an online journal to share information within the Income Tax Department in an efficient, dynamic way....

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Operationalizing of e-Nivaran at Aayakar Seva Kendras — regarding.

F.No.ADG (TPS-I)/ASK/e-Nivaran/1/2016-17/2658 - (14/02/2017) - List of Pr. CsIT charges where e-Nivaran is operational is enclosed herewith as per Annexure—A. Some of Pr. CsIT charges have not sent their replies or have been unable to upgrade ASK with e-Nivaran in their respective charges the list of which is separately enclosed herewith as per Annexure —B...

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Allotment of PAN through a common application form

Notification No. 09/2017-Income Tax - (09/02/2017) - An applicant may apply for allotment of permanent account number through a common application form notified by the Central Government in the Official Gazette, and the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall specify the classes of persons, ...

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Sec. 35(1)(ii) CBDT approves Christian Medical College Vellore Association

Notification No. 08/2017-Income Tax - (31/01/2017) - It is hereby notified for general information that the organization M/s Christian Medical College Vellore Association, Vellore (PAN:- AAATC/ 278N) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read ...

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Sec. 35(1)(ii) CBDT approves Center of Innovative & Applied Bio-processing

Notification No. 07/2017-Income Tax - (31/01/2017) - It is hereby notified for general information that the organization M/s Center of Innovative & Applied Bio-processing(`CIAB') (PAN:- AABAB8297N) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read w...

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Recent Posts in "Income Tax"

Cash Receipt!! Is it really a Receipt??

Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not all transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash....

Read More
Posted Under: Income Tax |

Assessment cannot be made merely on the basis of a statement recorded u/s 133A

Kottakkal Wood Complex vs. DCIT (Kerala High Court)

Aassessment order itself reveals that the Revenue has placed reliance on the proceedings initiated against the appellant for imposition of penalty under Section 67 of the KVAT Act based on an inspection held on 17.08.2006. It is seen that the Revenue relied on letter dated 18.09.2007 issued by V. Ahammed to the Assistant Director of [&hel...

Read More

Equalisation Levy: Impact and consequences

It’s been almost eight months since the equalisation levy was imposed on payment for specified service which includes online advertisement, any provision for digital advertising space or any other facility or service for the purpose of online advertisement and includes any other service as may be notified later, provided by a Non-reside...

Read More
Posted Under: Income Tax |

Slump sale in case of exclusion of some asset out of sale transaction for buyers convinience

Triune Projects Pvt. Ltd Vs DCIT (Delhi High Court)

The fact that certain assets of undertaking are left out of sale transaction because it would cause inconvenience for purchaser does not mean that transaction is not a slump sale...

Read More

Writ Petition to challenge issue of reopening notice u/s 148 is maintainable

Jeans Knit Private Limited Vs DCIT (Supreme Court of India)

High Courts in all these cases have dismissed the writ petitions preferred by the appellant/assessee herein challenging the issuance of notice under Section 148 of the Income Tax Act, 1961 and the reasons which were recorded by the Assessing Officer for reopening the assessment....

Read More

Mere thin trade and unusually high gain not sufficient to treat the Long Term Capital Gain on Shares as bogus

Dolarrai Hemani Vs ITO (ITAT Kolkata)

ITAT held that when purchase and sale of shares were supported by proper contract notes , deliveries of shares were received through demat accounts maintained with various agencies, the shares were purchased and sold through recognized broker and the sale considerations were received by account payee cheques, the transactions cannot be tr...

Read More

Mere share transfer agreement does not cause effective share transfer unless accompanied with Transfer form & Share Certificates

Y.V. Ramana Vs CIT (ITAT Visakhapatnam)

In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is physically transfer shares by delivery of sh...

Read More

Addition in Section 153A Assessment cannot sustain if no ‘Incriminating Material’ found during Search

Sri Krishna Ghosh Vs Asst. Commissioner of Income Tax (ITAT Kolkata)

Assessment under section 153A can be made on the basis of incriminating material which in the context of relevant provisions means books of account and other documents found in the course of search but not produced in the course of original assessment and undisclosed income or property disclosed during the course of search. ...

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LLP v/s Private Limited Company – Taxation Comparison

After the announcements made in the Finance bill 2017 it is important to discuss the comparison between an LLP and Private limited company from a taxation point of view. ...

Read More
Posted Under: Income Tax |

Small House Big Tax Benefit

Krishna, Government of India has taken a major step towards ensuring that people get their own house by introducing Pradhan Mantri Awaas Yojna and changes have been made in Tax laws also. Please tell me elaborately regarding this....

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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