Income Tax

Budget 2017-18 – Expectations of a salaried person

Yes. Its that time of the year again when the common man, the salaried person looks out to what’s in store for them – concessions, rebates. The Union Budget for the next fiscal shall be announced early this year on February 1, 2017 and the common man awaits....

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Rule 114E Transaction Specific Guidelines for Preparation of SFT

Transaction Specific Guidelines for Preparation of Statement of Financial Transactions (SFT) Transaction specific guidelines for preparation of Statement of Financial Transactions (SFT) are given in following paragraphs. SFT- 001: Purchase of bank drafts or pay orders in cash Transaction Code SFT- 001 Transaction Description Purchase of b...

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Guidelines for Preparation of Statement of Financial Transactions (SFT)

Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A. The prescribed sche...

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Nature & value of SFT transactions to be reported under Rule 114E

Rule 114E o specifies that statement of financial transaction required to be furnished under section 285BA(1) of the Act shall be furnished in Form No. 61A....

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Analysis of Pradhan Mantri Garib Kalyan Yojana

Offering one last window to black money holders, the government has come out with a scheme giving black money holders time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetization....

Read More

Clarification on Indirect Transfer provision under Income Tax Act, 1961

Circular No. 41/2016 was issued on 21.12.2016 which dealt with clarification on Indirect Transfer provisions. After the issue of the aforementioned circular, representations have been received from various FPIs, FIIs, VCFs and other stakeholders. ...

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HC bans adjournments for non-availability of papers or Counsel

Bombay High court in a notice informed that No adjournments will be granted on the ground that papers or counsel duly instructed are not available....

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CBDT signs Bilateral Advance Pricing Agreement

CBDT entered into a Bilateral Advance Pricing Agreement (BAPA) on the 13th of January, 2017 with Indian subsidiary of a Japanese trading company. Recently, the CBDT has also modified an existing Bilateral APA with another Indian subsidiary of a Japanese company to include rollback provisions. ...

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BCAS represents on wrong TDS filing return due date in recent Circular

BCAS made a Representation to CBDT regarding error in stating due date for Filing of Quarterly TDS Statements for Financial Year 2016-2017 in Circular 1/2017. ...

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IRS (Income Tax) officers seek MoS Dr Jitendra Singh’s intervention

A delegation of Indian Revenue Service/IRS (Income Tax) officers of 2008 batch called on the Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh here today. The delegation sought Dr Jitendra Singh’s inter...

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Bogus capital gains from penny stocks- Off-market transactions not illegal

ACIT vs. Vineet Sureshchandra Agarwal (ITAT Ahmedabad) - In view of these glaring facts, the assessment of Smt. Jaya Agrawal and the fact that the relevant purchases for AY 2004-05 have been held to be genuine, we see no infirmity in the order of ld. CIT(A) in deleting these additions. On the issues of Shri Chokshi, Mahasagar Securities Pvt. Ltd. and Gold...

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SC admits SLP on levy of Late TDS / TCS return Filing Fees U/s. 234E

Rashmikant Kundalia and another Vs Union of India(Supreme Court of India) - Against Bombay High Court order in case of Rashmikant Kundalia and another Vs UOI in Section 234E matter Supreme Court admits the SLP filed with it. ...

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Capital Gain on Penny Stocks cannot be bogus if Paper work is in order

Surya Prakash Toshniwal VS. ITO (ITAT Kolkata ) - This article deal with the issue of Long Term Capital Gain on Sale of Small Company Shares or on Penny Stocks. Article is based on ITAT Kolkata order in the case of Surya Prakash Toshniwal VS. ITO in which it held that Long-term capital gains claimed exempt u/s 10(38) cannot be treated as bogus unex...

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Imposition of late fees by Section 234E is constitutional : Kerala High Court

Sree Narayana Guru Smaraka Sangam Upper Primary School Vs. Union Of India (High Court Of Kerala At Ernakulam) - Article is case study on constitutional validity of Section 234E of the Income Tax Act 1961 inserted by Finance Act, 2012 and covers all earlier judgments on the subject and is based on the Kerala High Court judgment in the case of Sree Narayana Guru Smaraka Sangam Upper Primary School Vs. Union O...

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All about allowability of freebies given by Pharma Company to doctors

Dy. CIT Vs. PHL Pharma P Ltd. (ITAT Mumbai) - Article is case study on allowability of expenses by Pharma Companies related to Doctors on on Customer Relationship Management expenses, Key Account Management expenses, Gift Articles, Free medicine Sample, Advertisement and Sales Promotion based on ITAT Mumbai Judgment in the case of The Dy. CIT V...

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12 FAQs on Tax & Investment- Pradhan Mantri Garib Kalyan Yojana 2016

Circular No. 2/2017-Income Tax - (18/01/2017) - Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity ...

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Rule 114E: Reportable Transactions & Guidelines for Preparation of SFT

DGIT Notification No. 1/2017-Income Tax - (17/01/2017) - Nature and value of transactions to be reported under Rule 114E and General Guidelines for Preparation of Statement of Financial Transactions (SFT)...

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Additional charges in grade of CCIT- Order No. 9 of 2017

Order No. 9 of 2017 - (17/01/2017) - The following officers in the grade of CCIT are, hereby, ordered to hold the charge (s) indicated against their names in addition to the substantive charge/ additional charge(s) being held by them, with immediate effect and until further orders...

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IDS 2016 not invalid if tax payment made before due date but credited late

Instruction No. 2 of 2017 - (16/01/2017) - IDS 2016 deceleration will not be invalid in cases where payment has been made through cheque, RTGS, electronic transfer etc. on or before date of 30th November, 2016, but the same has been credited by banks after due date of 30th November, 2016, but on or before the 05th December, 2016....

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Income Tax Dept Negligent in sending Inspection Reports to DIT (IT)

F. No. 1-2/2014-15 Reminders/Inspection/2016-17 - (16/01/2017) - It was observed that the prescribed number of Inspections are not being carried out by the field authorities. This is borne out by the fact that as against 2349 Reports of the Inspections to be carried out during 2015-16 for the work done in 2014-15 that were due to be sent to the Directorate of IT ...

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Recent Posts in "Income Tax"

Budget 2017-18 – Expectations of a salaried person

Yes. Its that time of the year again when the common man, the salaried person looks out to what’s in store for them – concessions, rebates. The Union Budget for the next fiscal shall be announced early this year on February 1, 2017 and the common man awaits....

Read More
Posted Under: Income Tax |

Rule 114E Transaction Specific Guidelines for Preparation of SFT

Transaction Specific Guidelines for Preparation of Statement of Financial Transactions (SFT) Transaction specific guidelines for preparation of Statement of Financial Transactions (SFT) are given in following paragraphs. SFT- 001: Purchase of bank drafts or pay orders in cash Transaction Code SFT- 001 Transaction Description Purchase of b...

Read More
Posted Under: Income Tax |

Guidelines for Preparation of Statement of Financial Transactions (SFT)

Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A. The prescribed sche...

Read More
Posted Under: Income Tax |

Nature & value of SFT transactions to be reported under Rule 114E

Rule 114E o specifies that statement of financial transaction required to be furnished under section 285BA(1) of the Act shall be furnished in Form No. 61A....

Read More
Posted Under: Income Tax |

12 FAQs on Tax & Investment- Pradhan Mantri Garib Kalyan Yojana 2016

Circular No. 2/2017-Income Tax (18/01/2017)

Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (hereinafter ‘the Scheme’) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity ...

Read More

Clarification on Indirect Transfer provision under Income Tax Act, 1961

Circular No. 41/2016 was issued on 21.12.2016 which dealt with clarification on Indirect Transfer provisions. After the issue of the aforementioned circular, representations have been received from various FPIs, FIIs, VCFs and other stakeholders. ...

Read More
Posted Under: Income Tax |

Analysis of Pradhan Mantri Garib Kalyan Yojana

Offering one last window to black money holders, the government has come out with a scheme giving black money holders time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetization....

Read More
Posted Under: Income Tax |

Top 4 Expectations of Common Man from Union Budget 2017

Since common man is directly affected by the income tax provisions every budget raises expectation levels of common man on this front. What the common man is expecting from finance minister this time? ...

Read More
Posted Under: Income Tax |

Rule 114E: Reportable Transactions & Guidelines for Preparation of SFT

DGIT Notification No. 1/2017-Income Tax (17/01/2017)

Nature and value of transactions to be reported under Rule 114E and General Guidelines for Preparation of Statement of Financial Transactions (SFT)...

Read More

Bogus capital gains from penny stocks- Off-market transactions not illegal

ACIT vs. Vineet Sureshchandra Agarwal (ITAT Ahmedabad)

In view of these glaring facts, the assessment of Smt. Jaya Agrawal and the fact that the relevant purchases for AY 2004-05 have been held to be genuine, we see no infirmity in the order of ld. CIT(A) in deleting these additions. On the issues of Shri Chokshi, Mahasagar Securities Pvt. Ltd. and Goldstar Finvest Pvt. Ltd., a catena of judg...

Read More
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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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