Income Tax

List of relatives covered under Section 56(2) of Income Tax Act,1961

Section 56(2)(VII) of the Income Tax Act,1961 reads as any even if amount exceeding Rs. 50,000/- if received from Relative then it is not chargeable to tax....

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Budget 2017: Taxation of trusts in context of succession planning

Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration....

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Exemption on Income arising out of Maintenance Money of ‘Minor’- Report

Whether the provisions of section 64(1A) of the Income Tax Act, 1961 require an amendment to provide for exemption from clubbing of minor's income accruing by way of interest on the amount deposited by one of the parents of the minor child as maintenance, at the hands of parent/guardian, under an order of the Court. ...

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Need for amendment in Section 206AA for non-resident investors of ‘Masala bonds’

Non-resident investors have recently shown a great deal of interest in subscribing to Masala Bonds issued by Indian corporates. Masala Bonds is the informal name of Rupee-denominated bonds (RDB) issued by Indian corporates outside India. ...

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Sukanya Samriddhi Yojana – An Investment and Tax Saving Plan

Sukanya Samriddhi Yojana is a small deposit scheme of the Government of India meant exclusively for a girl child and is launched as a part of Beti Bachao Beti Padhao Campaign. The scheme is meant to meet the education and marriage expenses of a girl child. It is currently fetching higher interest rate and provides income-tax rebate....

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Govt notifies Third Protocol Amending India-Singapore DTAA

Third Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA) which was signed on 30.12.2016, has come into force on27.02.2017....

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Download Finance Bill 2017 as passed by Lok Sabha

Lok Sabha passes  Finance bill 2017 on 22.03.2017 with 189 Amendments to following Acts and 9 related schedules:- Income Tax Act, 1961 and Rules Custom Act,1962 Excise Duty Act, 1944 Finance Act, 1994 The Indian Trusts Act, 1882 The Indian Post Office Act, 1898 The Reserve Bank Of India Act, 1934 The Representation Of The […]...

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Credit Linked Interest Subsidy scheme for tax paying Middle Classes

Credit Linked Interest Subsidy scheme for tax paying Middle Classes made effective from January 1 this year. Those sanctioned house loans and applied for since January 1st eligible for interest subsidy of up to Rs.2.35 lakh each...

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Download Amendments to Finance Bill 2017 As Introduced In Lok Sabha

Union Government has proposed several amendments to Finance Bill 2017 presented in Lok Sabha on 01.02.2017 by introducing notice of amendment to finance bill 2017 Lok Sabha on 01.02.2017. Some of the important amendment proposed are as follows :- 1. Appointment of, and remuneration to, the ITAT Member 2. Make Aadhar card mandatory for fil...

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Aadhaar to be mandatory for income tax returns and PAN

Union government has proposed making Aadhaar mandatory for filing income tax returns and for obtaining Permanent Account Number (PAN) through proposed  amendments to the finance bill 2017. The government on 21.03.2017 proposed making Aadhaar mandatory for filing of income-tax returns as well as for obtaining and retaining the PAN. Accord...

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No Tax on off–shore supplies of goods completed outside Indian territory

M/s. Iljin Electric Co. Ltd. Vs Dy. Commissioner of Income Tax (ITAT Mumbai) - Aforesaid appeal of the assessee is against assessment order dated 31st January 2017, passed under section 143(3) r/w section 144C(13) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2013–14 in pursuance to the direction of the Dispute Resolution Panel–1, Mumbai, (DRP), d...

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Advertisement expense post Flilm certification by Censor Board allowable

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai) - Advertisement expenditure incurred after certification by Board of Film Censors cannot be included as part of cost of production, hence, provisions of rule 9A, will not apply. It was held, the expenditure incurred in regular course of business has to be allowed under section 37. ...

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Section 194J TDS not applicable to payment made in kind

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai) - TDS is applicable in case of payment of any sum towards fees for professional services. He submitted, the term any sum, used in section 194J would denote payment in money terms and not in kind. ...

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Expense on obtaining ISO certificates are revenue expenditure

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai) - It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are neither intangible fixed asset nor transferrable. Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdraw...

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Dispensing with requirement for convening meeting of Equity Shareholders not possible: NCLT

Re. JVA Trading Private Limited (National Company Law Tribunal) - In relation to the dispensation of the meeting of the equity shareholders of the Transferor Company is concerned we are not inclined to grant dispensation taking into consideration the provisions of Companies Act, 2013 and the rules framed there under both of which expressly do not clothe this Tribu...

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25 FAQs on Income Computation and Disclosure Standards (ICDS)

Circular No. 10/2017-Income Tax - (23/03/2017) - After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation. ...

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Identification of officials who are either absconding or are on unauthorized leave

F.No. ADG (Exams)/Comm./2017-18/ - (21/03/2017) - A Committee was constituted to carry out a one time count of all officers in the Income tax organization and identify such of those Group A officers as are presently on unauthorized leave or are absconding....

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Committee on officials who are either absconding or on unauthorized leave

Order No. F.No.ADG(Exams)/Comm./2017-18 - (20/03/2017) - A Committee is being constituted to carry out a one time count of all the officers working in the Income tax organization and identify such of those Group A officers as are presently on unauthorized leave or are absconding. The Committee will comprise the following officers...

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CBDT warns officials on airing of views on official matters via Press

No. B-12020/02/2017-Ad.IX - (20/03/2017) - It has been observed that some Government servants have been unauthorisedly communicating with the Press either in their own name or in pseudonymous names. Instructions have been issued from time to time restraining all Government servants from communicating with the Press unauthorisedly but it is o...

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ITBA Rectification Module for Income Tax Penalty orders

ITBA-Rectification Instruction No.1 - (21/03/2017) - The functionality to rectify penalty orders passed in the System (Process flow from initiation of rectification to passing rectification order) is now available to the Users through the Rectification module of Income Tax Business Application (ITBA)....

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Recent Posts in "Income Tax"

List of relatives covered under Section 56(2) of Income Tax Act,1961

Section 56(2)(VII) of the Income Tax Act,1961 reads as any even if amount exceeding Rs. 50,000/- if received from Relative then it is not chargeable to tax....

Read More
Posted Under: Income Tax |

Govt notifies Third Protocol Amending India-Singapore DTAA

Third Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA) which was signed on 30.12.2016, has come into force on27.02.2017....

Read More
Posted Under: Income Tax |

Budget 2017: Taxation of trusts in context of succession planning

Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration....

Read More
Posted Under: Income Tax |

25 FAQs on Income Computation and Disclosure Standards (ICDS)

Circular No. 10/2017-Income Tax (23/03/2017)

After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation. ...

Read More

Identification of officials who are either absconding or are on unauthorized leave

F.No. ADG (Exams)/Comm./2017-18/ (21/03/2017)

A Committee was constituted to carry out a one time count of all officers in the Income tax organization and identify such of those Group A officers as are presently on unauthorized leave or are absconding....

Read More

No Tax on off–shore supplies of goods completed outside Indian territory

M/s. Iljin Electric Co. Ltd. Vs Dy. Commissioner of Income Tax (ITAT Mumbai)

Aforesaid appeal of the assessee is against assessment order dated 31st January 2017, passed under section 143(3) r/w section 144C(13) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2013–14 in pursuance to the direction of the Dispute Resolution Panel–1, Mumbai, (DRP), dated 18th November 2016....

Read More

Advertisement expense post Flilm certification by Censor Board allowable

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

Advertisement expenditure incurred after certification by Board of Film Censors cannot be included as part of cost of production, hence, provisions of rule 9A, will not apply. It was held, the expenditure incurred in regular course of business has to be allowed under section 37. ...

Read More

Section 194J TDS not applicable to payment made in kind

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

TDS is applicable in case of payment of any sum towards fees for professional services. He submitted, the term any sum, used in section 194J would denote payment in money terms and not in kind. ...

Read More

Expense on obtaining ISO certificates are revenue expenditure

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are neither intangible fixed asset nor transferrable. Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdrawn if the assessee does not adhere to the...

Read More

Dispensing with requirement for convening meeting of Equity Shareholders not possible: NCLT

Re. JVA Trading Private Limited (National Company Law Tribunal)

In relation to the dispensation of the meeting of the equity shareholders of the Transferor Company is concerned we are not inclined to grant dispensation taking into consideration the provisions of Companies Act, 2013 and the rules framed there under both of which expressly do not clothe this Tribunal with the power of dispensation in re...

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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