Income Tax

How to Reduce Tax Burden on Your NPS Maturity Amount?

The taxation system is applicable on all the inflows that an individual receives and it is also applicable on the amount of the investments and insurances that you make for your future and for your family. There are various ways by which the tax burden can be reduced on the amount that you receive by having the basic knowledge of the taxa...

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Battle of Love for Money and Fear of Income Tax – IDS?

Krishna, nowadays income tax department is conducting survey, raids, etc. almost everywhere. Because of this, confusion is arising among people. What is its intention? Please give details about it....

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Impact of GST over Retail Sector

In the present system of taxation every company in the retail sector plans locations of its warehouses and branches in order to avoid cost of CST. Suppose if a retailer is located in Delhi and it procures material from a manufacturer in Maharashtra then normally they prefer the route of stock transfer against f form to avoid CST although...

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How setting up of an HUF can minimize tax liability

The expression hindu undivided family has not define under the income tax act or in any other statue. A Hindu undivided family is a separate legal tax entity under the provisions of Sec.2(31) of the income tax act 1961. It is a body consisting of persons lineally descended from a common ancestor and include their wifes and unmarried daugh...

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TDS Sec.194IA Payment on transfer of immovable property

Article discusses Provisions and Scope of Section 194-IA, Payments covered, Who is Payer/Payee, Conditions to be satisfied for applicability of section 194-IA, Time of deduction of tax, Rates of TDS, Effect of non-furnishing of PAN on rate of tax, Tax Deduction and Collection Account Number , Certificate/statement for tax deducted at sou...

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ICAI solicits suggestions / Views on ITR Forms

We would like to inform you that the Ministry of Finance, Department of Revenue has constituted a Committee on ITR Forms to review the existing ITR Forms and suggest modifications to/ alternatives for the same with a view to simplify these forms for the benefit /convenience of the taxpayers. ...

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Draft Goods and Services Tax – Payment Rules

The electronic tax liability register under sub-section (7) of section 35 shall be maintained in FORM GST PMT-1 on the Common Portal and all amounts payable by a taxable person shall be debited to the said register....

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Number of Advance Pricing Agreements by CBDT crosses 100

The Central Board of Direct Taxes (CBDT) entered into five (5) unilateral Advance Pricing Agreements (APAs) today, i.e., 23rd September, 2016, with Indian taxpayers. One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103....

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Role of CBEC as work for GST begins

The journey to rollout the Goods and Services Tax (GST) has commenced with the enactment of the 101st Constitution Amendment Act, 2016 on 8th September, 2016 and the subsequent notifications. The Government is committed and has set in motion a slew of steps to ensure that the GST conies into force from 1st of April, 2017. In this backdrop...

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Cabinet approves Agreement with Samoa for Tax Info exchange

Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes- The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes....

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Nature of TDS Liability in Respect of Salaried Doctors, in- House & Visiting Consultants in a Nursing Home

Hosmat Hospital (P.) Ltd. vs. ACIT (ITAT Bangalore) - ITAT, Bangalore held that, in the instant case, since consultant doctors were paid fixed remuneration and the working conditions were under supervision and control of the hospital authorities, services were rendered by the doctors, in the nature of employee. Hence, payments were subject to TDS under...

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Sales accepted in supplier books cannot be bogus purchase of buyer

ACIT vs. M/s Jaybharat Textiles & Real Estate Ltd. ( ITAT Mumbai) - ITAT Mumbai held that when the department has not disputed the sales transactions disclosed by the supplier in its books who is an income tax assessee then it cannot assume the same as bogus purchases made by the buyer more so when the transaction has been supported by proper documentary evidences a...

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Sections 194C(6) & Section 194C(7) are independent of each other

Soma Rani Ghosh Vs. Deputy Commissioner of Income Tax (ITAT Kolkata) - Sections 194C(6) and Section 194C(7) are independent of each other, and cannot be read together to attract disallowance u/s 40(a)(ia) read with Section 194C of the Act; and If the assessee complies with the provisions of Section 194C(6), no disallowance u/s 40(a)(ia) of the Act is permissible, even ...

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Lump sum alimony is a capital receipt and therefore not taxable

Shrimati Roma Sengupta Vs. CIT (Calcutta High Court) - The Bombay High Court held that the monthly alimony amounted to taxable income in the hands of the assessee. However, the lump sum alimony was in the nature of capital receipt. ...

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Levy of Section 234E late fee- Prior to 01.06.2015- ITAT Cochin decides in favour of assessee

Little Servants of Divine Providence Providence Charitable Trust Vs. Income Tax Officer(TDS) (ITAT Cochin) - Thus, post 1st June 2015, in the course of processing of a TDS statement and issuance of intimation u/s 200A in respect thereof, an adjustment could also be made in respect of the 'fee', if any, shall be computed in accordance with the provisions of section 234E. Prior to 1st June 2015, there was no...

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IDS 2016: Value to be declared of assets sold before 01.06.2016

Instruction No. 9 of 2016 - (26/09/2016) - Instances have been brought to the notice of the Board that some taxpayers are of the view that if a capital asset acquired out of undisclosed income is sold before 01.06.2016 and the sale proceeds so received are held in cash, then the amount of undisclosed income required to be declared under the ...

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Implementation of Direct Tax Dispute Resolution Scheme, 2016- Reg

F No.279/Misc/M-61/2016 - (26/09/2016) - Scheme provides for further relief in the following ways:(i) Tax payable would include tax & interest till the date of assessment. Interest accrued thereafter would not form part of tax payable.(ii) If and disputed tax is below Rs. 10 lakhs. penalty would stand waived on payment of tax & interest.(i...

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AO to stamp/Print email & phone no. on Notice u/s. 143(2)

F.No. DGIT(S)/ADG(S)-2/CASS 2016-17/93/2016 - (22/09/2016) - Until the e-mail address and office telephone number of Assessing Officers are automatically printed on notices u/s. 143(2), the Assessing Officers should put a stamp/mention the details of their official email address and office telephone number on notices u/s. 143(2) before sending it to the ass...

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CBDT withdraws clarification on Sec. 138 within 2 days

The clarification regarding Sec. 138 of the Income tax Act, 1961 with reference to CBDT earlier notification No. SO 576 dated 23/05/2003, which was issued on 21st September, 2016 vide F.No. 225/120/2016/ITA.II, is hereby withdrawn. This may be brought to the notice of all concerned....

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ITR-7 data related to exemptions approved u/s 35 and 80G

F.No. DIT(S)-III/2015-16/e-Filing Txn/ - (23/09/2016) - DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 Dated : 23-Sep-2016 F.No. DIT(S)-III/2015-16/e-Filing Txn/ To, The Chief Commissioner of Income-Tax (Exemption) Pratyaksh Kar Bhawan, Block E-2, 25th Floor, Civic Centre, J.L. Nehru Marg...

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Recent Posts in "Income Tax"

IDS 2016: Value to be declared of assets sold before 01.06.2016

Instruction No. 9 of 2016 (26/09/2016)

Instances have been brought to the notice of the Board that some taxpayers are of the view that if a capital asset acquired out of undisclosed income is sold before 01.06.2016 and the sale proceeds so received are held in cash, then the amount of undisclosed income required to be declared under the Scheme shall be the amount of undisclose...

Read More

Implementation of Direct Tax Dispute Resolution Scheme, 2016- Reg

F No.279/Misc/M-61/2016 (26/09/2016)

Scheme provides for further relief in the following ways:(i) Tax payable would include tax & interest till the date of assessment. Interest accrued thereafter would not form part of tax payable.(ii) If and disputed tax is below Rs. 10 lakhs. penalty would stand waived on payment of tax & interest.(iii) Where the disputed tax is more than ...

Read More

How to Reduce Tax Burden on Your NPS Maturity Amount?

The taxation system is applicable on all the inflows that an individual receives and it is also applicable on the amount of the investments and insurances that you make for your future and for your family. There are various ways by which the tax burden can be reduced on the amount that you receive by having the basic knowledge of the taxa...

Read More
Posted Under: Income Tax |

ICAI solicits suggestions / Views on ITR Forms

We would like to inform you that the Ministry of Finance, Department of Revenue has constituted a Committee on ITR Forms to review the existing ITR Forms and suggest modifications to/ alternatives for the same with a view to simplify these forms for the benefit /convenience of the taxpayers. ...

Read More
Posted Under: Income Tax |

Battle of Love for Money and Fear of Income Tax – IDS?

Krishna, nowadays income tax department is conducting survey, raids, etc. almost everywhere. Because of this, confusion is arising among people. What is its intention? Please give details about it....

Read More
Posted Under: Income Tax |

Draft Goods and Services Tax – Payment Rules

The electronic tax liability register under sub-section (7) of section 35 shall be maintained in FORM GST PMT-1 on the Common Portal and all amounts payable by a taxable person shall be debited to the said register....

Read More
Posted Under: Income Tax |

Impact of GST over Retail Sector

In the present system of taxation every company in the retail sector plans locations of its warehouses and branches in order to avoid cost of CST. Suppose if a retailer is located in Delhi and it procures material from a manufacturer in Maharashtra then normally they prefer the route of stock transfer against f form to avoid CST although...

Read More
Posted Under: Income Tax |

Nature of TDS Liability in Respect of Salaried Doctors, in- House & Visiting Consultants in a Nursing Home

Hosmat Hospital (P.) Ltd. vs. ACIT (ITAT Bangalore)

ITAT, Bangalore held that, in the instant case, since consultant doctors were paid fixed remuneration and the working conditions were under supervision and control of the hospital authorities, services were rendered by the doctors, in the nature of employee. Hence, payments were subject to TDS under section 192 of the Act....

Read More

How setting up of an HUF can minimize tax liability

The expression hindu undivided family has not define under the income tax act or in any other statue. A Hindu undivided family is a separate legal tax entity under the provisions of Sec.2(31) of the income tax act 1961. It is a body consisting of persons lineally descended from a common ancestor and include their wifes and unmarried daugh...

Read More
Posted Under: Income Tax |

AO to stamp/Print email & phone no. on Notice u/s. 143(2)

F.No. DGIT(S)/ADG(S)-2/CASS 2016-17/93/2016 (22/09/2016)

Until the e-mail address and office telephone number of Assessing Officers are automatically printed on notices u/s. 143(2), the Assessing Officers should put a stamp/mention the details of their official email address and office telephone number on notices u/s. 143(2) before sending it to the assessees....

Read More
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