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Income Tax - Page 10

NRI and his Tax Affairs: An Awareness Manual

CMA Awadh Jaiswal As the due date is coming closure most of the NRI is trying to reach out their tax consultants for clearing their doubts or started goggling the Tax Portals. The most common doubts are: Which Income is Taxable in India and which one is exempt? Do I need to file Income Tax […]...

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Clarifications in respect of section 269ST of Income-tax Act, 1961

Circular No. 22 of 2017 (03/07/2017)

Circular No. 22 of 2017 F.No.370142/10/2017-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) (TPL Division) *** Dated 03rd July, 2017 Clarifications in respect of section 269ST of the Income-tax Act, 1961 With a view to promote digital economy and create a disincentive against cash economy,...

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CBDT amends form 3CD to revise reporting U/s. 269SS & 269T

Notification No. 58/2017-Income Tax / G.S.R. 821(E) (03/07/2017)

In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the following shall be substituted, namely: 31. (a) Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year :‑...

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CBDT notifies transaction on which provision of section 269ST shall not apply

Notification No. 57/2017-Income Tax / S.O. 2065(E) (03/07/2017)

Central Government hereby specifies that the provision of section 269ST shall not apply to the following, namely: (a) receipt by a business correspondent on behalf of a banking company or co-operative bank, in accordance with the guidelines issued by the Reserve Bank of India;...

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Claiming of Expenditure on Puja Expenses as Business Expenditure

The Puja Expenses incurred by an assessee can be allowed as an expenditure, depending on the facts & circumstances of the case as per section 37(1) of the Income Tax Act, 1961 (for short the Act)....

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First Bill of Entry & Shipping Bill filed under GST regime at Chennai

DO No.16/CH(EC)/2017 (01/07/2017)

This is the beginning of a long journey, a journey which is for nation building and prosperity for all. I am happy to inform that the first Bill of Entry and Shipping Bill has been filed under the new tax regime at Chennai....

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Hold on Your Breathe- Unlinked Pan With Aadhar Remains Valid After July 1, 2017

Earlier it was floated that if before July 1, 2017 PAN is not linked with Aadhar, then the PAN will become invalid, but that’s not the case actually. The Government has not declared yet anything in this context. Indeed the linking will become mandatory from July 1, but its not mandatory to link before July 1....

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U S Taxation Vs Canadian Income Tax for individual- a Study

During my recent visit to Southern India, particularly, Tamil Nadu, my family doctor having many covenanted degrees in Medicine from Canada, mentioned about the high income/other tax rates in Canada and also their social commitments to take extra care of the welfare of their citizen. ...

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Procedure of intimating AADHAAR number to Income Tax Department

Notification No. 7 of 2017 (29/06/2017)

Procedure of intimating AADHAAR number to Income Tax Department by Permanent Account Number (PAN) holder and quoting of the same in PAN applications in compliance of Section 139AA of Income Tax Act....

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Advance Pricing Agreements – International Taxation Latest Developments

According to Indian Tax Laws, it is an agreement between CBDT and any person, which determines, in advance, the arm’s length price or specifies the manner of the determination of arm’s length price (or both), in relation to an international transaction. ...

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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.