Income Tax - Page 2

Towards ENSURING quality Education

The department of School Education & Literacy is taking several steps to make school education job-oriented and qualitative. The Department is implementing a component of Vocationalisation of Secondary & Higher Secondary Education under Centrally sponsored scheme of Rashtriya Madhyamik Shiksha Abhiyan (RMSA)...

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Scholarship paid for pursuing studies abroad is Charitable Expense

Seth Anandram Jaipuria Edu. Society Cantonment Vs CIT (Allahabad High Court)

Payment of Scholarship by Charitable Trust for pursuing Engineering course from University of California, Los Angeles, USA in accordance with its objects is ‘Charitable Expenditure...

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Let’s build the Gudi of Income tax in new Financial year

Tomorrow is the festival of Gudi Padwa i.e start of New Year. And it's the last week of financial year 2017. New financial year will be starting from 1st April. According to budget, what are the changes made in income tax which will be applicable from new financial year and which will increase the prosperity of tax payers?...

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CBDT appoints Addl. DGP, EOW & ACB, Chhattisgarh U/s. 138(1)(a)(ii)

Notification No. 19/2017-Income Tax (27/03/2017)

Central Government hereby specifies Addl. DGP, Economic Offences Wing & Anti Corruption Bureau, Government of Chhattisgarh for purposes of Section 138(1)(a)(ii)...

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No disallowance U/s. 14A unless Assessee earns exempt Income during relevant previous year

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

ITAT followed Delhi High Court in Cheminvest and held that, unless during the relevant previous year, assessee earns any exempt income no disallowance under section 14A r/w rule 8D can be made....

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Cost incurred in abandoned projects should be allowed : ITAT Mumbai

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

In CBDT circular no.16 of 6th October 2015, the Board has clearly stated that cost incurred in abandoned projects should be allowed as revenue expenditure under section 37 of the Act....

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Investment in unrecorded stock taxable as ‘Business Income’

Bajargan Traders C/o Kalani & Co. Vs The ACIT (ITAT Jaipur)

ITAT held that amount surrendered by way of investment in the unrecorded stock of rice has to be brought to tax under the head business income. It Further held that Only real income can be taxed, hypothetical income cannot be taxed nor income can be taxed in vacuum....

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Property holding period should be computed from Allotment Letter date

Anita. D. Kanjani Vs ACIT (ITAT Mumbai)

This appeal has been filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-32 [hereinafter called CIT(A)]02-0-2015 passed against the assessment order of the AO u/s 143(3) dated 23-12-2013 for A.Y. 201-12 on the following grounds...

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Mere voluntary disclosure does not release assessee from penalty

Samson Maritime Ltd. Vs Commissioner of Income Tax (Bombay High Court)

Apex Court in MAK Data P. Ltd., v/s. Commissioner of Income Tax 358 ITR 593, that voluntary disclosure itself does not release the assessee from penal consequences. ...

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5 Last-Minute Income Tax Saving Instruments

By now, you might have already submitted investment proofs to your company’s finance department to claim a tax deduction. However, if you have been running behind date, here are some useful tips to save your hard-earned money and taxes before the D-day. ...

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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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