Income Tax - Page 20

No Tax on amount not receivable under a void contract

I- Process Services (India) Pvt. Ltd. Vs DCIT (ITAT Delhi)

On the contract becoming void ab initio, the transaction of income from ICICI Home Financing Co. Ltd. was reversed by the assessee since there was no legally enforceable right to such income on the contract being declared as void ab initio....

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Section 80(5) & 4th Proviso to S. 10B(1) are constitutionally valid: HC

M/s Nath Brothers Exim International Ltd. Vs Union of India & Anr. (Delhi High Court)

Section 10B(1) of the Act, gives numerous benefits to the assessees and the fourth proviso does nothing but requires compliance of the time line provided in Section 139(1) of the Act for claiming the benefit of Section 10B(1)....

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Sec. 12AA registration cannot be denied merely for having activities outside India

National Informatics Centre Services Inc. Vs DIT (ITAT Delhi)

On the facts and circumstances of the case, the learned Director of Income Tax (Exemption)has erred both on facts and in law in rejecting the application of the assessee for registration under Section 12A of the Income Tax Act, 1961....

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Income Tax Circular No.17 of 2017 dated: 26.04.2017

Circular No. 17/2017-Income Tax (26/04/2017)

Circular No.17 of 2017 - Corrigendum to Circular No. 13/2017 dated 11.04.2017 on the Clarification regarding Liability to income - tax in India for a non - resident seafarer receiving salary in NER (Non Resident External) account maintained with an Indian Bank. -reg....

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Assesse must satisfy the appellate authority that ground now raised was bona fide and could not have been raised earlier for good reasons

M/s. Ultratech Cement Ltd. Vs Additional Commissioner of  Income Tax (Bombay High Court)

We note that it is an undisputed position before us that for the subject assessment year, the appellant assessee had not claimed benefit of Section 80IA of the Act in respect of its Jetty / Port either before the Assessing Officer or before the CIT(A)....

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Purchase cannot be termed bogus for mere non-appearance of supplier

M/s Beauty Tax Vs DCIT, ((ITAT Jaipur)

Merely non-appearance of the supplier in absence of any other corroborate evidence cannot be a basis to justify the stand of the Revenue that the transaction of purchase is bogus. ...

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Closely connected international transaction can be clubbed / aggregated

M/s. Kaypee Electronics & Associates Pvt. Ltd. Vs Deputy Commissioner of Income Tax (ITAT Bangalore)

These are appeals filed by the assessee-company directed against the assessment orders dated 24.12.2014, 17.12.2015 and 30.11.2016 for the assessment years 2010-11, 2011-12 and 2012-13 respectively u/s. 143(3) r.w.s. 144C of the Act by the Deputy Commissioner of Income-tax / Assistant Commissioner of Income-tax, Circle-4(1)(1), Bangalore....

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CBDT cannot reject compounding of offense application for inordinate delay or non payment of fee in advance

Vikram Singh Vs Union of India & Ors. (Delhi High Court)

CBDT cannot arrogate to itself, on the strength of Section 279 of the Act or the Explanation thereunder, the power to insist on a 'pre-deposit' of sorts of the compounding fee even without considering the application for compounding....

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S. 263 Inadequate enquiry cannot be termed as lack of enquiry

Small Wonder Industries Vs CIT-24 (ITAT Mumbai)

Uncontrovertedly, necessary details/reply to the questionnaire were filed/produced by the assessee and the same were examined by the Assessing Officer, therefore, it is not a case of lack of enquiry by the Assessing Officer...

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Treatment of Lease rent from letting of buildings/developed space

Circular No. 16/2017-Income Tax (25/04/2017)

Lease rent from letting out buildings/developed space along with other amenities in an Industrial Park/SEZ— to be treated as business income....

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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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