Income Tax - Page 20

Clarify on claim of FTC of taxes under dispute in foreign country: ICAI

Section 155(14A) proposes to provide that where the payment of foreign tax is under dispute credit of such taxes will be available in India in the year in which the dispute is settled, on satisfaction of certain conditions. To give effect to this an enabling provision shall be inserted through which Tax Authority...

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Entries in books of account are not conclusive of expense nature

CIT Vs M/s. Aditya Birla Nuvo Ltd. (Bombay High Court)

Whether Tribunal was right in holding that the expenditure on acquisition of marketing and technical know­how is revenue in nature as the benefit would accrue over a period of time and treatment in books of account is not relevant...

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Concluded assessments cannot be disturbed in absence of any incriminating material

Smt.Binnaifer Kohli Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

In terms of section 153A of the Act, the already finalised assessment can only be disturbed if the search team has found some incriminating documents or material and which was relied upon by the AO at the time of framing the assessment or the addition is made in the order passed under section 143(3) r.w.s.153A of the Act by referring to s...

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Section 271(1)(c): No Penalty for Section 50C addition unless concealment proved

DCIT Vs Trans Freight Containers Ltd. (ITAT Mumbai)

The addition has been made invoking the deeming provisions of section 50c of the Act. There is no finding that the actual sale consideration is more than that mentioned in the sale agreement....

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No penalty for non deduction of TDS on sale of SIM Cards/recharge coupons at discounted rate

Vodafone Cellular Limited Vs. Additional Commissioner of Income Tax, TDS Range (ITAT Pune)

Tribunal held that sale of SIM Cards/recharge coupons at discounted rate to distributors is not commission and therefore, not liable to TDS provisions u/s. 194H of the Act. Once, the substratum for levy of penalty has eroded there is no question for sustaining the penalty....

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GP on unaccounted Sales cannot be less than that of Accounted Sales

Income Tax Officer Vs Paraskumar V.Kataria Prop. (ITAT Rajkot)

We note that GP rate on the accounted sales estimated by the assessee himself stands at 07.29%. We thus fail to understand as to how the GP for the unaccounted sale should be so lower at 03.56% which is less than half of the GP rate declared by the assessee himself on accounted sales....

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Section 234F Fee for delayed filing of return to cause undue hardship

The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31St December of the relevant assessment year and Rs.10,000, in other cases. However, it is also proposed to restrict the fees to Rs.1,000, where the total income does not exceed five lakh rupees....

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Sec. 271J- Why Penalty on chartered accountant needs to be removed?

In order to ensure that the person furnishing report or certificate undertakes due diligence before making such certification, new section 271J is proposed to be inserted so as to provide that if an accountant or a merchant banker or a registered valuer...

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Budget 2017: Tax neutral conversion of preference shares to equity shares

Article deals with proposed amendment in Section 2(hf), section 47(xb) and section 49(2AE) related to Tax neutral conversion of preference shares to equity shares and sought Clarification regarding tax treatment for earlier years...

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Budget 2017: Extend benefit of non-applicability of indirect transfer provisions to Category III FPIs too

The Finance Act, 2012 amended Section 9(1)(i) of the Act with retrospective effect from 1st April 1962 to provide that any share or interest in an entity incorporated outside India shall be deemed to be situated in India if such share or interest derives, directly or indirectly, its value substantially from assets located in India....

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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.
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