Income Tax - Page 3

Purchases cannot be treated as bogus merely based on info from sales-tax dept. or non-reply of 133(6) notices or non-production of suppliers

M/s. Geolife Organics Vs ACIT –23(2) (ITAT Mumbai)

Merely relying upon the information from the Sales Tax Department or the fact that parties were not produced the Assessing Officer could not have treated the purchases as bogus and made addition. ...

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Comparison of Revised ICDS Applicable From AY 2017-18 with Respective Accounting Standards- Part II

In this write-up, rest of the following ICDS are covered: VI (Effects of changes in Foreign Exchange Rates) VII (Government grants) VIII (Securities) IX (Borrowing Costs) X (Provisions, contingent liabilities and contingent assets)...

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High-Value Transactions Under Scanner

To keep a watch on high-value transactions by taxpayers, the I-T department has developed a statement of financial transactions called Annual Information Return (AIR). ...

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Registration u/s 12A cannot be denied to a Trust for mere Fee Collection

Gyaan Vikas Foundation Siliguri Vs C.I.T. (ITAT Kolkata)

There is nothing brought on record to show that the activities of the assessee are driven by profit motive. In these circumstances we are of the view that the conditions for grant of registration u/s 12AA of the Act are duly satisfied as the activities of the assessee are genuine and its objects are also charitable....

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Interest on FD interest used as LC Margin Money for Industry set-up is taxable as Other Income

CIT Vs M/S Bhawal Synthetics (Rajasthan High Court)

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in In the case in hand, it is not in dispute that the assessee had income of interest through FDRs and while setting off that the Assessing Officer as well as the ITAT did not examine the aspect as to under which […]...

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DRI has no locus standi to file writ petition under Article(s) 226/227 of Constitution of India

Union of India Vs M/s. Padmini Polymers Ltd & ANR (Delhi High Court)

The division bench of Delhi High Court, in UOI v. Padmini Polymers Ltd & Anr, held that Directorate of Revenue Intelligence (DRI) has no jurisdiction to file Writ Petition under Article 226 of the Constitution of India against the order of the Settlement Commission....

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HC cannot entertain appeals related to determination of disputes relating to tax ability of services or excisability of goods

Commissioner Service Tax Vs DLF Golf Resorts Ltd. (Punjab & Haryana High Court)

Section 35L is being amended so as to clarify that determination of disputes relating to tax ability or excisability of goods is covered under the term 'determination of any question having a relation to rate of duty' and hence, appeal against Tribunal orders in such matters would lie before the Supreme Court....

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Delay of 3381 days in refiling SLP; Authorities need to wake up: SC

Commissioner of Income Tax Vs M/s. Krishan K. Aggrawal (Supreme Court of India)

We are extremely unhappy with the delay of 3381 days in refiling the special leave petition but make no other comment. The concerned authorities need to wake up....

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Expense on improvement of leased building not allowable U/s. 37(1) but depreciation can be claimed on the same

MSA Motors Vs. Addl. CIT (ITAT Hyderabad)

Business of the assessee is carried on in the leased property and any expenditure is incurred on the construction of any structure by way of renovation, extension or improvement, then, section 32 will apply and accordingly, the assessee can claim depreciation on the value spent on such improvement or changes in the structure....

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File Your TDS Statement in time

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Progressive organizations file their TDS Statement in time… Are you the one? FILE e-file TDS statement for the financial year/ quarter ended on 31st March,2017 by 31st May, 2017 Delay in filing of TDS statement shall entail levy of fee o...

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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.

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