Income Tax - Page 3

Guidelines for waiver of interest charged under Section 201(1A)(i)

Circular No. 11/2017-Income Tax (24/03/2017)

In exercise of the powers conferred under clause (a) of sub-section (2) of section 119 of Income-tax Act, 1961( the Act), Central Board of Direct Taxes (the Board), hereby directs that the Chief Commissioner of Income-tax and Director General of Income-tax may reduce or waive interest charged under section 201(1 A) (i)...

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S. 10A Deduct Foreign currency Expenses from Export /Total Turnover

M/s. Sunquest Information Systems India Pvt. Ltd. Vs JCIT (OSD) (ITAT Bangalore)

Insurance & Travelling Expenses incurred in Foreign Currency needs to be Excluded from both Export and Total Turnover for the purpose of section 10A Calculations...

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Provisions for gratuity actually accrued during the year is allowable

DCIT Vs M/s. Reliance Jute Mills International Ltd (ITAT Kolkata)

Provisions contained in section 40A(7)(b) that provision made by the assessee for the purpose of payment of any gratuity, that has become payable during the year is allowable which means that the liability which has actually accrued during the year is allowable....

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Jurisdiction when return of income furnished in electronic & paper form

Notification No. 16/2017-Income Tax (23/03/2017)

All the cases where the return of income has been furnished in – (i) electronic form, and (ii) paper form. Commissioner of Income-tax, Centralised Processing Centre, Bengaluru...

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Notification No. 05/2017-Income Tax, Dated: 21.03.2017

Notification No. 05/2017-Income Tax (21/03/2017)

Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee...

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List of relatives covered under Section 56(2) of Income Tax Act,1961

Section 56(2)(VII) of the Income Tax Act,1961 reads as any even if amount exceeding Rs. 50,000/- if received from Relative then it is not chargeable to tax....

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Posted Under: Income Tax |

Govt notifies Third Protocol Amending India-Singapore DTAA

Third Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA) which was signed on 30.12.2016, has come into force on27.02.2017....

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Posted Under: Income Tax |

Download Finance Bill 2017 as passed by Lok Sabha

Lok Sabha passes  Finance bill 2017 on 22.03.2017 with 189 Amendments to following Acts and 9 related schedules:- Income Tax Act, 1961 and Rules Custom Act,1962 Excise Duty Act, 1944 Finance Act, 1994 The Indian Trusts Act, 1882 The Indian Post Office Act, 1898 The Reserve Bank Of India Act, 1934 The Representation Of The […]...

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Budget 2017: Taxation of trusts in context of succession planning

Amendment in Section 56 provisions would be a welcome relief for promoter groups contemplating succession planning as the transfer of shares from individual promoters to a family trust would not suffer tax even if made without any consideration....

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Posted Under: Income Tax | ,

25 FAQs on Income Computation and Disclosure Standards (ICDS)

Circular No. 10/2017-Income Tax (23/03/2017)

After notification of ICDS, it has been brought to the notice of CBDT by stakeholders that certain provisions of ICDS may require amendment/clarification for proper implementation. ...

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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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