income tax rules

Rule 12 of Income Tax Rules wef 1st April 2017 related to ITR

Income Tax - Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rules vide Notification No. 21/2017 Dated 30/03/2017 for ready reference of our readers. Changes are Marked in Red and Maroon Coloure. [Return of income and return of fringe benefits. 12. (1) The return of income required to be furnished […]...

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House Rent Allowance (HRA) Taxability & calculation

Income Tax - HRA Calculation- Calculate your House Rent Allowance (HRA) exemption, know HRA exemption Calculation Formula and download HRA Calculator in excel format....

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Rule 12 of Income Tax Rules wef 01.04.2014 – Filing of Audit Reports & ITR

Income Tax - CA Sandeep Kanoi CBDT has amended Rule 12 of Income Tax Rules 1962 vide its Notification No. 24/2014, Dated: April 1, 2014 and made amendments in respect of filing of ITR by Trusts, Partnership firms and furnishing of Audit Report under section 11(2)(a) by trusts for accumulation of Income. The Notification has also Notified SAHAJ [&helli...

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Income Tax Return – Which form to use for IT Filing AY 2014-15

Income Tax - Income Tax Department has released FORM ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 for A.Y. 2014-15 vide its Income-tax Notification No. 28/2014, Dated- 30th day of May, 2014 and SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR A.Y. 2014-15 vide its Income-tax Notification No. 24/2014, Dated: April 1, 2014....

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All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15

Income Tax - CA Sandeep Kanoi Up to A.Y. 2013-14 Partnership Firms to whom provisions of section 44AB  (i.e. those Under Tax Audit) were required to furnish the return for assessment year 2011-12 and subsequent assessment years electronically under digital signature but the Partnership  firms to whom Provisions of section 44AB were not applicable th...

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Industrial Park Scheme Eligible for Deduction Under Section 80IA of I-T ACT Extended to 31st March 2011

Income Tax - The Central Board of Direct Taxes (CBDT) has amended the Industrial Park Scheme 2008 and Rule 18C of the Income Tax Rules, 1962 to give effect to the extension of the ending date of operation of the Scheme to 31st March 2011....

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TDS on salary arrears will make government richer by Rs. 1400 Crore

Income Tax - The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second installment of arrears due to central government employees, who were awarded increased salaries by the Sixth Pay Commission. The first installment of arrears (representing 40 per cent of the increased pay) was disbursed during financial year 2008-09...

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Revised procedure for acceptance of address proof alongwith PAN application

Income Tax - While accepting “Application for allotment of PAN (Form 49A)” if both the addresses (residence and office) are mentioned in the application form and office address has been selected as communication address, then POA has to be collected for residence as well as office address....

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Guidance note on Clause 17A of 3CD report – Amount inadmissible u/s. 23 of the Micro, Small and Medium Enterprises Development Act, 2006

Income Tax - This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962 . ...

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Payment in cash to transporters upto 35000 allowed from 01.04.2009

Income Tax - Enhancement of limit for disallowance of expenditure made in the case of transporters Under the existing provisions of the Income-tax Act, where an assessee incurs any expenditure, in respect of which payment in excess of Rs 20,000 is made otherwise than by an account payee cheque or account payee bank draft, such expenditure is not allow...

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TDS credited can be claimed on Unrealised Rent / Bad Debts

Shri Rangji Realties Pvt. Vs ITO (ITAT Mumbai) - TDS credit is allowed on deduction of Income under u/s 80IA, 8oIB, 80IC of the act, etc and also TDS credit is allowed on bad debts claimed u/s 36(1 )(vii) of the Act. Accordingly I am of the view that that the Unrealized rent is duly offered to tax by the assessee at first instance, and then the sa...

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Comparables should be selected after detailed analysis and any adjustment to ALP can be made only on the basis of firm calculation and back-up data

ACIT Vs. Vedaris Technologies (Pvt.) Ltd. (ITAT Delhi) - The Delhi Bench of Income Tax Appellate Tribunal ("the Tribunal") in its recent ruling in the case of ACIT v. Vedaris Technologies (Pvt.) Ltd [2010-TII-10-ITAT-DEL-TP] has held that selection of comparable uncontrolled transactions ("comparables") for determining arm's length price ("ALP") should be...

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Satisfaction of the AO and determination of Expenditure in relation to income which is not includible in total income

PTC India Ltd. Vs. DCIT (ITAT Delhi 'G' Bench) - A perusal of section 14A (2)(supra), evinces that the amount of expenditure incurred in relation to income not includible in the total income shall be determined by the AO if the AO is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to incom...

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CBDT is duty bound to refer matter to transfer pricing officer of international transaction exceeding Rs. 5 crores

Ranbaxy Laboratories Ltd. Vs Additional Commissioner of Income-tax (ITAT Delhi 'H' Bench) - This appeal by the taxpayer for the AY 2004-05 is directed against the order of Commissioner of Income-tax (CIT) partially setting aside assessment under Section 263 of IT. Act made vide order dated 30 March, 2005 with directions to the Assessing Officer for the fresh determination of Arm's Length P...

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Rule 114B Form 60 can be filed in Paper or Electronic form: CBDT

Notification No. 51/2017-Income Tax / G.S.R. 569(E) - (09/06/2017) - CBDT has now notified that above said declaration in Form No.60 giving therein the particulars of such transactions can be either in paper form or electronically under the electronic verification code in accordance with the procedures, data structures, and standards specified by the Principal Direc...

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CBDT notifies changes in Rules related to Refund of TDS

Notification No. 45/2017 - (05/06/2017) - CBDT has vide notification No. 45/2017 notified that claim for refund of TDS paid can be furnished by the deductor in Form 26B electronically under digital signature or verified through an electronic process....

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Section 80-IA- Notified undertaking of M/s. Infinity Infotech Parks Limited

Notification No. 54/2010-Income Tax - (15/07/2010) - Notification No. 54/2010-Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, vide n...

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Section 197 – Certificate of lower deduction or non-deduction of tax at source

Instruction No. 7/2009 - (22/12/2009) - I am directed to bring to your notice on the subject of issue of certificates under Section 197. Instruction No- 8/2006 dated 13.10.2006, was issued stating that 197 certificates for lower deduction or nil deduction of TDS u/s 197 are not to be issued indiscriminately and for issue of each certifica...

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Revised rules for valuation of perquisites for F.Y. 2009-10 & amp; onwards

Notification No. 94/2009 - Income Tax - (18/12/2009) - Notification No. 94/2009 - Income Tax For the purpose of computing the income chargeable under the head Salaries, the value of perquisites provided by the employer directly or indirectly to the assessee (hereinafter referred to as employee) or to any member of his household by reason of his employm...

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Recent Posts in "income tax rules"

TDS credited can be claimed on Unrealised Rent / Bad Debts

Shri Rangji Realties Pvt. Vs ITO (ITAT Mumbai)

TDS credit is allowed on deduction of Income under u/s 80IA, 8oIB, 80IC of the act, etc and also TDS credit is allowed on bad debts claimed u/s 36(1 )(vii) of the Act. Accordingly I am of the view that that the Unrealized rent is duly offered to tax by the assessee at first instance, and then the same is claimed as deduction from Rental I...

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Rule 114B Form 60 can be filed in Paper or Electronic form: CBDT

Notification No. 51/2017-Income Tax / G.S.R. 569(E) (09/06/2017)

CBDT has now notified that above said declaration in Form No.60 giving therein the particulars of such transactions can be either in paper form or electronically under the electronic verification code in accordance with the procedures, data structures, and standards specified by the Principal Director General of Income-tax (Systems) or D...

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CBDT notifies changes in Rules related to Refund of TDS

Notification No. 45/2017 (05/06/2017)

CBDT has vide notification No. 45/2017 notified that claim for refund of TDS paid can be furnished by the deductor in Form 26B electronically under digital signature or verified through an electronic process....

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Rule 12 of Income Tax Rules wef 1st April 2017 related to ITR

Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rules vide Notification No. 21/2017 Dated 30/03/2017 for ready reference of our readers. Changes are Marked in Red and Maroon Coloure. [Return of income and return of fringe benefits. 12. (1) The return of income required to be furnished […]...

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Posted Under: Income Tax | ,

House Rent Allowance (HRA) Taxability & calculation

HRA Calculation- Calculate your House Rent Allowance (HRA) exemption, know HRA exemption Calculation Formula and download HRA Calculator in excel format....

Read More
Posted Under: Income Tax |

Rule 12 of Income Tax Rules wef 01.04.2014 – Filing of Audit Reports & ITR

CA Sandeep Kanoi CBDT has amended Rule 12 of Income Tax Rules 1962 vide its Notification No. 24/2014, Dated: April 1, 2014 and made amendments in respect of filing of ITR by Trusts, Partnership firms and furnishing of Audit Report under section 11(2)(a) by trusts for accumulation of Income. The Notification has also Notified SAHAJ [&helli...

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Posted Under: Income Tax |

Income Tax Return – Which form to use for IT Filing AY 2014-15

Income Tax Department has released FORM ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 for A.Y. 2014-15 vide its Income-tax Notification No. 28/2014, Dated- 30th day of May, 2014 and SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR A.Y. 2014-15 vide its Income-tax Notification No. 24/2014, Dated: April 1, 2014....

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Posted Under: Income Tax | ,

All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15

CA Sandeep Kanoi Up to A.Y. 2013-14 Partnership Firms to whom provisions of section 44AB  (i.e. those Under Tax Audit) were required to furnish the return for assessment year 2011-12 and subsequent assessment years electronically under digital signature but the Partnership  firms to whom Provisions of section 44AB were not applicable th...

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Posted Under: Income Tax | ,

Revised Income Tax Rule 12 related to ITR for A.Y. 2013-14

Revised Income Tax Rule 12 as amended by Income Tax Notification No. 34/2013 dated 01.05.2013. Revised rule specifies the rules Related to ITR for A.Y. 2013-14. Rule Specifies the Applicable ITR for Different class of Assessee and mode of Return Filing. Revised Rule is as follows :- [Return of income and return of fringe benefits. [&helli...

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Posted Under: Income Tax |

Who is required to File Return Online Compulsorily for AY 2012-13?

Compulsory / Mandatory E filing of Return with digital signature and without digital signature -We can divide Assessee for Online Return Filing in two categories - one who have to submit returns online but they have the option to submit the same with or without digital signature and Other Category of the Assessee who have to file Return o...

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Posted Under: Income Tax | ,
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