Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : Article explains provisions related to income from house property, calculation of such income, exemptions available, and applicabl...
Income Tax : Learn the key differences between tax avoidance and tax evasion in India, legal provisions, real-world cases, and government measu...
Income Tax : Understand the concept of an assessee under the Income Tax Act, its classifications, roles, responsibilities, and available tax be...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Stay on top of important compliance deadlines including GST, ESI, PF, SEBI, and Income Tax filings, with detailed due dates and fo...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : Guwahati High Court's landmark judgment on the tax rate for carbonated beverages containing fruit juice as per FSSAI Regulation 2....
Income Tax : Interest income earned from staff loans and advances was incidental to the business of power generation and qualifies as “busine...
Income Tax : ITAT Hyderabad held that trade advances, in the nature of commercial transactions, cannot be characterized as ‘loans or advanceâ...
Income Tax : M/s. GRR Holdings is a firm was incorporated on 31.01.2014 with two partners Shri Gaddam Shyam Prasad Reddy & Shri Syed Fayaz Moha...
Income Tax : ITAT Jaipur held that issuance of notice under section 148 of the Income Tax Act by ACIT, Jaipur, is illegal and liable to be quas...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Hon’ble Punjab & Haryana High Court in the case of CIT vs. Panchvati Motors (P) Ltd. in ITA No.292 of 2008, dated 3.05.2011 has held that in a case where no objection regarding valid service was taken before the completion of assessment, provisions of sec. 292BB will be applicable to all pending assessments as on 1.04.2008. Since the provisions of sec. 292BB(1) are applicable for Assessment Year in question as the proceedings were pending as on that date and the assessee had not raised any objection during the course of assessment proceedings and had participated in the assessment proceedings, the assessment cannot be annulled on the ground that valid notice u/s 143(2) was not served on the assessee. Accordingly in our considered opinion as held by the Hon’ble Punjab & Haryana High Court in the case of Panchvati Motors (P) Ltd. (supra), assessment cannot be annulled.
With respect to assessment framed u/s 143(3) dated 30.11.2010, addition of Rs.1,32,52040/- was made, against which the assessee filed appeal and CIT(A) deleted such addition vide order dated 31.5.2011 against which the department filed appeal and Tribunal upheld the order of CIT(A) vide order dated 25.10.2011 in I.T.A No.3641/Del.2011 for assessment year 2008-09. Meanwhile, Assessing Officer passed another order u/s 154/143(3) on 3.2.2011 making the same addition, against which assessee filed appeal and CIT(A) deleted the impugned addition while following his earlier order dated 31.5.2011.
The Amended Protocol between India and Switzerland amending the existing Double Taxation Avoidance Agreement (DTAA) between the two countries came into force on 7th October, 2011. In 219 cases, undisclosed income of Rs. 565 crore has been detected and tax of Rs.181 crore realized so far.
Notification No. 182012-Income Tax In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962 namely:- 1. (1) These rules may be called the Income-tax (6th Amendment) Rules, 2012.
In the case of JB Greaves (supra), which is the decision of the jurisdictional High Court, it has been held that the subject – matter of appeal before the Tribunal would be the grounds raised by the appellant before it. Rule 11 provides that the appellant shall not except by the leave of Tribunal, be heard in support of any ground not set forth in the memorandum of appeal.
Download Income tax Calculator in Excel Format for Financial year 2012-13 / Assessment Year 2013-14 1. This Calculator is Very Simple & Easy to be use by a common Individual to compute the Tax for Salaried/Business or Profession Person 2. Easy to understand with all latest rules & regulation and similar as form 16. 3. You can Calculate your Income Tax in Calculation Sheet & print the Working Sheet. 4. Once you enter the amount in the white blank cells. Other cells in Calculation & Computation Sheets will calculate data & Tax automatically.
In the present case the Director of Investigation had reliable and sufficient information to proceed with the authorisation for search. No malafides have been attributed or pleaded in the writ petition. The petitioners have been subjected to block assessment on the basis of the recoveries made during search, in which they are pursuing the remedies. The appeal filed by the department has been allowed by ITA, and the matter in remand is pending consideration in assessment.
In the present case, however, the assessee is a private limited company. The share application money was received through private placement. The Assessing Officer has brought on record evidence in the shape of Income tax returns and bank statements of the share applicants to show that these companies had very meager income or were running in losses. It has also been brought on record that in most of the cases, the amounts were deposited in the account either on the same day or a day before the issue of cheques to the assessee. All the share applicants had address in Delhi.
It is observed that the assessee capitalized the expenses in relation to Cafeteria project as capital work in progress in earlier year. Such project did not take off and eventually the assessee claimed it as a business loss in the current year. It is clearly borne out from records that the assessee claimed deduction by disclosing complete particulars in this regard. Simply because the assessee did not succeed in the first appeal on this issue, it does not mean that penalty will be automatic.
Issue is decided by Hon’ble Calcutta High Court in the case of CIT Vs. Virgin Creations that the amendment in the provisions of section 40(a)(ia) of the Act by Finance Act, 2010 is remedial and curative in nature and TDS paid on or before the due date of filing of return u/s. 139(1) of the Act, deduction in respect to the amount on which TDS is so paid, is allowable. In the present case the assessee deducted tax in February, 2007 but the same was deposited in May, 2007 for the AY 2007-08 that means the TDS was paid before due date of filing of return u/s. 139(1) of the Act by the assessee, hence, we allow the claim of assessee. This issue of assessee’s appeal is allowed.
