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 : Understand the updated TDS rates for FY 2025-26 (AY 2026-27). Comprehensive chart covering salary, interest, dividends, rent, and ...
Income Tax : Budget 2025 revises income tax slabs, making ₹4,00,000 tax-free. New rates range up to 30% for income above ₹24,00,000. Key de...
Income Tax : Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Questions arise about its impact on revenue, lit...
Income Tax : Income Tax Bill 2025 introduces changes to TDS, TCS, and LRS provisions, raising threshold limits and reducing compliance burdens....
Income Tax : CIT International Tax- 1 Vs Expeditors International of Washington INC (Delhi High Court); ITA 202/2022; Dated: 13/02/2025 In a si...
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 : KSCAA's representation to CBDT highlights challenges in the Vivad Se Vishwas Scheme 2024, focusing on delayed appeals and suggesti...
Income Tax : Bombay HC rules in CIT vs. Nitish Chordia that agricultural land distance must be measured by road, not aerial view, impacting cap...
Income Tax : ITAT Surat rules that for capital gains tax on agricultural land, municipal limits are determined by notification in force at the...
Income Tax : ITAT remands case regarding taxability of interest income earned before business commencement, citing need for fresh adjudication ...
Income Tax : Bombay High Court rules reassessment proceedings against Alok Industries invalid post-resolution plan approval under IBC, citing S...
Income Tax : ITAT Jaipur dismisses Bansi Lal's appeal, upholding additions for unexplained bank deposits and interest income. Tribunal cites l...
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 Central Government notifies Punjab RERA for tax exemption under Section 10(46A) of the Income-tax Act, effective from the 2024...
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...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Due date for payment of TDS in respect of payments/Credit Related to March 2011 (Including the Expenses/Provisions/ Credits on 31St March) is April 30. So those who have not made TDS payment by 7th April can relax and pay the same by 30th April without any late payment Interest and without worrying for disallowance of expenses. The amendment in due date is made vide Notification No. 41/2010 dated 31 May 2010 (new Notification), notified Income-tax (Sixth Amendment) Rules, 2010 which amends the Rules. The Notification is effective from 1 April 2010 and applies to tax deducted/collected on or after 1 April 2010.
CIT vs. Moni Kumar Subba (Delhi High Court – Full Bench) – If Assessing Officer Finds that the actual rent received is less than the “fair/market rent‟ because the assessee has received abnormally high interest free security deposit, he can undertake necessary exercise in that behalf. However, by no stretch of imagination, the notional interest on the interest free security can be taken as determinative factor to arrive at the “fair rent”. Section. 23(1)(a) of Income Tax Act, 1961 does not mandate this.
ORDER NO. 60 OF 2011 – The following officers in the grade of Deputy/Assistant Commissioner of income Tax arc hereby transferred and posted at the station indicated against each in the Directorate of International Taxation and Transfer Pricing with immediate effect and until further orders: A. Officers who are being transferred within the same station/ region B. Officers who are being transferred to other station/region: Download the order to see the List of above:-
CIT wise details of AY10-11 paper refund Returns entered into the system but not processed is given herein below. These lists, however, do not give the true and complete picture of pending refunds, as the Systems does not have any visibility of paper refund Returns not entered onto the system. On the basis of the statistics available for earlier years, CBDT estimates the said paper refund Returns not entered onto the system so far at around 8 lacs, a large number of which pertain to Mumbai & Delhi. Today April 03 morning, CCITs (CCA) of Mumbai & Delhi have been sensitized by the Chairman personally about the need to issue all refunds by April 10 2011. All officers, especially those posted at Delhi & Mumbai, are once again advised to rise to the occasion & issue all refunds by this date.
It is a matter of great anguish, desperation & dejection that despite repeated requests, reminders & alerts from the CBDT, we have failed in our commitment to issue all pending refunds of A.Y. 10-11 before the close of the year. What is even more discouraging is that towards the last week of March, a slew of our colleagues had stopped entering the paper refund Returns on the system under the belief that once they enter the refund Returns, refunds would come in the radar of the systems monitoring. Are CCITs / CITs aware of it?
India will have to wait till the end of this year to get information about funds stashed in banks in Switzerland where Parliament will take time to ratify the tax treaty signed between the two in August last year. India and Switzerland had signed an agreement on August 30, 2010 to amend the Double Taxation Avoidance Agreement (DTAA) with a view to facilitating exchange of information between the two countries.
The government hopes to collect Rs 350 crore in taxes from the fourth edition of high voltage Indian Premier League Twenty20 cricket tournament beginning tomorrow. The revenue will accrue to the government as the organisations will be required to deduct tax at source (TDS) while making payments to players, umpires, coaches, commentators and others involved with the tournament.
After Nifty index futures, the Singapore Exchange will start trading in Nifty options in the next six months which will give investors one more avenue, a senior official said. “We have been doing Nifty futures and the next obvious thing is to give investors more options…there is a good interest in it,” SGX’s Senior Vice-President (Derivatives), Janice Kan told reporters on the sidelines of a conference here today.
The Mumbai bench of the Income-tax Appellate Tribunal, (“Tribunal”) in a ruling’ in the case of Citicorp Banking Corporation, Baharain v. Addl. Director of Income Tax (I.T.)-Range 1-[2011-T11-40-1TAT-MUM-INTL] , held that losses arising on cancellation of foreign exchange forward contracts entered into by the assessee for protecting it against the risk of currency fluctuation would be characterised as capital loss and the said loss can be set-off against other capital gains under the provisions of the Income-tax Act, 1961 (the “Act”). Further, the Tribunal also held that section 115AD provides for tax rates on income from securities or capital gains and it has nothing to do with determination of the nature of gain or loss i.e. capital or revenue.
Section 2(47) of Income-tax Act defines transfer, which, inter alia includes sale, exchange, relinquishment of the asset or extinguishment of any rights therein. In the case of Phulchand Sons Investments Pvt. Ltd. v. ACIT the Mumbai Bench of Income Tax Appellate Tribunal observed that the assessee had undertaken a loan transaction and not sale of shares during the subject assessment year. The revenue authorities were unable to bring any evidence on record to establish that the assessee had engaged in a sale transaction and not a loan transaction. Accordingly, the Tribunal held that lending of shares is not a ‘transfer’ within the meaning of section 2(47) of the Act, and hence, is not taxable.
