Income Tax

Residential Staus as per Income Tax Act,1961

In this article we are going to discuss about the residential status of a person as per Income Tax Act, 1961 which determines which income of an individual is taxable as per Indian Laws. Residential Status of any individual (Section 6) Basic Conditions (1) (2) (3) In case of an Indian Citizen who leaves India […]...

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UAE VAT: Valuation of Supplies & Transitional Provisions

Valuation of Supplies under UAE VAT Being a completely new form of indirect taxation there are many questions in the minds of the organizations. One of the most important questions is what is valuation of supply under VAT? What will be included in the value of taxable supply on which VAT is calculated? If the […]...

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Leave Encashment – Exemption and Tax liability

Some time the employees can not avail all these earned leaves which were allowed to him. He may encash these leaves and earn salary for the number of days which were allowed to be taken as leaves. The number of leaves allowed to be taken and the leave encashment varies from employer to employer policies....

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Income from House Property in a Nutshell

SECTION 22 – CHARGING SECTION ♣ Annual Value of Property consisting of any buildings or land appurtenant there to. Tax under this head is not levied on the rent of the property but it is on the capacity of a property to earn income, Hence the words used in the charging Section is “Annual Value”. […]...

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Secondary Adjustment – Section 92CE & Rule 10CB

Transfer pricing provisions seek to ensure that there is fair and equitable allocation of taxable profits amongst the tax jurisdictions. In cases where the underlying transaction is held not to be at arm’s length, a primary adjustment is made to align the transfer price with the arm’s length price (ALP) which is known as primary [&hel...

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New releases on GST Portal as on 06.11.2018

A) GST Assessment and Adjudication (i) Provisional GST Assessment a. Assessment & Adjudication; Form GST ASMT- 01, 03 & 05- Application for Provisional Assessment 1. An application for Provisional Assessment in Form GST- ASMT-01 to the jurisdictional officer can be filed online, by those taxpayers on GST portal, who are not able t...

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A year on from the Paradise Papers, the lack of progress is worrying

A year on from the Paradise Papers, the world has not made sufficient progress to tackle the secrecy that facilitates the hiding of wealth in tax havens. With 10% of global GDP estimated to be hidden in tax havens, and inequality rising both in developed and developing countries, the lack of progress is worrying, according […]...

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GST refund for Export of services with statement upload enabled

GST Refund on account of Export of Services, with statement upload facility, enabled Facility to claim Refund on account of Export of Services, with payment of tax, has been enabled on GST Portal for the taxpayers, with upload of statement 2. (refer Section 54(1) of CGST Act 2017 & Rule 89 (2)( c) of the […]...

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Total APAs entered into by CBDT increases to 244

Total number of APAs entered into by the CBDT has gone up to 244, which includes 220 UAPAs and 24 BAPAs. It is noteworthy that one of the UAPAs signed in October is a renewal application and the same has been concluded in a time span of only 7 months....

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Adjudicating Authority & Appellate Tribunal under Benami Property Act gets cabinet approval

Cabinet approves appointment of Adjudicating Authority and establishment of Appellate Tribunal under Prohibition of Benami Property Transactions Act, 1988...

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Beneficiaries not Taxable for Fund invested by Trust in Swiss Bank

Deepak B. Shah Vs ACIT Mumbai (ITAT Mumbai) - Deepak B. Shah Vs ACIT Mumbai (ITAT Mumbai) In the present case the Income Tax Department sought to tax fund lying in a Swiss bank account as “Unaccounted Income” in the hands of two residents of Mumbai. The appellants maintained account in Swiss Bank stated that they had no contribution in the ...

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Delay in-filing of TDS Returns due to Initial Glitches in Online Portal: ITAT deletes Penalty

BCCI Vs. ACIT (ITAT Mumbai) - At the same time, we cannot also ignore the fact that it was for the Revenue to have allowed smooth switchover from manual to e-filing system of filing TDS returns. The onus and burden was on revenue to provide necessary infrastructure so that tax-payer did not face any inconvenience in filing e-TDS...

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Sushmita Sen gets relief from ITAT in Income Tax penalty case

Sushmita Sen Vs ACIT (ITAT Mumbai) - Sushmita Sen recent appeal: Where the assessee made certain claim which had not been accepted by the Revenue, penalty under section 271(1)(c) thereon deleted...

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MAT not payable on share income of member of AOP

ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur) - ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur) Clause (iic) inserted in Explanation 1 to section 115JB by the Finance Act, 2015 is remedial and curative in nature as it was brought in the statute to provide similar benefit to the member of the AOP which was earlier applicable to the partner of...

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CIT cannot invoke revisionary jurisdiction against draft assessment order

M/s. Apollo Tyres Limited Vs Addl. CIT (ITAT Cochin) - M/s. Apollo Tyres Limited Vs Addl. CIT (ITAT Cochin) A draft order, as such, is not appealable, except to be challenged by the assessee before the DRP, which exercises the power, inter alia, to make enhancement. The very rationale in the giving the power of enhancement to the DRP is to correct the d...

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Father’s name non-mandatory in PAN application form: CBDT

Notification No. 82/2018/ G.S.R. 1128(E) - (19/11/2018) - Whether mother is a single parent and you wish to apply for PAN by furnishing the name of your mother only? Yes No (please tick as applicable) If yes, please fill in mother’s name in the appropriate space provide below. Father’s Name (Mandatory except where mother is a single par...

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CG establishes Appellate Tribunal at Delhi under Benami Property Law

Notification No. 81/2018-Income Tax [S.O. 5677(E)] - (12/11/2018) - Central Government (CG) hereby establishes an Appellate Tribunal at New Delhi to hear appeals against the orders of the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988. Notification No. 81/2018 Dated: 12th November, 2018. MINISTRY OF FINANCE (Department of Reve...

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CG specifies Adjudicating Authority of Jammu and Kashmir under Benami Property Law

Notification No. 80/2018-Income Tax [S.O. 5676(E)] - (12/11/2018) - Central Government (CG) hereby specifies that the New Delhi Bench of the Adjudicating Authority appointed under section 7 of the Prohibition of Benami Property Transactions Act, 1988 shall exercise jurisdiction under the said Act over the whole of India except the State of Jammu and Kashmir. Notific...

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CG appoints Adjudicating Authority at Delhi under Benami Property Law

Notification No. 79/2018-Income Tax [S.O. 5675(E)] - (12/11/2018) - Central Government (CG) appoints an Adjudicating Authority at New Delhi to exercise jurisdiction, powers and authority conferred by or under Prohibition of Benami Property Transactions Act, 1988. Notification No. 79/2018 Dated: 12th November, 2018. MINISTRY OF FINANCE (Department of Revenue) NOTIFIC...

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CBDT specifies jurisdictions under rule 114F of Income-tax Rules

In exercise of sub-clause (ii) of clause (D) of Explanation to clause (6) of rule 114F of Income-tax Rules, 1962, CBDT, hereby specifies following jurisdictions for the purposes of the said sub-clause, namely:—...

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Recent Posts in "Income Tax"

Residential Staus as per Income Tax Act,1961

In this article we are going to discuss about the residential status of a person as per Income Tax Act, 1961 which determines which income of an individual is taxable as per Indian Laws. Residential Status of any individual (Section 6) Basic Conditions (1) (2) (3) In case of an Indian Citizen who leaves India […]...

Read More
Posted Under: Income Tax |

UAE VAT: Valuation of Supplies & Transitional Provisions

Valuation of Supplies under UAE VAT Being a completely new form of indirect taxation there are many questions in the minds of the organizations. One of the most important questions is what is valuation of supply under VAT? What will be included in the value of taxable supply on which VAT is calculated? If the […]...

Read More
Posted Under: Income Tax |

Father’s name non-mandatory in PAN application form: CBDT

Notification No. 82/2018/ G.S.R. 1128(E) (19/11/2018)

Whether mother is a single parent and you wish to apply for PAN by furnishing the name of your mother only? Yes No (please tick as applicable) If yes, please fill in mother’s name in the appropriate space provide below. Father’s Name (Mandatory except where mother is a single parent and PAN is applied by furnishing the...

Read More

Leave Encashment – Exemption and Tax liability

Some time the employees can not avail all these earned leaves which were allowed to him. He may encash these leaves and earn salary for the number of days which were allowed to be taken as leaves. The number of leaves allowed to be taken and the leave encashment varies from employer to employer policies....

Read More
Posted Under: Income Tax |

Beneficiaries not Taxable for Fund invested by Trust in Swiss Bank

Deepak B. Shah Vs ACIT Mumbai (ITAT Mumbai)

Deepak B. Shah Vs ACIT Mumbai (ITAT Mumbai) In the present case the Income Tax Department sought to tax fund lying in a Swiss bank account as “Unaccounted Income” in the hands of two residents of Mumbai. The appellants maintained account in Swiss Bank stated that they had no contribution in the said account as […]...

Read More

Income from House Property in a Nutshell

SECTION 22 – CHARGING SECTION ♣ Annual Value of Property consisting of any buildings or land appurtenant there to. Tax under this head is not levied on the rent of the property but it is on the capacity of a property to earn income, Hence the words used in the charging Section is “Annual Value”. […]...

Read More
Posted Under: Income Tax |

Delay in-filing of TDS Returns due to Initial Glitches in Online Portal: ITAT deletes Penalty

BCCI Vs. ACIT (ITAT Mumbai)

At the same time, we cannot also ignore the fact that it was for the Revenue to have allowed smooth switchover from manual to e-filing system of filing TDS returns. The onus and burden was on revenue to provide necessary infrastructure so that tax-payer did not face any inconvenience in filing e-TDS returns....

Read More

Secondary Adjustment – Section 92CE & Rule 10CB

Transfer pricing provisions seek to ensure that there is fair and equitable allocation of taxable profits amongst the tax jurisdictions. In cases where the underlying transaction is held not to be at arm’s length, a primary adjustment is made to align the transfer price with the arm’s length price (ALP) which is known as primary [&hel...

Read More
Posted Under: Income Tax |

Sushmita Sen gets relief from ITAT in Income Tax penalty case

Sushmita Sen Vs ACIT (ITAT Mumbai)

Sushmita Sen recent appeal: Where the assessee made certain claim which had not been accepted by the Revenue, penalty under section 271(1)(c) thereon deleted...

Read More

MAT not payable on share income of member of AOP

ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur)

ACIT Vs M/s Om Metal Infraproject Ltd. (ITAT Jaipur) Clause (iic) inserted in Explanation 1 to section 115JB by the Finance Act, 2015 is remedial and curative in nature as it was brought in the statute to provide similar benefit to the member of the AOP which was earlier applicable to the partner of the […]...

Read More

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.

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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.