Income Tax

TDS Rate Chart for FY 2021-22 / AY 2022-23 – Updated

Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

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Income Tax Rates for Financial Year 2021-22 / AY 2022-23

Income Tax Rates for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates. However, companies are taxed at fixed rate, except for certain specified incomes...

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Section 115BAC Concessional Tax Slab Rates W.E.F. AY 2021-22

SECTION 115BAC – CONCESSIONAL TAX SLAB RATES APPLICABLE W.E.F. AY 2021-22 As per section 115BAC, individuals or HUFs have an option to pay tax in respect of their total income (other than income chargeable to tax at special rates under Chapter XII such as section 111A, 112, 112A, 115BB etc.) at the following concessional rates, [&hellip...

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TOP 10 High value cash transaction that may lead to income tax notice

Restriction on CASH Transaction along with TOP 10 High value cash transaction that may lead to income tax notice DID you know CASH transaction Limit under Income tax and GST and what are the HIGH value Transaction? This article will help you to solve your problems related to 2 important areas 1) Restriction on CASH […]...

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KNOW – Interest, Late Fees & Penalty under TDS PROVISION

DID you KNOW – Interest, Late Fees and Penalty under TDS PROVISION? Here is attached summary file that will help you to solve your problem related default made in TDS that will result in to LATE fees under section 234E, Interest and Penalty under TDS provision. Interest, Late Fees and Penalty under TDS provision  This […]...

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Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal

Members are aware that the CBDT vide its press release dated 26th November 2020 has mandated the validation of the Unique Document Identification Number (UDIN) generated from ICAI portal in all the Income Tax Form and Audit Reports uploaded at the e-filing portal....

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Case against E-Return Intermediary for alleged TDS Refund Fraud

CBI Registers a Case Against a Proprietor of a Private Company and Unknown Others on the Allegations of TDS Refund Fraud of Rs.3.42 Crore (Approx)...

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Government extends timelines of certain Income Tax compliances

Government extends timelines of certain compliances in light of the severe pandemic In  view  of  the  adverse circumstances arising due to the severe Covid-19  pandemic  and also in view of the several requests  received  from  taxpayers,  tax  consultants  &  other  stakeholders from across the country, requesting that...

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Changes in 24Q quarterly statements (RPU version 3.6) amended

This is to inform you that NSDL has developed a new RPU version 3.6 which can be freely downloadable from NSDL’s website. The same utility can be used to prepare regular as well as correction e-TDS/TCS statements for Quarter 4. As Per CBDT notification No. 15/2021 dated 11th March 2021, NSDL added a new feature […]...

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Extend due dates for filing returns under TDS/TCS, GST & MCA

Chartered Accountants Association, Surat demand that the due dates for filing all returns under TDS/TCS, GST, and MCA should be extended. Even if the government is not in position to waive the interest for late payment of GST, TDS, advance-tax etc, under no circumstances the late fees should be collected till the time when pandemic [&hell...

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Interest expenditure incurred for investment in group concerns constituted business activity and was allowable u/s 36(1)(iii)

ACIT Vs Tata Sons Ltd. (ITAT Mumbai) - The dominant object of assessee's investment in group concerns was to exercise business control by way of acquiring shareholding and not to earn the dividend. Assessee’s activity of holding such investment constituted business activity and therefore, the interest would be fully deductible u/s 36(1...

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Section 36(1)(vii) of Income tax Act,1961 with changes wef 1.4.1989

T.R.F. Limited Vs CIT (Supreme Court) - T.R.F. Limited  Vs CIT (Supreme Court) Prior to 1st April, 1989, every assessee had to establish, as a matter of fact, that the debt advanced by the assessee had, in fact, become irrecoverable. That position got altered by deletion of the word ‘established’, which earlier existed in Sec...

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Recording of reasons after due application of mind is sine qua non for valid section 148 notice

Omkam developers Ltd. Vs ITO (ITAT Delhi) - Omkam developers Ltd. Vs ITO (ITAT Delhi) 1. The reasons recorded are based on suspicion, which is evident from the words used in reasons recorded, i.e., “it appears that assessee M/s Omkam Developers Ltd. has received bogus share capital/share premium to the tune of ₹ 1.93 Crores. 2. The Assess...

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Concluded assessment can be reopened if information disclosed earlier was bogus

Mehrunnisa Mohamed Fazal Maniar Vs ITO (Gujrat High Court) - Mehrunnisa Mohamed Fazal Maniar Vs ITO (Gujrat High Court) The case on hand is not a case where the Income Tax Officer seeks to draw any fresh inference which could have been raised at the time of the original assessment on the basis of the materials placed before him by the assessee relating to the...

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Delhi HC issues notice to Govt on plea seeking Tax Compliance due date Extensions

Society For Tax Analysis and Research Vs Union of India (Delhi High Court) - Society For Tax Analysis and Research filed a writ with Delhi High court seeking various reliefs in terms of extensions for filing compliances under various Acts, including the Income Tax Act, 1961, the Goods and Services Tax Act, 2017, the Employees Provident Fund & Miscellaneous Provisions Act, 19...

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CBDT notifies ‘OMERS Administration Corporation’ as pension fund | Section 10(23EE)

Notification No. 66/2021-Income Tax [S.O. 1856(E)] - (13/05/2021) - CBDT notifies pension fund, namely, ‘OMERS Administration Corporation’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961  in respect of the eligible investment made by it in India on or after 13th May 2021 but on or before the 31...

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CBDT notifies ‘Government Employees Superannuation Board’ as pension fund | Section 10(23EE)

Notification No. 65/2021-Income Tax [S.O. 1855(E)] - (13/05/2021) - CBDT notifies pension fund, namely, ‘Government Employees Superannuation Board’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961  in respect of the eligible investment made by it in India on or after 13th May 2021 but on or befo...

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CBDT notifies ‘Public Sector Pension Investment Board’ as pension fund | Section 10(23EE)

Notification No. 64/2021-Income Tax [S.O. 1854(E)] - (13/05/2021) - CBDT notifies pension fund, namely, ‘Public Sector Pension Investment Board’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961  in respect of the eligible investment made by it in India on or after 13th May 2021 but on or before ...

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CBDT notifies ‘Ministry of Economy and Finance of Republic of Korea’ as sovereign wealth fund

Notification No. 63/2021-Income Tax [S.O. 1853(E)] - (13/05/2021) - CBDT notifies ‘Ministry of Economy and Finance of Republic of Korea’ as sovereign wealth fund under sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 vide Notification No. 63/2021 -Income Tax Dated: 13th May 2021. MINISTRY OF FINANCE (D...

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CBDT notifies ‘CDC Group Plc.’ as sovereign wealth fund

Notification No. 62/2021-Income Tax [S.O. 1852(E)] - (13/05/2021) - CBDT notifies ‘CDC Group Plc.’ as sovereign wealth fund under sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 vide Notification No. 62/2021 -Income Tax Dated: 13th May 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD O...

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Recent Posts in "Income Tax"

Interest expenditure incurred for investment in group concerns constituted business activity and was allowable u/s 36(1)(iii)

ACIT Vs Tata Sons Ltd. (ITAT Mumbai)

The dominant object of assessee's investment in group concerns was to exercise business control by way of acquiring shareholding and not to earn the dividend. Assessee’s activity of holding such investment constituted business activity and therefore, the interest would be fully deductible u/s 36(1)(iii)....

Read More

Section 36(1)(vii) of Income tax Act,1961 with changes wef 1.4.1989

T.R.F. Limited Vs CIT (Supreme Court)

T.R.F. Limited  Vs CIT (Supreme Court) Prior to 1st April, 1989, every assessee had to establish, as a matter of fact, that the debt advanced by the assessee had, in fact, become irrecoverable. That position got altered by deletion of the word ‘established’, which earlier existed in Section 36(1)(vii) of the Income Tax Act, 1...

Read More

TDS Rate Chart for FY 2021-22 / AY 2022-23 – Updated

Income Tax TDS Rate Chart for for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 The term ‘TDS’ refers to ‘Tax Deduction at source’. It is a mechanism wherein a person responsible to pay a sum of specified nature shall deduct an amount towards TDS and pay it to the credit of Central Government. […]...

Read More
Posted Under: Income Tax | ,

Income Tax Rates for Financial Year 2021-22 / AY 2022-23

Income Tax Rates for Financial Year (FY) 2021-22 / Assessment Year (AY) 2022-23 Different tax rates have been provided for various categories of taxpayers and for different sources of income. Individuals/HUFs/AOP/BOI are taxed as per the different slab rates. However, companies are taxed at fixed rate, except for certain specified incomes...

Read More
Posted Under: Income Tax | ,

Section 115BAC Concessional Tax Slab Rates W.E.F. AY 2021-22

SECTION 115BAC – CONCESSIONAL TAX SLAB RATES APPLICABLE W.E.F. AY 2021-22 As per section 115BAC, individuals or HUFs have an option to pay tax in respect of their total income (other than income chargeable to tax at special rates under Chapter XII such as section 111A, 112, 112A, 115BB etc.) at the following concessional rates, [&hellip...

Read More
Posted Under: Income Tax |

TOP 10 High value cash transaction that may lead to income tax notice

Restriction on CASH Transaction along with TOP 10 High value cash transaction that may lead to income tax notice DID you know CASH transaction Limit under Income tax and GST and what are the HIGH value Transaction? This article will help you to solve your problems related to 2 important areas 1) Restriction on CASH […]...

Read More
Posted Under: Income Tax |

KNOW – Interest, Late Fees & Penalty under TDS PROVISION

DID you KNOW – Interest, Late Fees and Penalty under TDS PROVISION? Here is attached summary file that will help you to solve your problem related default made in TDS that will result in to LATE fees under section 234E, Interest and Penalty under TDS provision. Interest, Late Fees and Penalty under TDS provision  This […]...

Read More
Posted Under: Income Tax |

Recording of reasons after due application of mind is sine qua non for valid section 148 notice

Omkam developers Ltd. Vs ITO (ITAT Delhi)

Omkam developers Ltd. Vs ITO (ITAT Delhi) 1. The reasons recorded are based on suspicion, which is evident from the words used in reasons recorded, i.e., “it appears that assessee M/s Omkam Developers Ltd. has received bogus share capital/share premium to the tune of ₹ 1.93 Crores. 2. The Assessing Officer has just accepted the [&hell...

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Section 80JJAA Tax Deduction in respect of employment of new employees

India may be the fastest growing major economy in the world but that means little to the country’s 136 Crore people, many of whom continue to struggle to find the right kind of jobs. India’s unemployment rate stood at 7.97% in 2021 as compared to 6% in 2018 (Source: CMIE). With lakhs of young people […]...

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Posted Under: Income Tax |

Concluded assessment can be reopened if information disclosed earlier was bogus

Mehrunnisa Mohamed Fazal Maniar Vs ITO (Gujrat High Court)

Mehrunnisa Mohamed Fazal Maniar Vs ITO (Gujrat High Court) The case on hand is not a case where the Income Tax Officer seeks to draw any fresh inference which could have been raised at the time of the original assessment on the basis of the materials placed before him by the assessee relating to 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. 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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