Income Tax

Valuation of Interest free/ concessional loan to employee- SBI Interest rate on 01.04.2019 for AY 2020-21

Rule 3(7)(i): Interest free / concessional loan Any loan given free of interest or concessional interest shall be a taxable perquisite and calculated as follows: • Interest calculated at the rate charged by State Bank of India as on 1st day of pr...

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Taxability – Compulsory Acquisition of Capital Asset

Compulsory acquisition is the power of government to acquireprivate rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government....

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Assessment of Firms

Firm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all....

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12 Facts to consider before filing TDS return

As the due date of filing of quarterly TDS statement for second quarter of FY 2013-14 is approaching fast, you are advised to file TDS statement well before due date (15th October for Non Government deductors and 31st October for Government deductors). ...

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Unjust Enrichment To CBDT- 21 Examples

Concept of Unjust enrichment refers to situations in which one person is enriched at the expense of another in circumstances which the law treats as unjust. Whenever the word unjust enrichment is told by someone two names immediately crept in the mind one is highest authority of indirect tax i.e. CGST and other one is […]...

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News report of Merger of CBIC & CBDT is factually incorrect

A news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs....

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Income Tax Refund of Rs. 62.36 crore issued during Covid days

Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore....

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Verify online notice of Demand/order issued by Income Tax Department

Verify online notice/order issued by the Income Tax Department Now Taxpayer can verify notice/order issued by the Income Tax Department online quickly before proceed to response of notice/order. Step: – 1. Go to https://www.incometaxindiaefiling.gov.in/home and click on Notice/Order Issued by ITD Step: – 2. Taxpayer can search...

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Important Extensions for Tax Payments for 2020-21

It could be assumed from the current scenario created by the COVID-19 has affected business functioning and revenues and it’s time for the Government of India and its citizen to come together and help each other.  Understanding the situation of the public, a notification has been issued by the Central Board of Direct Taxes (CBDT) u...

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Due Date extended by CBDT on 24th June 2020

Due Dates Extended by the CBDT (CENTRAL BOARD OF DIRECT TAXES) on 24th June 2020 vide notification No. 35/2020-Income Tax 1. ITR Filing for Financial Year 2018-19: Belated or Revised ITR for Financial Year 2018-19 can be filed by 31st July 2020. The earlier date was 30th June 2020. 2. TDS Return Due Date for […]...

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Section 271(1)(c) Notice should clearly specify charge of Penalty

ITO Vs Shri Bimal Talukdar (ITAT Guwahati) - ITO Vs Shri Bimal Talukdar (ITAT Guwahati) The issue under consideration is whether the penalty proceeding u/s 271(1)(c) initiated by the AO sustain Under Income Tax Law? In the present case, the ITAT earlier had allowed the appeal of the assessee and cancelled the penalty levied u/s. 271(1)(c) of t...

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No Adjournment in absence of ‘Vakalatnama’ based on Principle of Natural Justice

RNB Carbide & Ferro Alloys Pvt. Ltd. Vs ITO (ITAT Guwahati) - Adjournment can be granted in the absence of 'Vakalatnama' based on Principle of Natural Justice. Therefore, all the Misc. Applications of the assessee are allowed....

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Lease Income taxable as Business Income if property objective is income earning

Asset Investment Services Vs ACIT (ITAT Mumbai) - The issue under consideration is whether the lease income earned by the assessee is taxable under head Income from House Property or Income From Business ans Profession?...

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No section 68 Addition Merely on Suspicion of Accommodation Entry

ITO Vs Chetan Constructions Pvt. Ltd. (ITAT Delhi) - The issue under consideration is whether the AO is correct in making the addition u/s 68 of the Act for the Advances received for booking of commercial space?...

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No section 271(1)(c) Penalty for mere claim of expense under different income head

DCIT Vs Metro Tyres Pvt. Ltd. (ITAT Delhi) - The issue under consideration is whether the AO is correct in levying penalty u/s 271(1)(c) merely because the assessee claimed expenditure under a different head of income?...

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CBDT amends rule 31A and form no. 26Q from 3rd July 2020

Notification No. 43/2020-Income Tax [G.S.R. 429(E)] - (03/07/2020) - CBDT vide Notification No. 43/2020 dated 3rd July, 2020 Mandates providing of certain information relating to cash withdrawals under section 194N in form no. 26Q. CBDT also  mandates that details of interest liable to TDS under section 194A be mentioned even where tax not deducted or deducted at lo...

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Income Tax Refund of Rs. 62.36 crore issued during Covid days

Income Tax Department has issued tax refunds at a speed of 76 cases per minute from 8th April to 30th June, 2020. During this period of just 56 weekdays, the Central Board of Direct taxes (CBDT) has issued refunds in more than 20.44 lakh cases amounting to more than Rs. 62,361 crore....

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Rule 11UAD- Prescribed class of persons for section 50CA

Notification No. 42/2020-Income Tax [G.S.R. 423(E)] - (30/06/2020) - New Income TAx Rule 11UD- Prescribed class of persons for the purpose of section 50CA i.e to whom  provisions of section 50CA  shall not apply to transfer of any movable property, being unquoted shares, of a company and its subsidiary and the subsidiary of such subsidiary by an assessee in certain...

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CBDT notifies Investment Funds to which Section 9A not applicable

Notification No. 41/2020-Income Tax [S.O. 2148(E)] - (30/06/2020) - Notification No. 41/2020-Income Tax- Conditions specified in clauses (e), (f) and (g) of Section 9A(3) shall not apply in case of an investment fund set up by a Category-I foreign portfolio investor registered under the SEBI (Foreign Portfolio Investors) Regulations, 2019, made under the SEBI Act, 1...

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Ten Years Imprisonment with Fine to then ITO in A Bribery Case

The Special Judge, CBI Cases, Dehradun (Uttarakhand) has sentenced Shri Amrish Kumar Singh, then Income Tax Officer, Khatima, District Udham Singh Nagar (Uttarakhand) to undergo ten years Rigorous Imprisonment with fine of Rs.1.10 lakh in a bribery case....

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Recent Posts in "Income Tax"

Valuation of Interest free/ concessional loan to employee- SBI Interest rate on 01.04.2019 for AY 2020-21

Rule 3(7)(i): Interest free / concessional loan Any loan given free of interest or concessional interest shall be a taxable perquisite and calculated as follows: • Interest calculated at the rate charged by State Bank of India as on 1st day of pr...

Read More
Posted Under: Income Tax | ,

Taxability – Compulsory Acquisition of Capital Asset

Compulsory acquisition is the power of government to acquireprivate rights in land without the willing consent of its owner or occupant in order to benefit society. Compensation against such acquisition is provided to the assessee by the government....

Read More
Posted Under: Income Tax | ,

Assessment of Firms

Firm is an association of two or more than two persons, who came together to do a business and share profits thereof. Section 4 of the Partnership Act, 1932 defines Partnership as relationship between persons who have agreed to share the profits of business carried on by all or any of them acting for all....

Read More
Posted Under: Income Tax |

12 Facts to consider before filing TDS return

As the due date of filing of quarterly TDS statement for second quarter of FY 2013-14 is approaching fast, you are advised to file TDS statement well before due date (15th October for Non Government deductors and 31st October for Government deductors). ...

Read More
Posted Under: Income Tax | ,

News report of Merger of CBIC & CBDT is factually incorrect

A news item has been published today in a leading newspaper that the Government is considering proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs....

Read More
Posted Under: Income Tax |

Unjust Enrichment To CBDT- 21 Examples

Concept of Unjust enrichment refers to situations in which one person is enriched at the expense of another in circumstances which the law treats as unjust. Whenever the word unjust enrichment is told by someone two names immediately crept in the mind one is highest authority of indirect tax i.e. CGST and other one is […]...

Read More
Posted Under: Income Tax |

Taxation of income from hydroponic farming

1. Introduction The Hydroponic farming is an emerging trend in Indian agricultural sector, which is far different from traditional agriculture activities carried on in the country. In this method plants are grown without using soil, by using mineral nutrient solutions in a water solvent. Further, in this method of farming plants are grown...

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Posted Under: Income Tax |

Section 115BAB || Conditions to be fulfilled

1. Taxation Laws (Amendment) Act, 2019 inserted new section 115BAA in the Income Tax Act, 1961 (‘Act’) which provides as under: Section 115BAB of Income-tax Act, 1961- Tax on income of new manufacturing domestic companies. 115BAB.(1) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, other th...

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Posted Under: Income Tax |

Corporate Gifts- An allowable transaction under Income tax?

Compilation of Section 47(iii), section 56(2)(x)(c), 50D & 50CA -Corporate gifts- an allowable transaction under Income tax? Purpose of section 56 defeated by the ITAT judgement? Brief overview of the judgement delivered On October 4, 2019, in a recent judgement of M/s Direct Media Distribution Ventures Private Limited v/s Principal...

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Posted Under: Income Tax |

US taxation: Taxpayer Relief for tax year 2019 due to Corona virus Pandemic

My telephone continuously rings from clients who pay American taxation for the year 2019 to know the latest developments related to their tax payments whether any tax-related deadlines have happened. America is one of the largest tax-paying natin and that too over decades of disciplined behavior both from the tax payer’s side and the In...

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Posted Under: Income Tax |

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.