Income Tax

U S Taxation – S Corporation – Useful information to be learnt and cherished

What is a S Corporation? Quoting directly from irs.gov, our well known American federal government website for income tax purposes, “S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.”...

Read More

Changes in Tax Audit Report – Form 3CD (AY 2017-18)

I. Changes in Tax Audit Report – Form 3CD relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reporting Adjustments t...

Read More

Comparison of Changes in section 44AB and 44AD

Sudiesh K S The Finance Act 2016 made some changes in section 44AB and 44AD let’s discuss it in detail. Section 44AB Clause AY 2016-17 AY 2017-18 a (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in […]...

Read More

U S Taxation Vis-a-Vis Israeli Taxation: Interesting comparison

When the Indian Prime Minister visited Israel recently and eulogies were written about Israel, my thought process needed more research on the tax aspect of Israel Vis – a – Vis U S taxation since both have been intertwined since its creation and a large number of Israelis do have twin citizenship from both the countries. For an Indian...

Read More

The Revolution in Banking Sector Technology

The Prime Minister in his independence day address in August 2014, announced the Prandhan Mantri Jan-Dhan Yojana as a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households of the country. ...

Read More

Clarification regarding number of Taxpayers added after Demonetization

Various news reports/articles have appeared in the media regarding inconsistency in the estimates of the number of taxpayers added after demonetization. It has been commented that the following different figures have been given at different forums by different authorities: ...

Read More

Economic Survey 2016-17 Volume-2 : State of the Economy – An Analytical

Economic Survey 2016-17 Volume 2 was laid in the Parliament today. The Survey notices a rekindled optimism on structural reforms in Indian economy. Various factors such as launch of the GST; Positive impacts of demonetization; decision in principle to privatize Air India...

Read More

Direct Tax Collections up to July, 2017 show Growth of 19.1%

The Direct Tax collections up to July, 2017 continue to register steady growth. Direct Tax collection, net of refunds, stands at Rs. 1.90 lakh crore which is 19.1% higher than the net collections for the corresponding period of last year....

Read More

25% growth in number of Income Tax Returns filed

Press Information Bureau Government of India Ministry of Finance 07-August-2017 17:13 IST 25% growth noin number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% As a result of demonetization and Operation Clean Money, there is a substantial increase in the number of Income Tax Returns ...

Read More

CAG Point out various Income Tax Provisions getting misused related to Medical Sector

We recommend CBDT to consider prescribing measurable parameters for assessment of charitable activities undertaken by private hospital trusts as a pre-condition for granting exemptions under the Income Tax Act, and amend the Act for this purpose if necessary....

Read More

Co-op credit society providing credit facility to non-members not eligible for deduction U/s. 80P

The Citizens Cooperative Society Ltd Vs. ACIT (Supreme Court of India) - It is noticed by the Assessing Officer, after discussing in detail the activities of the appellant, is that the activities of the appellant are in violations of the provisions of the MACSA under which it is formed. It is pointed out by the Assessing Officer that the assessee is catering to two disti...

Read More

Penalty u/s 271AAA cannot be levied on undisclosed Income for which AO did not put a specific query to assessee

Principal CIT (Central) Vs M/S Emirates Technologies Pvt. Ltd. (Delhi High Court) - 1. The Revenue is in appeal against the order dated 28th October, 2016 passed by the Income Tax Appellate Tribunal in ITA NO. 476/Del./2014 for Assessment Year (‘AY’) 2010-2011. 2. The question sought to be urged by the Revenue is whether the ITAT erred in law in confirming the order of the Comm...

Read More

Section 68: Peak Credit Benefit to accommodation entry provider

CIT Vs D. K. Garg (Delhi High Court) -  The legal position in respect of an accommodation entry provider seeking the benefit of ‘peak credit’ appears to have been totally overlooked by the ITAT in the present case. Indeed, if the Assessee as a self-confessed accommodation entry provider wanted to avail the benefit of the ...

Read More

Treatment of bad debts for computation of book profit u/s 115JA/JB

CIT Vs Vodafone Essar Gujarat Ltd (Gujarat High Court) - Brief facts leading to the reference are as under. The respondent assessee is a company registered under the Companies Act. For the assessment year 2003­2004, the assessee had filed return of income declaring nil income. The Assessing Officer framed the order of assessment on 27.03.2006...

Read More

Right of appeal U/s. 260A is a substantive right and cannot be impaired by any subsequent legislation

K Raveendranathan Nair Vs. Commissioner Of Income Tax & Anr. (Supreme Court of India) - S. 260A: Right of appeal is not a matter of procedure. It is a substantive right. This right gets vested in the litigants at the commencement of the lis and such a vested right cannot be taken away or cannot be impaired or imperilled or made more stringent or onerous by any subsequent legislation un...

Read More

CBDT notifies revised Form no. 29B for MAT audit with Annexures

Notification No. 80/2017-Income Tax/ G.S.R. 1028(E) - (18/08/2017) - Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only where the financial statements of the company are drawn up in compliance with the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting S...

Read More

Submit note in respect of each high-pitched assessment case: Revenue Secretary

F.No. 225/ 287 /2017/ITA.II- Income Tax Notification - (18/08/2017) - In April, 2017, Board had called for all India information regarding functioning of Regional Committees to deal with Tax Payer Grievances from High Pitched Assessments. Some of the charges had reported that the Committees had identified some cases as 'High-Pitched'....

Read More

Order No. 137/2017 Promotion & posting of officers to Principal CIT grade

Order No. 137 of 2017 - (16/08/2017) - ORDER NO, 137 OF 2017 Consequent upon the approval of ACC the following officers are, hereby, promoted to the grade of Principal Commissioner Of Income Tax (level 15 in the pay matrix Rs 1 82,200 – 2,24,100) w e f the date of assumption of charge of the post or until further orders -...

Read More

S. 54EC CBDT allows Indian Railway Finance Corp. Ltd to issued Bond

Notification No. 79/2017-Income Tax - (08/08/2017) - In exercise of the powers conferred by clause (ba) of Explanation to section 54EC of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that any bond redeemable after three years and issued by the Indian Railway Finance Corporation Limited, a company formed and registered ...

Read More

CBDT identifies 186 cases for Write-off of Arrear Demand of Rs. 25 Lakhs and above

F.No.1(324)/DIT(R)Write Off/Special Cell/2017-18/630 - (10/08/2017) - In order to expedite the reduction of bad debts of the Government and the Department, the Directorate of Recovery has compiled a list of a total of 186 cases pending for Write- Off of Rs.25 lakhs and above as on 01.04.2016 in different Charges across India. ...

Read More

Browse All Categories

CA, CS, CMA (3,454)
Company Law (3,348)
Custom Duty (6,582)
DGFT (3,419)
Excise Duty (4,040)
Fema / RBI (3,237)
Finance (3,416)
Income Tax (24,916)
SEBI (2,722)
Service Tax (3,278)

Recent Posts in "Income Tax"

CBDT notifies revised Form no. 29B for MAT audit with Annexures

Notification No. 80/2017-Income Tax/ G.S.R. 1028(E) (18/08/2017)

Details of the amount required to be increased or decreased in accordance with sub-section (2A) of section 115JB- [Applicable only where the financial statements of the company are drawn up in compliance with the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015 for the previous y...

Read More

Co-op credit society providing credit facility to non-members not eligible for deduction U/s. 80P

The Citizens Cooperative Society Ltd Vs. ACIT (Supreme Court of India)

It is noticed by the Assessing Officer, after discussing in detail the activities of the appellant, is that the activities of the appellant are in violations of the provisions of the MACSA under which it is formed. It is pointed out by the Assessing Officer that the assessee is catering to two distinct categories of […]...

Read More

Penalty u/s 271AAA cannot be levied on undisclosed Income for which AO did not put a specific query to assessee

Principal CIT (Central) Vs M/S Emirates Technologies Pvt. Ltd. (Delhi High Court)

1. The Revenue is in appeal against the order dated 28th October, 2016 passed by the Income Tax Appellate Tribunal in ITA NO. 476/Del./2014 for Assessment Year (‘AY’) 2010-2011. 2. The question sought to be urged by the Revenue is whether the ITAT erred in law in confirming the order of the Commissioner of Income […]...

Read More

Section 68: Peak Credit Benefit to accommodation entry provider

CIT Vs D. K. Garg (Delhi High Court)

 The legal position in respect of an accommodation entry provider seeking the benefit of ‘peak credit’ appears to have been totally overlooked by the ITAT in the present case. Indeed, if the Assessee as a self-confessed accommodation entry provider wanted to avail the benefit of the ‘peak credit’, he had to make a...

Read More

Treatment of bad debts for computation of book profit u/s 115JA/JB

CIT Vs Vodafone Essar Gujarat Ltd (Gujarat High Court)

Brief facts leading to the reference are as under. The respondent assessee is a company registered under the Companies Act. For the assessment year 2003­2004, the assessee had filed return of income declaring nil income. The Assessing Officer framed the order of assessment on 27.03.2006...

Read More

Right of appeal U/s. 260A is a substantive right and cannot be impaired by any subsequent legislation

K Raveendranathan Nair Vs. Commissioner Of Income Tax & Anr. (Supreme Court of India)

S. 260A: Right of appeal is not a matter of procedure. It is a substantive right. This right gets vested in the litigants at the commencement of the lis and such a vested right cannot be taken away or cannot be impaired or imperilled or made more stringent or onerous by any subsequent legislation unless the subsequent legislation said so ...

Read More

Submit note in respect of each high-pitched assessment case: Revenue Secretary

F.No. 225/ 287 /2017/ITA.II- Income Tax Notification (18/08/2017)

In April, 2017, Board had called for all India information regarding functioning of Regional Committees to deal with Tax Payer Grievances from High Pitched Assessments. Some of the charges had reported that the Committees had identified some cases as 'High-Pitched'....

Read More

U S Taxation – S Corporation – Useful information to be learnt and cherished

What is a S Corporation? Quoting directly from irs.gov, our well known American federal government website for income tax purposes, “S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.”...

Read More
Posted Under: Income Tax |

Clarification regarding number of Taxpayers added after Demonetization

Various news reports/articles have appeared in the media regarding inconsistency in the estimates of the number of taxpayers added after demonetization. It has been commented that the following different figures have been given at different forums by different authorities: ...

Read More
Posted Under: Income Tax |

USA is not a person or authority under the Indian Income Tax Act

Spectrum Coal & Power Ltd Vs ACIT (ITAT Mumbai)

USA is not a person or authority under the Indian Income Tax Act, subsidy or grant received from it does not attract Explanation 10 to section 43(1), extraction of coal from mines and processing thereof tantamounts to production...

Read More
Page 1 of 2,49212345...102030...Last »

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.