Income Tax

TDS on Salaries – Employer liability for FY 2020-21 and Pros & Cons of New Tax Regime for Individuals

Finance Bill, 2020 introduced one of biggest change ever in the Direct Tax History by providing different options of calculation of Income-tax for an Individual or HUF.  The Bill got the President assent on March 27, 2020 and passed without any amendment regarding the rates and procedures to be applied in respect of the Personal [&hellip...

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New Income Tax Rate for manufacturing companies @ 17.01%

To boost manufacturing in India and to promote SMEs, Government took this initiative of reduced tax rate for manufacturing Company. Let me give you a complete understanding of to whom it is applicable, how and when. Read the complete article to not miss a single update and a deep understanding. To whom it is applicable: […]...

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Extension of validity of Lower or Nil Tax Deduction/Collection Certificate

A quick analysis of the CBDT notification dated 31.03.2020 extending the validity of Lower Or Nil Tax Deduction/Collection Certificate for FY 2019-20 Introduction: Due to COVID-19 pandemic, all establishments including the income tax office are not working to full capacity and hence the income tax officers were unable to issue certificate...

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A Brief Note on Slump Sale

As per section 2(42C) of the Income-tax Act 1961, ‘Slump Sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. For understanding the term ‘Slump Sale’, it is significant to delve into […]...

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General Anti-Avoidance Rules (GAAR)

Tax Avoidance is one of the major concerns across the world. Different countries framed different rules to minimise such tax avoidance. Such rules in simple terms are known as General Anti-Avoidance Rule (GAAR). Thus GAAR is nothing but the set of rules ratified so as to check the avoidance of tax....

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COVID-19 lockdown- ITAT begins regular interactive sessions

The Income Tax Appellate Tribunal (ITAT) has commenced today a series of Video Conferences involving regular interactive sessions to productively utilise the time available during the 21-day lockdown to tackle the COVID-19 pandemic....

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Donation to PM CARES Fund to be fully exempt under section 80G

The finance minister, Nirmala Sitharaman, at a press conference dated 24th March 2020 has announced that taxpayers can complete their tax-saving exercise and statutory compliances for FY 2019-20 till June 30, 2020. The earlier deadline was March 31, 2020. It’s a big relief to the Taxpayers given by the government. But still, it has a [&...

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Representation on Covid 19 related hardships faced by Income Taxpayers

A Representation on Representation on Covid 19 related hardships faced by Direct Taxpayers around the country is made to Finance minister which focused on Prosecution for Non / delayed deduction of of TDS for month of March and April 2020, Stay of demand, Validity of Lower or Nil rate deduction certificates issued issued under section [&h...

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List of Amendments in Finance Bill as passed by Lok Sabha

Following is the list of Amendments which were proposed in Finance Bill 2020 after its Introduction in Lok Sabha on 01st February 2020. These amendments were passed by Lok Sabha on 23.03.2020 without any discussion due to shortened Parliament Session considering Corona Virus threat. LOK SABHA —– FINANCE BILL, 2020 [As introduc...

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Both Houses of Parliament Adjourned after Budget Session 2020

The Budget Session, 2020 of Parliament which commenced on Friday, 31st January, 2020 has been adjourned sine die today i.e. Monday, the 23rd of March 2020. In between both the Houses also adjourned for recess on Tuesday, the 11th February, 2020 to reassemble on Monday, the 2nd March, 2020 to enable Departmentally related Standing Committe...

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Provision for anticipated Pay Revision is allowable Business Expense

Housing And Urban Development Corporation ltd Vs Add. CIT (Delhi High Court) - Housing And Urban Development Corporation ltd Vs Add. CIT (Delhi High Court) The pay revision of employees of the appellant, a PSU is due every ten years with the expiry of one wage settlement or agreement. Invariably, there is a time lag between expiry of a wage revision and negotiation of a fresh ...

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Section 234E is not violative of Constitution of India: Madras HC

Qatalys Software Technologies Private Limited Vs Union of India (Madras High Court) - Qatalys Software Technologies Private Limited Vs Union of India (Madras High Court) Revenue is right in contending that Section 234 (E) of the Act is not a penalty. Penalty is levied under Section 271 (H) and is not automatic. Penalty is levied only when tax is deducted at source along with interes...

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Date of payment of self-assessment tax cannot be treated as date of filing appeal

Valley Iron and Steel Co. Ltd. Vs ACIT (ITAT Delhi) - Since AO and wrongly took the date of deposit of self-assessment tax as date of filing of appeal whereas date of self-assessment tax payment had to be treated as the date of removal of defect in the appeal as originally filed, thus, once defect of remittance of self-assessment tax stood removed, CIT...

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No deduction allowable if domestic law prohibits the same

General Motors Overseas Corporation Vs ACIT (ITAT Mumbai) - Once the domestic law prohibits allowing any deduction for the purpose of calculating ‘fees for technical services/fees for included services’, then, the same was not an allowable deduction and, therefore, AO and CIT(A) were right in holding that the assessee was liable to be taxed on gross basi...

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No service tax on Independent Buildings having single Residential Unit

Prakash Wadhwani Vs Commissioner, Central Excise, Customs and Service Tax, Bhopal (CESTAT Delhi) - Service tax can be demanded under 65(105)(zzzh) only if the building concerned has more than 12 residential units in the building and such levy will not apply in cases where in one compound has many buildings, each having not more than 12 residential units....

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Form 15G & 15H submitted for FY 2019-20 would be valid up to 30.06.2020

F. No. 275/25/2020-IT(B) - (03/04/2020) - To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020. This will safeguard the small tax payers against TDS where there is no tax l...

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Lower/nil rate of TDS/TCS applications to be disposed liberally by 27.04.2020

F. No. 275/25/2020-IT(B) - (03/04/2020) - In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them. F. No. 27...

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Lower or nil deduction of TDS/TCS & Submission of Forms 15G & 15H

NA - (04/04/2020) - Further, on payments to Non-residents (including foreign companies) having Permanent Establishment in India, where the above applications are pending, tax on payments made will be deducted at the subsidised rate of 10% including surcharge and cess, on such payments till 30.06.2020 of F.Y. 2020-21, o...

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FM Releases Ordinance on relaxation Provided on 24th March 2020

(Release ID: 1609734) - (31/03/2020) - Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory complia...

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Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020

No. 2 OF 2020 - (31/03/2020) - Govt notified Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31st March 2020 to give effect to Various Direct/Indirect Tax and Statutory Compliance relaxation announced on  announced on 24th March 2020. Also Read- FM Press Release Dated 24.03.2020 FM Press Release Dat...

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Recent Posts in "Income Tax"

ITAT cannot condone delay in Filing Miscellaneous Applications

Daryapur Shetkari Sahakari Ginning & Pressing Factory Ltd. Vs ACIT (ITAT Nagpur)

Inordinate delay in filing of MAs is not a fit case for condonation, more so, because there is no specific provision in the realm of section 254(2) of the Act to provide for such condonation of delay in case of MAs....

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Income tax returns are public documents & can be summoned by Court

Pragati Green Meadows and Resorts Ltd. Vs M. Praneetha (Telangana High Court)

Income tax returns are public documents and they can be summoned by the Court. If same are produced before the Court , the same does not result in violation of Article 21 of Constitution of India, as they are Government documents and are accessible to others....

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Registration cannot be denied to trust maintaining ‘Gaushalas’ merely for Sale of Milk

Rajasthan Gau Seva Sangh Vs CIT Exemptions (ITAT Jaipur)

Rajasthan Gau Seva Sangh Vs CIT (ITAT Jaipur) It is pertinent to note that when the assessee is maintaining various Gaushalas then production of milk is bound to happen and dealing in purchase and sale of milk & milk products as well as cattle feed is nothing but the activity in furtherance of the objects […]...

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Provision for anticipated Pay Revision is allowable Business Expense

Housing And Urban Development Corporation ltd Vs Add. CIT (Delhi High Court)

Housing And Urban Development Corporation ltd Vs Add. CIT (Delhi High Court) The pay revision of employees of the appellant, a PSU is due every ten years with the expiry of one wage settlement or agreement. Invariably, there is a time lag between expiry of a wage revision and negotiation of a fresh wage revision. […]...

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Section 234E is not violative of Constitution of India: Madras HC

Qatalys Software Technologies Private Limited Vs Union of India (Madras High Court)

Qatalys Software Technologies Private Limited Vs Union of India (Madras High Court) Revenue is right in contending that Section 234 (E) of the Act is not a penalty. Penalty is levied under Section 271 (H) and is not automatic. Penalty is levied only when tax is deducted at source along with interest fee is not deposited […]...

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Register TAN to view Online e-TDS / TCS statement submitted with status

A facility to register TAN online is available on the TIN website (www.tin-nsdl. com). The Income Tax Department requires all deductors to register their TANs online. Authenticated access (through user ID and password) will be provided to registered deductors. Registration is free. An acknowledgment number will be displayed on successful ...

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Posted Under: Income Tax |

Section 44AD – Is it really a palpable transformation?

Recently, the Section 44AD has been revised and now it is applicable to all businesses instead of only to civil construction business. On the other outset, limit of tax audit u/s 44AB is increased to Rs. 60 lakh from earlier limit of Rs. 40 lakh. Being an entrepreneur first, I had lot of disappointments on increase of limit as now there w...

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Posted Under: Income Tax |

Procedure for Correction of Income Tax Payment challan

Revised Procedure from 1st September 2011 to get Income Tax , TDS, Self Assessment Tax, Advance Tax, Wealth Tax and Other Direct tax Payment Challan corrected / Rectified which were paid at bank in Physical Mode and time period within which correction request can be made along with conditions , Procedures for the same and Format of the ...

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Posted Under: Income Tax |

Procedure – Lower / Nil rate TDS deduction Certificate

Where a taxpayer believes that its total income justifies withholding of tax at a lower rate, it can apply to the assessing officer for a certificate of withholding tax at a lower rate. The application by the taxpayer to the AO for a certificate of withholding tax at a lower rate is governed by Rule 28AA of the Income-tax Rules, 1962 (th...

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Posted Under: Income Tax |

Reprint of PAN Card – Revised Guidelines, Instructions, Procedure

This application should be used when PAN has already been allotted to the applicant but applicant requires a PAN card. A new PAN card bearing the same PAN is issued to applicant. While filling this form, applicant should not select any of the check boxes on the left margin of the form. However, the check box for Item no. 7. Address for co...

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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.