Income Tax

TDS on Rent Under Section 194IB of Income Tax

Finance Act 2017 introduced section 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 P.M and claiming HRA are required to deduct and pay TDS of Landlord...

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4 FAQs on Restoration of GST Registration Application

1. The Registration Application submitted by me has been rejected by the Tax Authority. What can I do now? If application for registration is rejected by Tax Authority, you can file appeal against the order within 3 months from the date of rejection order. After completion of hearing, if appellate Authority passes an order for […]...

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Intra Group Financing – Corporate Guarantee and Transfer Pricing

Transfer Pricing Regulations is an internationally accepted method to check that multinational enterprises entering into transactions with associated enterprises do not evade taxes by undervaluing the transaction. The purpose and ambit of Transfer Pricing Regulations is to ensure that international transactions between associated enterpri...

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Adjustments as required under ICDS – Clause 13 (e) of Form 3CD

Adjustments under ICDS will mean additions to arrive at total income in beginning and in later years same additions will have to be deducted in computation of Total income. The adjustments thus are in the nature of only timing difference - advancing the revenue collection - But Tax neutral in the long run. Disclosure with respect to ICDS ...

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IND AS and Income Tax Act – a complex interplay

The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent ...

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Govt notifies draft rules for Voluntary Reporting of Estimated Current Income and Advance Tax Liability

A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more....

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CBDT asked to consider inclusion of Service Charge while assessing tax

Shri Ram Vilas Paswan, Union Minister for Consumer Affairs, Food & Public Distribution told that in order to check the levying of Service Charge compulsorily, CBDT has been asked to consider inclusion of Service Charge while assessing tax....

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Demonetisation helped in reducing volume of cash transactions: FM

Aadhar Legislation will stand the test of constitutionality; Demonetisation helped in reducing the volume of cash transactions and increase in digital payments, widening of the tax base and more formalization of the economy among others; No reverse in financial inclusion process possible for policy makers. ...

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Tax on any gain to firms under insolvency code under hair cut be waived: ASSOCHAM to Govt.

ASSOCHAM has written to the government, seeking a slew of tax reliefs, including exemption from tax on any hair cut taken by the banks in the form of a waiver of interest accrued, for the debt -ridden companies which are sought to be revived under the Insolvency and Bankruptcy Code (IBC) ....

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Direct Tax Collections up to August, 2017 show a Growth of 17.5%

The Direct Tax collections up to August, 2017 in the current Financial Year 2017-18 continue to register a steady growth. Direct Tax collections, net of refunds, stands at Rs. 2.24 lakh crore which is 17.5% higher than the net collections for the corresponding period of the last year. This collection is 22.9% of the total Budget Estimates...

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Before Passing an Order U/s. 263 Principal CIT or CIT has to do their Own Enquiry

PCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court) - Before Passing An Order Under Section 263 Principal Commissioner Or Commissioner Of Income Tax Has To Make His/Her Own Enquiry...

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Procedural rules cannot be ignored even if litigant is Government/ Revenue and Revenue should not follow tendency of blaming Advocate or procedural rules for dismissal of appeal

CIT Vs. M/s. Parle Bisleri Ltd. (Bombay High Court) - Bombay High Court held in the case of CIT Vs. M/s. Parle Bisleri Ltd. that Procedural rules cannot be ignored even litigant is Government/ Revenue and Revenue should not follow tendency of blaming Advocate or procedural rules for dismissal of appeal...

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Power of Attorney Holder cannot be assessed for Capital Gain

Shri Gyan Chand Agarwal Vs. The Addl. CIT (ITAT Jaipur) - Power of attorney is not an instrument of transfer in regard to any right, title or interest in any immovable property. The power of attorney is a creation of an agency whereby the grantor authorizes the grantee to do acts specified therein, on behalf of grantor, which when executed will be binding ...

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ITAT Section 54EC exemption for Investing in REC Bonds of Rs.50 Lakh each in 2 Financial Years for A.Y. prior to 2015-16

Asst. C.I.T Vs Shri Upendra C. Parekh (ITAT Mumbai) - Government only intended to restrict the investment in a particular financial year and accordingly has fixed the limit of Rs. 50,00,000/- as permissible limit in a particular financial year. The Government did not intend to restrict the maximum amount of exemption permissible under Section 54EC....

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Tax Exemption cannot be denied to Trust not meant for one particular religious community

CIT (Exemptions) Vs. M/s. Indian Society Of The Church Of Jesus Christ Of Latter Day Saints (Delhi High Court) - It has been found that the activities of the Assessee Society, though both religious and charitable, were not exclusively meant for one particular religious community. It was, therefore, rightly not denied exemption under Section 11 of the Act....

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SOP on implementation of Benami Property Transactions Act, 1988

F.No. 414/63/2016-IT(Inv.I) - (10/08/2017) - Standard Operating Procedure (SOP) with regard to implementation of of Benami Property Transactions Act, 1988 (as amended by Benami Transactions (Probibition) Amendment Act, 2016], following setting up of dedicated Benami Prohibition Units (BPUs) under each PDIT(Inv) ...

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Window for uploading correct pendency/ disposal by CIT(A)

No. 279/ M-118 / 2013-(Vol-II)-ITJ - (15/09/2017) - The appeal module of ITBA was rolled out in the month of June 2015 enabling the CsIT(Appeals) to function in a computerized environment. To dispose appeals in ITBA, it was imperative to upload appeals on ITBA Module and for the same an excel utility was made available to CIT(A) to upload the pending...

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Order No. 155/2017: Extension of ad-hoc appointment of officers in JCIT grade

Order No. 155 Of 2017 - (13/09/2017) - ORDER NO. 155 OF 2017 The President is pleased to extend the ad-hoc appointment of the following IRS officers to the grade of Joint Commissioner of Income Tax from 01.07.2017 to 15.10.2017: -...

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TDS on interest under Capital Gains Accounts Scheme of deceased depositor

Notification No. 08/2017- Income Tax - (13/09/2017) - It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of th...

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Measures to enhance revenue collections through TDS

F. No. 370/02/2017-IT(B) - (13/09/2017) - On review of the progress of TDS collections it is noted that as on 31.08.2017, an amount of Rs. 1,65,114 crore has been collected under TDS (Minor Head) at a growth rate of 10.44% over corresponding period of last financial year. It has shown a significant decline of 7 percent over the last financi...

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Recent Posts in "Income Tax"

Govt notifies draft rules for Voluntary Reporting of Estimated Current Income and Advance Tax Liability

A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more....

Read More
Posted Under: Income Tax |

TDS on Rent Under Section 194IB of Income Tax

Finance Act 2017 introduced section 194IB which mandates deduction of TDS when rent payment exceeding Rs 50000 for month or part of the month is made. Even Salaried person paying rent more than Rs. 50,000 P.M and claiming HRA are required to deduct and pay TDS of Landlord...

Read More
Posted Under: Income Tax |

4 FAQs on Restoration of GST Registration Application

1. The Registration Application submitted by me has been rejected by the Tax Authority. What can I do now? If application for registration is rejected by Tax Authority, you can file appeal against the order within 3 months from the date of rejection order. After completion of hearing, if appellate Authority passes an order for […]...

Read More
Posted Under: Income Tax |

Before Passing an Order U/s. 263 Principal CIT or CIT has to do their Own Enquiry

PCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court)

Before Passing An Order Under Section 263 Principal Commissioner Or Commissioner Of Income Tax Has To Make His/Her Own Enquiry...

Read More

Intra Group Financing – Corporate Guarantee and Transfer Pricing

Transfer Pricing Regulations is an internationally accepted method to check that multinational enterprises entering into transactions with associated enterprises do not evade taxes by undervaluing the transaction. The purpose and ambit of Transfer Pricing Regulations is to ensure that international transactions between associated enterpri...

Read More
Posted Under: Income Tax |

SOP on implementation of Benami Property Transactions Act, 1988

F.No. 414/63/2016-IT(Inv.I) (10/08/2017)

Standard Operating Procedure (SOP) with regard to implementation of of Benami Property Transactions Act, 1988 (as amended by Benami Transactions (Probibition) Amendment Act, 2016], following setting up of dedicated Benami Prohibition Units (BPUs) under each PDIT(Inv) ...

Read More

Adjustments as required under ICDS – Clause 13 (e) of Form 3CD

Adjustments under ICDS will mean additions to arrive at total income in beginning and in later years same additions will have to be deducted in computation of Total income. The adjustments thus are in the nature of only timing difference - advancing the revenue collection - But Tax neutral in the long run. Disclosure with respect to ICDS ...

Read More
Posted Under: Income Tax |

Window for uploading correct pendency/ disposal by CIT(A)

No. 279/ M-118 / 2013-(Vol-II)-ITJ (15/09/2017)

The appeal module of ITBA was rolled out in the month of June 2015 enabling the CsIT(Appeals) to function in a computerized environment. To dispose appeals in ITBA, it was imperative to upload appeals on ITBA Module and for the same an excel utility was made available to CIT(A) to upload the pending appeals in the appeals module. ...

Read More

IND AS and Income Tax Act – a complex interplay

The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent ...

Read More
Posted Under: Income Tax |

What every investor needs to know about Capital Gains Account Scheme?

Mr Chaudhury has just sold his old ancestral house for a lump sum consideration of Rs. 20,00,000. He has now set his eyes on a new apartment which is due for possession within the next two years. Mr. Chaudhury is in a dilemma, he is aware that the amount he has received is a Capital Gain in his hands and is liable to tax. His intention is...

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Posted Under: Income Tax |
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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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