Income Tax

TDS Provision for FY 2017-18

What is TDS/ TCS? Generally the person who earns the income pays tax on such income either in the form of advance tax or in the form of self-assessment tax. However in certain situations, the person making prescribed payments is required to deduct tax from such payments (at prescribed rates) and deposit the tax so […]...

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Accounts Receivable Overdue Not Subject to Transfer Pricing

It can be fairly concluded from the above judicial pronouncements that the receivable mentioned in the Explanation to Sec.92B can be taken up for transfer pricing scrutiny only when it is a standalone activity or a demonstrated approach is adopted by the assessee to use Accounts Receivable to have free working capital funding....

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Section 269ST: Cash sale of Agricultural Produce by Cultivator or Agriculturist

To put restriction on the cash transactions & promote digital economy, a new section 269ST has been inserted in the Income-tax Act, 1961 vide Finance Act, 2017 w.e.f 1st April 2017 Section Relevant Provisions – In Brief  Section 269ST   Prohibits receipt of an amount of Rs. 2 lakh or more by a person, Circumstances […]...

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Summary of Delhi HC decision on Constitutional Validity of ICDS

The High Court held that the power to enact a validation law is an essential legislative power that can be exercised, in the context of the Act, only by the Parliament and not by the executive. If done so it would be ultra vires the Act and Article 141 read with Article 144 and 265 of the Constitution. Thus, in context of the amendment t...

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Tax Free Income in India

Income on which tax not applicable 1. Agricultural Income 2. Receipts from Hindu Undivided Family 3. Share from a Partnership Firm or LLP 4. NRI Tax Free Incomes 5. Income Earned by Foreigners 6. Allowance for Foreign Service 7. Gratuities...

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Draft Notification U/s. 115JG (1) on conversion of Indian Branch of Foreign Bank into Indian Subsidiary company

Draft of Proposed Notification under Section 115JG (1) of the Income-tax Act, 1961 issued in respect of conversion of Indian Branch of Foreign Bank into Indian Subsidiary company; Comments/suggestions of Stakeholders sought on Draft Notification by 30th November, 2017....

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Beware of Fake Income Tax Refund emails

For all of those who have Income Tax return and have received an e-mail stating that there has been an error in calculating your tax and a refund has to be issued, please ignore it....

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Fighting Tax Crime: The Ten Global Principles

This report sets out the 10 essential principles for effectively fighting tax crimes. It covers the legal, institutional, administrative, and operational aspects necessary for putting in place an efficient system for fighting tax crimes and other financial crimes. It draws on the insights and experience of jurisdictions around the world. ...

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Effective Inter-Agency Co-Operation in Fighting Tax Crimes and Other Financial Crimes (Third Edition)

This report describes the current position in 51 countries as to the law and practice for domestic inter-agency co-operation in fighting tax crimes and other financial crimes including, for the first time, co-operation with authorities responsible for the investigation and prosecution of corruption. It identifies successful practices base...

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Tax Inspectors Without Borders – Bolstering domestic revenue collection through improved tax audit capacities

International tax experts gathered today at the OECD in Paris to share experiences and identify best practices in the implementation of Tax Inspectors Without Borders (TIWB) programmes....

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Registration under FCRA cannot be denied to society on mere bald report on use of Foreign Contribution

DR R N Gupta Technical Education Society Vs Union of India (Delhi High Court) - The petitioner - a Society registered under the Societies Registration Act, 1860 - has filed the present petition impugning communications dated 01.08.2014 and 07.12.2015 (hereafter referred to as the impugned communications)...

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Income earned abroad as Non Resident cannot be taxed in India for mere receipt in Indian Bank A/c

Pramod Kumar Sapra Vs. Income Tax Officer (ITAT Delhi) - Pramod Kumar Sapra Vs. Income Tax Officer (ITAT Delhi) Observation that since the salary income has been received in India, i.e., it has been credited in the bank account of the assessee in India and also TDS has been deducted by the employer, this fact cannot be a determinative of the taxability of...

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Poultry Feed Supplements are classifiable as Poultry Feed and not as medicines or drug

M/S Golden Streak Drug & Pharmaceuticals Ltd. Vs. Commissioner Trade Tax (Allahabad High Court) - Now it is well settled that as also need of common parlance that an animal feed supplement or cattle feed supplement or poultry feed supplement or balanced cattle feed or poultry feed is actually used as energy nutrients as well as nutrients rich with substance needs for strengthening the body and i...

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TDS U/s. 194H applies only on discounts on a principal to principal basis

ITO Vs Tarun Sales (ITAT Delhi) - ITO Vs Tarun Sales (ITAT Delhi) Since no dealer or sub-dealer was appointed either by BSNL or by the assessee, for the purpose of marketing the products and/or service of the Bharat Sanchar Nigam Ltd., the entire sales were to customers, either directly or through shopkeepers, who rendered services ...

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Transfer of Income Tax File without application of mind is un-sustainable

Aircel Limited Vs Deputy Commissioner of Income Tax (Madras High Court) - Since the parties in these Writ Petitions are one and the same and the relief sought herein are inter-connected, all these Writ Petitions were taken together and disposed of by this common order....

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CBDT notifies functional jurisdiction of Ministerial Staff Training Units (MSTUs)

G.S.R. 1379(E) - (10/11/2017) - Consequent upon the approval of Cadre Restructuring plan 2014, the functional jurisdiction of MSTUs as listed below in Column (1) shall cover the entire territorial jurisdiction of Principal Chief Commissioner of Income Tax (Pr.CCIT)/ Chief Commissioner of Income Tax (CCIT) as listed in Column (2) b...

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Union Budget of 2018-19- Govt invites suggestions on Changes in direct / indirect taxes

F. No. 334/4/2017-TRU - (16/11/2017) - In the context of formulating the proposals for the Union Budget of 2018-19, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct a...

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Order No. 201/2017- Transfer & Posting in the Grade of ACIT/JCIT

Order No. 201 of 2017 - (16/11/2017) - Order No. 201 of 2017 The following postings / transfers in the grade of Additional Commissioner Income Tax/ Joint Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-...

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Order No. 200/2017: Transfer & Posting in ACIT/DCIT Grade

Order No. 200 of 2017 - (16/11/2017) - Order No. 200 of 2017 The following postings / transfers in the grade of Assistant / Deputy Commissioner of Income Tax are, hereby, ordered with immediate effect and until further orders:-...

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Section 35(1)(ii): Govt approves ICRISAT as Scientific Research Association

Notification No. 96/2017-Income Tax - (14/11/2017) - It is hereby notified for general information that the organization M/s International Crops Research Institute for the Semi-Arid Tropics (`ICRISAT) (PAN:- AAAJIO282L) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 19...

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Recent Posts in "Income Tax"

Draft Notification U/s. 115JG (1) on conversion of Indian Branch of Foreign Bank into Indian Subsidiary company

Draft of Proposed Notification under Section 115JG (1) of the Income-tax Act, 1961 issued in respect of conversion of Indian Branch of Foreign Bank into Indian Subsidiary company; Comments/suggestions of Stakeholders sought on Draft Notification by 30th November, 2017....

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Posted Under: Income Tax |

Registration under FCRA cannot be denied to society on mere bald report on use of Foreign Contribution

DR R N Gupta Technical Education Society Vs Union of India (Delhi High Court)

The petitioner - a Society registered under the Societies Registration Act, 1860 - has filed the present petition impugning communications dated 01.08.2014 and 07.12.2015 (hereafter referred to as the impugned communications)...

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Income earned abroad as Non Resident cannot be taxed in India for mere receipt in Indian Bank A/c

Pramod Kumar Sapra Vs. Income Tax Officer (ITAT Delhi)

Pramod Kumar Sapra Vs. Income Tax Officer (ITAT Delhi) Observation that since the salary income has been received in India, i.e., it has been credited in the bank account of the assessee in India and also TDS has been deducted by the employer, this fact cannot be a determinative of the taxability of resident or […]...

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Poultry Feed Supplements are classifiable as Poultry Feed and not as medicines or drug

M/S Golden Streak Drug & Pharmaceuticals Ltd. Vs. Commissioner Trade Tax (Allahabad High Court)

Now it is well settled that as also need of common parlance that an animal feed supplement or cattle feed supplement or poultry feed supplement or balanced cattle feed or poultry feed is actually used as energy nutrients as well as nutrients rich with substance needs for strengthening the body and its development so that a person engaged ...

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TDS U/s. 194H applies only on discounts on a principal to principal basis

ITO Vs Tarun Sales (ITAT Delhi)

ITO Vs Tarun Sales (ITAT Delhi) Since no dealer or sub-dealer was appointed either by BSNL or by the assessee, for the purpose of marketing the products and/or service of the Bharat Sanchar Nigam Ltd., the entire sales were to customers, either directly or through shopkeepers, who rendered services to the customers. ...

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Transfer of Income Tax File without application of mind is un-sustainable

Aircel Limited Vs Deputy Commissioner of Income Tax (Madras High Court)

Since the parties in these Writ Petitions are one and the same and the relief sought herein are inter-connected, all these Writ Petitions were taken together and disposed of by this common order....

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CBDT notifies functional jurisdiction of Ministerial Staff Training Units (MSTUs)

G.S.R. 1379(E) (10/11/2017)

Consequent upon the approval of Cadre Restructuring plan 2014, the functional jurisdiction of MSTUs as listed below in Column (1) shall cover the entire territorial jurisdiction of Principal Chief Commissioner of Income Tax (Pr.CCIT)/ Chief Commissioner of Income Tax (CCIT) as listed in Column (2) below against the corresponding MSTUs. ...

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Union Budget of 2018-19- Govt invites suggestions on Changes in direct / indirect taxes

F. No. 334/4/2017-TRU (16/11/2017)

In the context of formulating the proposals for the Union Budget of 2018-19, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justif...

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Goodwill is an asset eligible for depreciation U/s. 32 of I.T. Act, 1961

The Asst. Commissioner of Income Tax Circle-1(1) Vs. M/s Cresa Financial Services Pvt. Ltd. (ITAT Visakhapatnam)

Asst. Commissioner of Income Tax Vs. M/s Cresa Financial Services Pvt. Ltd. (ITAT Visakhapatnam)     1. This appeal is filed by the revenue against the order of the Commissioner of Income Tax (Appeals), Rajahmundry vide ITA No. 0239/13-14/ACIT/C-1/RJY/2014-15 dated 30.03.2015 for the assessment year 2010-11. 2. All the grounds o...

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Sec. 54F Allowability of investment in new residential property in the name of spouse

Kaushal Kishore Maheshwari Vs ACIT (ITAT Delhi)

1. That on the facts and circumstances of the case and in law, the learned Commissioner (Appeals), XXVIII, New Delhi [hereinafter referred to as the learned CIT(A)] has grossly erred in denying the exemption to the Appellant under section 54F of the Income Tax Act, 1961....

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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.

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.

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