Income Tax

An Insight to Instant PAN facility through Aadhaar

As we know when we need for PAN, we apply for it through UTI / NSDL or any other media. But recently on 13th Feb. 2020, the Income Tax department brings a facility for Instant PAN allotment in near to real-time which is available free of cost. This facility is based on Aadhaar, which is […]...

Read More

Dispute Vivaad Se Vishwas Scheme 2020- Settle your Tax disputes

BRIDGING THE DISPUTE-TRUST DIVIDE for Minimizing Tax-related Litigation Avail this golden opportunity … Settle your Income Tax disputes KEY DATE Pay by 31st March, 2020 to avoid higher payment ELIGIBILITY Appeals/ writs filed on or before 31.01.2020 and pending. Orders for which lime for filing appeal has not expired on 31.01.2020. ...

Read More

Direct Tax Vivad Se Vishwas Bill 220-(Including Amendments )

Article explains Direct Tax Vivad Se Vishwas Bill, 2020 alongwith Further amendments proposed in the same in Cabinet Meeting on 12th February 2020 for which Notice also been given to Parliament subsequently. Article explains Key Dates under the Scheme, Definition of Appellant under Direct Tax Vivad Se Vishwas Scheme, Designated Authority,...

Read More

Section 272BB Penalty for failure to comply section 203A provisions

The penalty provisions of section 272BB of the Income Tax Act penalizes the person in case of default in complying with the provisions of section 203A. It should be noted here that section 203A covers provisions relating to the ‘tax deduction and collecting account number’. The present article briefly provides understanding on applica...

Read More

Mere disallowance due to difference of opinion cannot lead to penalty

Where assessee was under a bona fide belief about allowability of certain provisions and there was no suppression of facts or deliberate concealment on assessee’s part, mere disallowance by AO due to difference of opinion could not lead to levy of penalty under section 271(1)(c)....

Read More

Representation for Amendments made in Section 254 of Income Tax Act, 1961

Finance Bill, 2020 has proposed certain amendments in section 254 of the Income Tax Act, 1961. These amendments need your separate attention; therefore, we are sending a representation describing the hardships to you for your kind consideration....

Read More

Due dates of filing Form GSTR 3B for the month of January 2020

Due dates of filing Form GSTR 3B, for the month of January, 2020 a.Government of India vide Notification No. 07/2020 – Central Tax dated 03rd February, 2020, has staggered filing of Form GSTR-3B, for period of January 2020, in the manner as given below: Sl. No. Taxpayers with aggregate turn over in the previous financial […]...

Read More

Cabinet approves amendment in DTAA with Sri Lanka

Cabinet approves protocol amending the Agreement between India and Sri Lanka for avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the Signing and Ratification of the Protocol amending the Agreement between Ind...

Read More

CBDT clarifies on misinformation pertaining to individual return filers

Certain misinformation is being circulated in Social Media pertaining to individual return filers. CBDT clarifies: During the current financial year, 5.78 crore individuals filed returns disclosing income of financial year 2018-19 Out of these, 1.03 crore individuals have shown income below Rs 2.5 lakh & 3.29 crore individuals disclos...

Read More

Income Tax Dept detects unaccounted income of more than Rs. 2000 crore

Searches conducted by the Income Tax Department lead to detection of unaccounted income of more than Rs. 2000 crore. Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered....

Read More

Capital gains exempt u/s 54EC could be reckoned for book profit u/s 115JA

Fibroflex (India) Pvt. Ltd. Vs DCIT (ITAT Chennai) - In the given case the issue under consideration is that whether capital gains, which were exempt under section 54EC could be reckoned for purpose of computing book profit under section 115JA...

Read More

Disallowance u/s 40(a)(ia) not applicable to Short-Deduction of TDS

A.K. Industries Vs ACIT (ITAT Kolkata) - Impugned disallowance u/s 40(a)(ia) does not apply in a case involving short deduction of TDS. ITAT therefore go by the very reasoning and direct the Assessing Officer to delete the impugned disallowance....

Read More

CESTAT: Milk crumb was marketable and liable for excise duty

Commissioner of Central Excise Vs Cadbury India Ltd. (CESTAT Mumbai) - Milk crumb was marketable and hence assessee-cadbury was liable to pay excise duty for clearing goods without payment of duty as revenue neutrality could never be ground for not demanding the duty on the excisable goods in the form and manner they were being cleared by assessee. ...

Read More

Shares held as stock-in-trade needs to be considered for Section 14A disallowance

Gajanan Enterprises Vs ACIT (ITAT Mumbai) - Where shares are held by an assessee as stock-in-trade, the earning of exempt dividend income on the same would trigger the applicability of Sec. 14A of the Act. Aoordingly shares which were held by the assessee as stock-in-trade were to be considered for the purpose of computing the disallowance un...

Read More

Reassessment-Section 143(2) notice issued without confronting assessee with remand report is invalid

Castleton Capital Ltd Vs ACIT (ITAT Delhi) - It was an admitted fact that assessee filed reply in response to notice under section 148 on 26-11-2013 and AO on the very same day served notice under section 143(2) upon assessee, whose signatures tally on the said notice without confronting the assessee with the remand report and the evidence pro...

Read More

Procedure for Selection of Best Officers in Income Tax department

F. No.275/33/2019-IT (B) - (20/02/2020) - it is decided that every month commencing from January, 2020 and onwards, the best performing `Officers/Officials who have achieved excellence in the prime areas, namely investigation, collection, administration, audit or innovation in the organizational functioning shall be selected by a Committee ...

Read More

Functionality for Demand Adjustment u/s 245 by AO in ITBA

ITBA- Assessment - Demand Adjustment by AO u/s 245 Instruction No.13 - (19/02/2020) - The functionality of demand adjustment by AO u/s 245 can be accessed while passing assessment order, rectification order into the ITBA system. In case, refund is determined in Computation of Assessment, Rectification then, following 4 below mentioned options regarding demand adjustment u/s 245 shall...

Read More

Authority to condone delay in filing Form 9/Form 10 by Charitable Institutions

Circular No. 6/2020-Income Tax - (19/02/2020) - Circular No. 6/2020 – Condonation of delay u/s 119(2)(b) of the IT Act, 1961 in filing of Return of Income for AY 2016-17, 2017-18 and 2018-19 and Form No. 9A and Form No. 10 – reg. F.No.197/55/2018-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Dire...

Read More

Steps to clear pendency of processing of Income Tax Returns transferred by CPC-ITR

ITBA-ITR Processing Instruction No - 10 - (18/02/2020) - Steps to clear the pendency of processing of Paper Returns or E-returns transferred by CPC-ITR due to verification of relief claimed u/s 90/90A or 91 of the Income Tax Act, 1961. ITBA-ITR Processing Instruction No – 10 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewal...

Read More

CBDT revises definition of unauthorised colonies of NCT of Delhi

Notification No. 12/2020-Income Tax - (17/02/2020) - CBDT has vide Notification No. 12/2020-Income Tax  revises definition of unauthorised colonies of NCT of Delhi for rule 11UAC read with Section Section 56(2)(x). Earlier CBDT has provided vide Notification No. 96/2019-Income Tax dated 11th November, 2019 that Section 56(2)(x)  not applies to speci...

Read More

Browse All Categories

CA, CS, CMA (4,473)
Company Law (5,377)
Custom Duty (7,627)
DGFT (4,117)
Excise Duty (4,328)
Fema / RBI (3,973)
Finance (4,172)
Income Tax (32,000)
SEBI (3,321)
Service Tax (3,517)

Recent Posts in "Income Tax"

An Insight to Instant PAN facility through Aadhaar

As we know when we need for PAN, we apply for it through UTI / NSDL or any other media. But recently on 13th Feb. 2020, the Income Tax department brings a facility for Instant PAN allotment in near to real-time which is available free of cost. This facility is based on Aadhaar, which is […]...

Read More
Posted Under: Income Tax |

Dispute Vivaad Se Vishwas Scheme 2020- Settle your Tax disputes

BRIDGING THE DISPUTE-TRUST DIVIDE for Minimizing Tax-related Litigation Avail this golden opportunity … Settle your Income Tax disputes KEY DATE Pay by 31st March, 2020 to avoid higher payment ELIGIBILITY Appeals/ writs filed on or before 31.01.2020 and pending. Orders for which lime for filing appeal has not expired on 31.01.2020. ...

Read More
Posted Under: Income Tax |

Direct Tax Vivad Se Vishwas Bill 220-(Including Amendments )

Article explains Direct Tax Vivad Se Vishwas Bill, 2020 alongwith Further amendments proposed in the same in Cabinet Meeting on 12th February 2020 for which Notice also been given to Parliament subsequently. Article explains Key Dates under the Scheme, Definition of Appellant under Direct Tax Vivad Se Vishwas Scheme, Designated Authority,...

Read More
Posted Under: Income Tax |

Section 272BB Penalty for failure to comply section 203A provisions

The penalty provisions of section 272BB of the Income Tax Act penalizes the person in case of default in complying with the provisions of section 203A. It should be noted here that section 203A covers provisions relating to the ‘tax deduction and collecting account number’. The present article briefly provides understanding on applica...

Read More
Posted Under: Income Tax |

Capital gains exempt u/s 54EC could be reckoned for book profit u/s 115JA

Fibroflex (India) Pvt. Ltd. Vs DCIT (ITAT Chennai)

In the given case the issue under consideration is that whether capital gains, which were exempt under section 54EC could be reckoned for purpose of computing book profit under section 115JA...

Read More

Disallowance u/s 40(a)(ia) not applicable to Short-Deduction of TDS

A.K. Industries Vs ACIT (ITAT Kolkata)

Impugned disallowance u/s 40(a)(ia) does not apply in a case involving short deduction of TDS. ITAT therefore go by the very reasoning and direct the Assessing Officer to delete the impugned disallowance....

Read More

CESTAT: Milk crumb was marketable and liable for excise duty

Commissioner of Central Excise Vs Cadbury India Ltd. (CESTAT Mumbai)

Milk crumb was marketable and hence assessee-cadbury was liable to pay excise duty for clearing goods without payment of duty as revenue neutrality could never be ground for not demanding the duty on the excisable goods in the form and manner they were being cleared by assessee. ...

Read More

Shares held as stock-in-trade needs to be considered for Section 14A disallowance

Gajanan Enterprises Vs ACIT (ITAT Mumbai)

Where shares are held by an assessee as stock-in-trade, the earning of exempt dividend income on the same would trigger the applicability of Sec. 14A of the Act. Aoordingly shares which were held by the assessee as stock-in-trade were to be considered for the purpose of computing the disallowance under Sec. 14A of the Act....

Read More

Mere disallowance due to difference of opinion cannot lead to penalty

DCIT Vs  Duron Technologies (India) Pvt. Ltd. (ITAT Mumbai)

Where assessee was under a bona fide belief about allowability of certain provisions and there was no suppression of facts or deliberate concealment on assessee’s part, mere disallowance by AO due to difference of opinion could not lead to levy of penalty under section 271(1)(c)....

Read More

Reassessment-Section 143(2) notice issued without confronting assessee with remand report is invalid

Castleton Capital Ltd Vs ACIT (ITAT Delhi)

It was an admitted fact that assessee filed reply in response to notice under section 148 on 26-11-2013 and AO on the very same day served notice under section 143(2) upon assessee, whose signatures tally on the said notice without confronting the assessee with the remand report and the evidence produced by the AO before the Ld. CIT(A). T...

Read More

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.