Income Tax

FATCA Treaty (Agreement) between India and USA

FATCA Treaty (Agreement) between India and USA  (A) Foreign Account Tax Compliance Act (FATCA) Non Tax Treaty  1. Introduction on Non DTAA Treaties between India and USA India and USA has tax + non tax (both) treaties like: (i) Double Taxation Avoidance Agreement (DTAA) tax treaty (ii) Foreign Account Tax Compliance Act (FATCA) for disc...

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Evolution and History of Taxation in India

Taxation is an integral part of any economy for financial management of any Government. Such taxes are not of recent origin rather there is evidence that taxes were levied since ancient times in various forms which may be in kind like grains, gold and forest produce or it may be in the form of money....

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Liberalised Remittance Scheme and TCS Updated 2022

If you are a person in India you may remit amount outside India for various purposes such as foreign trip, education, medical facilities, investment abroad, sale proceeds of investment in India, income earned in India. In order to regulate such remittances laws have been framed under Foreign Exchange Management Act, 1999 and Income Tax Ac...

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An Unique Feature of Legal Education And Taxation

In every subject and stream of education and in their practical application has some unique features or feature to any sense. But no other subjects in the universe whether in science, commerce, humanities have such inherent undemocratic disparity as like legal education and its application. Now question is which special feature it has ren...

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TDS under Section 194R : CBDT Guideline

Finance Act 2022 inserted the section 194R. This section mandates a person (who provides any benefit or perquisite to resident) to deduct tax at source @10% of the value /aggregate value of such benefit. These benefits must arise in the course carrying any Business or Profession. However no deduction is to be made if value […]...

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Webinar on Monthly Updates on Direct & Indirect Taxes on 3rd December 2022

Direct & Indirect Taxes : Monthly Updates Date & Time – 3rd December 2022 (Time:11 a.m to 12:30 p.m) Tax Guru is Organizing a 1 and Half Hour Workshop for discussions on ‘Direct & Indirect Taxes : Monthly Updates’ on the following topics- GST – 1. Replying to notices for ITC denial for- A. Mismatch [&hellip...

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CBDT releases draft Common Income Tax Return Form for public consultation

At present, taxpayers are required to furnish their Income-tax Returns in ITR-1 to ITR-7 depending upon the type of person and nature of income. The current ITRs are in the form of designated forms wherein the taxpayer is mandatorily required to go through all the schedules, irrespective of the fact whether that particular schedule is [&h...

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DTPA Pre-Budget Memorandum 2023-24 on Direct Taxes and GST

s agricultural land is not covered under the definition of Capital asset, capital gains on transfer of the same is not taxed. Suitable provisions may be introduced to exclude this Capital gain while calculating Book Profit for the purpose of MAT....

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Comprehensive Pre-Budget 2023-24 Memorandum by CAAS

Chartered Accountants Association Surat (CASS) Comprehensive Pre-Budget 2023-24 Memorandum by CAAS highlighting hardships and areas of improvement where Income-Tax can become taxpayer friendly tax. Sr. No. Existing provision under the I. T. Act, 1961 Section 2 of Finance act: – Tax rates for non-corporate Tax payers 1 Difficulty / I...

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Key Features – TDS/TCS RPU 4.4 & FVU version 7.9

Key Features – Return Preparation Utility (RPU) version 4.4 e-TDS/TCS Return Preparation Utility Ver. 4.4 for Regular & Correction Statement(s) from FY 2007-08 onwards. 5 new section codes are added under Annexure I (i.e. deductee details) of Form 26Q which are as below: Section Nature of payment (description to be populated for thi...

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AO cannot reopen assessment in absence of any tangible material showing income escapement

Sikandar And Company Vs ITO (ITAT Pune) - Sikandar And Company Vs ITO (ITAT Pune) AO has to power to reopen, provided there is tangible material to come to the conclusion that there is escapement of income from other assessment. Further, there must be reasons recorded showing live link with the formation of the belief that there is escapeme...

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Section 54F exemption not eligible if Construction of House not Completed Within 3 Years

Neelima Pravinkumar Khamkar Vs ITO (ITAT Pune) - Admittedly, the AO deployed Inspector to verify whether there is any construction/residential house constructed by the assessee. The Inspector submitted report on 19-12-2016 stating that no construction or residential house is existing at House No. 4, Ward No. 12, Ichalkaranji which clearly establis...

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All the pending appeals are not required to be settled under DTVSV Act

Mufg Bank Ltd Vs CIT (Delhi High Court) - Delhi High Court held that assessee is free to settle any appeal under Direct Tax Vivad se Vishwas Act, 2020 and is not required to settle all the pending appeals filed by the respondent-revenue for an assessment year....

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Form 10 filed manually with Income Tax Return: ITAT grants section 11 exemption

Ruikar Trust Vs ACIT (CPC) (ITAT Pune) - Ruikar Trust Vs ACIT (CPC) (ITAT Pune) Brief facts relating to the case are that the assessee is a charitable trust. The assessee claimed exemption u/s. 11 of the Act in the return of income. The CPC, Bangalore denied the said exemption for non-filing of Form 10 within time. Having aggrieved, the as...

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Interest subsidy not being income has to be excluded while computing book profits u/s 115JB

Indogulf Cropsciences Ltd. Vs ACIT (ITAT Delhi) - ITAT Delhi held that as receipt of an interest subsidy received under the scheme is not income at all and hence the same has to be excluded while computing book profits under section 115JB of the Income Tax Act....

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Time limit reduced to 21 days for submitting response to intimation u/s 245 by AO

Instruction No. 06 of 2022 - (28/11/2022) - It is observed that, in certain cases, consequent to the issue of intimation u/s 245, the assessees had responded on the demand portal that the demands are incorrect, in as much as that the demands are stayed by Assessing Officer/ITAT/High Court....

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CBDT notifies Under-17 Women’s World Cup, 2022 as international sporting event

Notification No. 126/2022-Income Tax, [S.O. 5555(E).] - (30/12/2022) - CBDT notifies Federation Internationale de Football Association Under-17 Women’s World Cup, 2022 as the international sporting event for Income Tax Exemption under Section 10(39) vide Notification No. 126/2022-Income Tax | Dated: the 30th November, 2022. MINISTRY OF FINANCE (Department of Revenue...

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AO allowed to survey u/s 133A with prior approval of concerned Principal CCIT/DG

F.No. 282/15/2022-IT (Inv.V)/267 - (22/11/2022) - Now AO can also do survey u/s 133A of the Income Tax with the prior approval of concerned Principal CCIT/ DG F.No. 282/15/2022-IT (Inv.V)/267 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) **** Civic Centre, New Delhi- 110002 Dated 22nd Nov, 2022 ORDER ...

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CBDT notifies Public Investment Fund as sovereign wealth fund U/s. 10(23FE)

Notification No. 125/2022-Income Tax, [S.O. 5345(E).] - (16/11/2022) - CBDT notifies sovereign wealth fund, namely, Public Investment Fund  vide Notification No. 125/2022-Income Tax | Dated: 16th November, 2022 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 125/2022-Income Tax | Dated: 16th November, 2022 S.O. 5...

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Setting up of Units under section 144B(3) of Income-tax Act, 1961

Office Order -2 - (14/11/2022) - Office Order -2 Setting up of Units under sub-section (3) of section 144B of the Income-tax Act, 1961 - reg In pursuance of sub-section (3) of section 144B of the Income-tax Act, 1961, the Central Board of Direct Taxes hereby makes the following amendments in the Office Order – 2 of even num...

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Recent Posts in "Income Tax"

AO cannot reopen assessment in absence of any tangible material showing income escapement

Sikandar And Company Vs ITO (ITAT Pune)

Sikandar And Company Vs ITO (ITAT Pune) AO has to power to reopen, provided there is tangible material to come to the conclusion that there is escapement of income from other assessment. Further, there must be reasons recorded showing live link with the formation of the belief that there is escapement of income from assessment. […]...

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Section 54F exemption not eligible if Construction of House not Completed Within 3 Years

Neelima Pravinkumar Khamkar Vs ITO (ITAT Pune)

Admittedly, the AO deployed Inspector to verify whether there is any construction/residential house constructed by the assessee. The Inspector submitted report on 19-12-2016 stating that no construction or residential house is existing at House No. 4, Ward No. 12, Ichalkaranji which clearly establishes the assessee could not construct a h...

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All the pending appeals are not required to be settled under DTVSV Act

Mufg Bank Ltd Vs CIT (Delhi High Court)

Delhi High Court held that assessee is free to settle any appeal under Direct Tax Vivad se Vishwas Act, 2020 and is not required to settle all the pending appeals filed by the respondent-revenue for an assessment year....

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Webinar on Monthly Updates on Direct & Indirect Taxes on 3rd December 2022

Direct & Indirect Taxes : Monthly Updates Date & Time – 3rd December 2022 (Time:11 a.m to 12:30 p.m) Tax Guru is Organizing a 1 and Half Hour Workshop for discussions on ‘Direct & Indirect Taxes : Monthly Updates’ on the following topics- GST – 1. Replying to notices for ITC denial for- A. Mismatch [&hellip...

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Form 10 filed manually with Income Tax Return: ITAT grants section 11 exemption

Ruikar Trust Vs ACIT (CPC) (ITAT Pune)

Ruikar Trust Vs ACIT (CPC) (ITAT Pune) Brief facts relating to the case are that the assessee is a charitable trust. The assessee claimed exemption u/s. 11 of the Act in the return of income. The CPC, Bangalore denied the said exemption for non-filing of Form 10 within time. Having aggrieved, the assessee challenged the […]...

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Interest subsidy not being income has to be excluded while computing book profits u/s 115JB

Indogulf Cropsciences Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that as receipt of an interest subsidy received under the scheme is not income at all and hence the same has to be excluded while computing book profits under section 115JB of the Income Tax Act....

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ITAT directs AO to restrict  disallowance to those investments which earned dividend income

Deven Supercriticals Pvt. Ltd. Vs DCIT (ITAT Pune)

It is to be presumed that the assessee made investments from its own funds but not from borrowed funds. If that is the case the disallowance under interest is not warranted. Therefore, disallowance under Rule 8D(ii) to an extent of Rs. 1,78,490/- is not maintainable....

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Addition u/s 56(2)(viib) without verification of valuation report is unsustainable in law

Eduwizards Info solutions P. Ltd. Vs ACIT (ITAT Delhi)

ITAT Delhi held that confirmation of addition under section 56(2)(viib) of the income Tax Act read with Rule 11UA(2) of the Income Tax Rules without verification of the valuation report of the Chartered Accountant is unsustainable in law....

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Tolerance margin of 10% u/s 43CA is applicable retrospectively

Sai Bhargavanath Infra Vs ACIT (ITAT Pune)

ITAT Pune held that with regard to first proviso to section 43CA of the Income tax Act effect of the tolerance margin of 10% is to be given retrospective effect i.e. made applicable even for the prior assessment years...

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Time limit reduced to 21 days for submitting response to intimation u/s 245 by AO

Instruction No. 06 of 2022 28/11/2022

It is observed that, in certain cases, consequent to the issue of intimation u/s 245, the assessees had responded on the demand portal that the demands are incorrect, in as much as that the demands are stayed by Assessing Officer/ITAT/High Court....

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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. 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.