Income Tax

Detailed Analysis of Affordable Housing Deduction under Income Tax

Section 80-IBA Detailed Analysis – Affordable Housing Project 1.  Affordable Housing Meaning Affordable housing refers to housing units that are affordable by that section of society whose income is below the median household income. The basic intention of the Government is to build houses which are affordable to below medium class...

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TDS Rate & Tax Provisions for F.Y. 2019-20 (A.Y. 2020-21)

Every specified person is responsible for deducting the tax at source. The TDS compliance of the financial year 2019-20 would be started from 1 April 2019, in light of the concern I have prepared the brief about TDS and tax provision along with important details. TDS stands for tax deducted at source. As per the […]...

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A Roadmap for a Global Asset Registry: ICRICT new paper

A Roadmap for a Global Asset Registry- Measuring and tackling inequality: Curbing tax avoidance, tax evasion, corruption and illicit financial flows....

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Last Chance to File Income Tax return for FY 17-18 – ONLY 7 DAYS LEFT

The deadline to file Income tax returns for the Financial Year 2017-18 (Assessment year 2018-19) without any penalty was of July 31, 2018, which was later extended by one month to August 31, 2018....

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Why should TDS be deducted from your Income?

As the year end is right around the corner the assessee have already started calculating their yearly income and the advance tax deadline has just passed few days ago, where assessee computes his total income of the year and pays tax in advance. Other than the advance tax the other source of tax payment by […]...

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It is mandatory to link your PAN with Aadhaar?

Link your Aadhaar with PAN today to enjoy seamless Income Tax services online How to link your PAN with Aadhaar Through SMS facility Send SMS to 567678 or 56161 in following format: UIDPAN<SPACE><12 digit Aadhaar><Space><10 digit PAN> Example : SMS to 567678 or 56161: UIDPAN 111122223333 AAAPA9999Q Through a-filing...

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CBDT refutes Media Report on Yeddyurappa diaries

Ministry of Finance CBDT refutes Media Report   Dated:  22 MAR 2019  by PIB Delhi  A search action under Section 132 of the Income-tax Act, 1961 was carried-out on Sh. D.K Shivakumar and Group of Cases on 2nd August, 2017 by the Income Tax Investigation Directorate of Karnataka & Goa. A large evidence of incriminating material [&...

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Income Tax Department sets up control room for NER for LS Election

The Income Tax Department (Investigation), NER has prepared itself to deal with any reported movement of unaccounted money ahead of the Lok Sabha elections. Pursuant to the notifications for holding Lok Sabha Elections 2019 by the Election Commission of India(ECI). ...

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CBI arrests Enforcement Officer EPFO Accepting Bribe

Central Bureau of Investigation has arrested an Enforcement Officer, working in Employees Provident Fund Organization (EPFO), Nagpur (Maharashtra) for demanding and accepting a bribe of Rs. 50,000/- from the complainant....

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I-T Dept continues to hit at terror financing activities in J&K Region

Income Tax Department conducted search actions at 5 locations in the Kashmir Valley on 14th March, 2019. Few places in Jammu were also searched. These actions are part of the Department’s continued drive against use of black money by disruptive elements in the State. The operations also send a message of deterrence and obviation to thos...

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TDS U/s. 195 not deductible on Payment of commission to non-resident if No operations of foreign agent carried on in India

Bengal Tea & Fabrics Ltd. Vs Dy. CIT(ITAT Kolkata) - Bengal Tea & Fabrics Ltd. Vs Dy. CIT (ITAT Kolkata) ITAT held that when no business operations of commission agent were carried on in India, commission earned by them would be outside the ambit of income ‘deemed to accrue or arise in India’ for the purpose of section 5(2)(b) read with sectio...

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Notice served at wrong address renders reassessment proceedings invalid

Suresh Kumar Sheetlani Vs ITO (Allahabad High Court) - Since Department had correct address of assessee and sending notice for reassessment at incorrect address drawing a presumption of service of notice was rendered assessment proceedings as invalid....

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Employer/employees/contribution towards PF before due date of filing of return U/s. 139(1) allowable

A.T.E. Pvt. Ltd. Vs Assisstant Commissioner of Income Tax (Bombay High Court) - A.T.E. Pvt. Ltd. Vs ACIT (Bombay High Court) In this case, admittedly, the payments have been made beyond the due date as prescribed in the relevant Act, under which the aforesaid payments have been made. However, it is also undisputed that the payments have been made before the due date for fling t...

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Appeal cannot be condoned for delayed download of notice served online

P3P Ventures (P) Ltd. Vs DCIT (ITAT Delhi) - When TDS returns/statements had been filed by assessee for each quarter online and orders had been served upon assessee online for payment of the late fees, assessee was not justified in contending that it had not received any communication in respect of late fee imposed under section 234E neither a...

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Penalty not justified, if both assessment order & SCN failed to state specific charge

Sanraj Engineering (P) Ltd. Vs ITO (ITAT Delhi) - Sanraj Engineering (P) Ltd. Vs ITO (ITAT Delhi) Levy of penalty under section 271(1)(c) was not justified, where both the assessment order and show cause notice failed to state the specific charge of concealment and/or furnishing of inaccurate particulars of income by assessee. FULL TEXT OF THE ITAT...

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CBDT order on centralised issuance of notice

No: CIT (e-Verification)/Jurisdiction/2019-20/01, 47 20119 - (15/03/2019) - Commissioner Of Income Tax (E-Verification) directs that the Addl Commissioner or Joint Commissioner of Income-tax specified in column (1) of the schedule annexed hereto, having his headquarter at the place specified in the corresponding entry in column (2) of the said schedule, to exercise the conc...

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CBDT notifies HUDCO U/s. 194A(3)(iii)(f)

Notification No. 26/2019 - (20/03/2019) - Central Government hereby notifies the Housing and Urban Development Corporation Ltd. (HUDCO), New Delhi for the purpose of Section 194A(3)(iii)(f) of Income Tax Act, 1961....

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Cases of substantial cash deposit during demonetisation period- Reg.

F. No. DGIT(S)-ADG(5)-2/Insight Instructions/292/2018-19 - (15/03/2019) - Functionality for viewing information related to Cases of substantial cash deposit during the demonetisation period in which notice under section 142(1) of the I. T. Act has remained non-complied...

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Visakhapatnam Special Economic Zone Authority notified by CBDT U/s. 10(46)

Notification No. 25/2019 - (19/03/2019) - CBDT notifies ‘Visakhapatnam Special Economic Zone Authority’ under clause (46) of section 10 of the Income-tax Act, 1961 vide Notification No. 25/2019 Dated 19th March, 2019....

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Andhra Pradesh Electricity Regulatory Commission notified by CBDT U/s. 10(46)

Notification No. 24/2019 - (19/03/2019) - CBDT notifies ‘Andhra Pradesh Electricity Regulatory Commission’ under clause (46) of section 10 of the Income-tax Act, 1961 vide Notification No. 24/2019 Dated 19th March, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 24/2019 New Delhi, the 1...

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Recent Posts in "Income Tax"

TDS U/s. 195 not deductible on Payment of commission to non-resident if No operations of foreign agent carried on in India

Bengal Tea & Fabrics Ltd. Vs Dy. CIT(ITAT Kolkata)

Bengal Tea & Fabrics Ltd. Vs Dy. CIT (ITAT Kolkata) ITAT held that when no business operations of commission agent were carried on in India, commission earned by them would be outside the ambit of income ‘deemed to accrue or arise in India’ for the purpose of section 5(2)(b) read with section 9(1)(i) of Income […]...

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Notice served at wrong address renders reassessment proceedings invalid

Suresh Kumar Sheetlani Vs ITO (Allahabad High Court)

Since Department had correct address of assessee and sending notice for reassessment at incorrect address drawing a presumption of service of notice was rendered assessment proceedings as invalid....

Read More

Employer/employees/contribution towards PF before due date of filing of return U/s. 139(1) allowable

A.T.E. Pvt. Ltd. Vs Assisstant Commissioner of Income Tax (Bombay High Court)

A.T.E. Pvt. Ltd. Vs ACIT (Bombay High Court) In this case, admittedly, the payments have been made beyond the due date as prescribed in the relevant Act, under which the aforesaid payments have been made. However, it is also undisputed that the payments have been made before the due date for fling the return of […]...

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Appeal cannot be condoned for delayed download of notice served online

P3P Ventures (P) Ltd. Vs DCIT (ITAT Delhi)

When TDS returns/statements had been filed by assessee for each quarter online and orders had been served upon assessee online for payment of the late fees, assessee was not justified in contending that it had not received any communication in respect of late fee imposed under section 234E neither any such communication came to the knowle...

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Detailed Analysis of Affordable Housing Deduction under Income Tax

Section 80-IBA Detailed Analysis – Affordable Housing Project 1.  Affordable Housing Meaning Affordable housing refers to housing units that are affordable by that section of society whose income is below the median household income. The basic intention of the Government is to build houses which are affordable to below medium class...

Read More
Posted Under: Income Tax |

Penalty not justified, if both assessment order & SCN failed to state specific charge

Sanraj Engineering (P) Ltd. Vs ITO (ITAT Delhi)

Sanraj Engineering (P) Ltd. Vs ITO (ITAT Delhi) Levy of penalty under section 271(1)(c) was not justified, where both the assessment order and show cause notice failed to state the specific charge of concealment and/or furnishing of inaccurate particulars of income by assessee. FULL TEXT OF THE ITAT JUDGMENT Aggrieved by the order dated 2...

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TDS on payment to retailers on Sale of SIM & Mobile Recharge Coupons

Shri Rahul Singhal Vs ITO (ITAT Jaipur)

Shri Rahul Singhal Vs ITO (ITAT Jaipur) This appeal by the assessee is directed against the order dated 02/07/2018 of ld. CIT (A)-3, Jaipur for the A.Y. 2014-14. The assessee has raised following grounds of appeal: “1. The impugned additions and disallowances made in the order U/s 143(3) of the Act dated 29/12/2016 are bad […]...

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Sale of shares invite capital gain or would be business income, is mixed question of law and facts : HC

Pr. CIT­ Vs Vernan Pvt. Trust (Bombay High Court)

Pr. CIT Vs Vernan Pvt. Trust (Bombay High Court) Whether the Assessee is engaged in the business of buying and selling of shares or is a mere investor, would depend on the range of factors. In the present case, the Tribunal has noted the relevant facts and analyzed such facts in proper perspective. To reiterate, […]...

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TDS Rate & Tax Provisions for F.Y. 2019-20 (A.Y. 2020-21)

Every specified person is responsible for deducting the tax at source. The TDS compliance of the financial year 2019-20 would be started from 1 April 2019, in light of the concern I have prepared the brief about TDS and tax provision along with important details. TDS stands for tax deducted at source. As per the […]...

Read More
Posted Under: Income Tax |

Mere low profitability of recipient firm not relevant to apply section 40A(2)(b)

Sharp Designers and Engineers India Pvt. Ltd. (Formerly Khinvasara Investments Pvt. Ltd.) Vs ACIT (ITAT Pune)

Sharp Designers and Engineers India Pvt. Ltd. (Formerly Khinvasara Investments Pvt. Ltd.) Vs ACIT (ITAT Pune) AO had not brought any comparables from market to make out that the case that impugned payment was excessive or unreasonable within the meaning of section 40A(2)(b) and based his conclusion merely on low profitability of recipient...

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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.