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Income Tax

Budget 2022 – Increase Standard Deduction for Salaried Class

The salaried persons perhaps have no say in the Budget. Businesses and the self employed manage their taxable incomes but the salaried class cannot escape the clutches of the Income Tax Department because the employer is mandated for deducting tax at source....

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Faceless Appeal scheme and Audi Alteram Partem

The announcement of the Faceless Appeal Scheme, 2020 was made by the finance minister while presenting the Union Budget 2020 on 01.02.2020, with the objective to eliminate the physical interface between the taxpayers and the income tax authorities....

Read More

Applicability of Tax Audit under section 44AB

Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees....

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Who’s Budget First? Personal or Union

Arjuna, in simple language, Budget is a financial document used to estimate revenue and expenses of the upcoming year. The Governments finance works on the basis of this document. This means that efforts are taken to either earn projected or more revenue. Also plans are made to manage the expenditure up to the projected limit....

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Income from House Property- Points to remember

Income under the head House Property. Basis of Chargeability (Section 22): Any Income under house property is charged if following conditions are satisfied ♦ Property consisting of any buildings or lands appurtenant thereto ♦ Assessee is the owner of the property ♦ Not used for the purposes of any business or profession carried on b...

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Income Tax Department conducts search & seizure in Haryana

The Income Tax Department had conducted a search and seizure operations on a diversified business group engaged in the manufacturing of plywood/plyboard, MDF board, inverter and vehicle batteries, and in the refining of lead on 11.01.2022.  More than 30 premises spread across the cities of Yamuna Nagar, Ambala, Karnal, and Mohali have be...

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56 Union Budget 2021-22 Provisions implemented by Government

Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period....

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Advisory on Form 10CCB to avoid errors in filing & verification

Clarification on Form 10CCB To avoid errors in form filing and verification, kindly ensure that following points are considered: 1. Please assign Form 10CCB to respective Chartered Accountant(CA) from ‘My CA‘ functionality. 2. Once CA successfully submits the form, taxpayer can accept/reject the Form 10CCB under ‘Worklis...

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AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition; (ii) Issue notice to the opposite parties as to why writ in the nature of certiorari shall not be issued quashing/striking down “Clarification 1” given in Circular dated 09.09.2021 in respect of Section 2...

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Tamil Nadu Delta Region CA’s Representation for Extension of due dates

Joint Representation Letter of CA's in Thanjavur, Thiruvarur, Nagapattinam, Mayiladuthurai and Cuddalore Districts. CAs wrote to FM on the difficulties faced while using the new Income-tax e-filing portal and Request for waiver of late filing fees, penalties, interest, etc.,...

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Bogus purchase additions confirmed by CIT(A) & ITAT: HC upheld Section 276C prosecution

Nayan Jayantilal Balu Vs Union of India (Bombay High Court) - Nayan Jayantilal Balu Vs Union of India (Bombay High Court) Perusal of the complaint launched against Petitioner also disclose allegations that Petitioner failed to substantiate the claim of purchases amounting to Rs. 2,74,03,016/- and the assessing officer held the purchases to be bogus and made a...

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Section 194D TDS not deductible If Sum Paid Directly to Services Providers

Commissioner of Income Tax Vs SBI Life Insurance Company Ltd. (Bombay High Court) - Commissioner of Income Tax Vs SBI Life Insurance Company Ltd. (Bombay High Court) Therefore the obligation to deduct is on the person who is paying and the deduction to be made at the time of making such payment. Factually and admittedly no amount has been paid to the agents by respondent as a reimb...

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Section 148 notice issued to a dead assesse is notice without jurisdiction

Arunaben Kanaiyalal Patel L/R of Late Kanaiyalal Dalsukh Patel Vs ACIT (Gujarat High Court) - Arunaben Kanaiyalal Patel L/R of Late Kanaiyalal Dalsukh Patel Vs ACIT (Gujarat High Court) The subject matter of challenge in the present writ application is to the notice of reopening issued under Section 148 of the Act for the A.Y. 2017-18, essentially on the ground that the same is without juris...

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Converting of debentures out of debit balance cannot be treated as diversion of funds

Addl. CIT Vs G.S. Pharmbutor P. Ltd. (ITAT Delhi) - Addl. CIT Vs G.S. Pharmbutor P. Ltd. (ITAT Delhi) It is undisputed fact that the assessee has not given any loan or advances during the year. As can be seen from the copy of account of M/s. Moderate Leasing & Capital Services Limited, assessee has been paying advances and loan to the said compan...

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Education cess cannot be disallowed under section 40(a)(ii)

LG Soft India Private Limited Vs DCIT (ITAT Bangalore) - LG Soft India Private Limited Vs DCIT (ITAT Bangalore) The Hon’ble Bombay High Court in the case of Sesa Goa Limited v. JCIT (supra) had held education cess is an allowable expenditure as the word ‘cess’ is conspicuously absent under the provisions of section 40(a)(ii) of the I.T.Act T...

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CBDT notifies new Rule 21AJA, Rule 21AJAA & Form No. 10-IK

Notification No. 6/2022-Income Tax [G.S.R. 15(E).] - (14/01/2022) - CBDT notifies new Rule 21AJA, Rule 21AJAA & Form No. 10-IK vide Notification No. 6/2022 | Dated: 14th January, 2022- Rule 21AJA. Computation of exempt income of specified fund, attributable to the investment division of an offshore banking unit, for the purposes of clause (4D) of section 10 of t...

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Section 10(46) exemption to Assam Electricity Regulatory Commission

Notification No. 5/2022-Income Tax [S.O. 193(E)] - (13/01/2022) - Vide Notification No. 5/2022 – Income Tax | Dated:  13th January, 2022 CBDT notifies Tax Exemption to Assam Electricity Regulatory Commission, constituted by the Government of Assam, in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Depart...

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Corrigendum Notification No. 4/2022- Income Tax, Dated: 13.01.2022

Notification No. 4/2022-Income Tax [S.O. 192(E)] - (13/01/2022) - Corrigendum to Notification No. 142/2021-Income Tax | Dated: 31st December, 2021 vide Notification No. 4/2022- Income Tax, Dated: 13.01.2022. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM Notification No. 4/2022- Income Tax New Delhi, the 13th January, 2022 ...

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Income Tax Audit Due & ITR Due date for AY 2021-22 extended

Circular No. 01/2022-Income Tax - (11/01/2022) - On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Income Tax Audit date extended to 15 Feb 2022 and Income Tax ...

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Section 10(46) exemption to International Financial Services Centres Authority

Notification No. 3/2022-Income Tax (S.O. 145(E)) - (11/01/2022) - Vide Notification No. 3/2022-Income Tax | Dated: 11th January, 2022 CBDT notifies Tax Exemption to ‘International Financial Services Centres Authority’, Gandhinagar, Gujarat, an authority constituted under sub-sections (1) and (3) of section 4 of the International Financial Services Centres Auth...

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Recent Posts in "Income Tax"

Income Tax Department conducts search & seizure in Haryana

The Income Tax Department had conducted a search and seizure operations on a diversified business group engaged in the manufacturing of plywood/plyboard, MDF board, inverter and vehicle batteries, and in the refining of lead on 11.01.2022.  More than 30 premises spread across the cities of Yamuna Nagar, Ambala, Karnal, and Mohali have be...

Read More
Posted Under: Income Tax |

Budget 2022 – Increase Standard Deduction for Salaried Class

The salaried persons perhaps have no say in the Budget. Businesses and the self employed manage their taxable incomes but the salaried class cannot escape the clutches of the Income Tax Department because the employer is mandated for deducting tax at source....

Read More
Posted Under: Income Tax |

Bogus purchase additions confirmed by CIT(A) & ITAT: HC upheld Section 276C prosecution

Nayan Jayantilal Balu Vs Union of India (Bombay High Court)

Nayan Jayantilal Balu Vs Union of India (Bombay High Court) Perusal of the complaint launched against Petitioner also disclose allegations that Petitioner failed to substantiate the claim of purchases amounting to Rs. 2,74,03,016/- and the assessing officer held the purchases to be bogus and made an addition of Rs. 34,25,377/­(12.5% of ...

Read More

Section 194D TDS not deductible If Sum Paid Directly to Services Providers

Commissioner of Income Tax Vs SBI Life Insurance Company Ltd. (Bombay High Court)

Commissioner of Income Tax Vs SBI Life Insurance Company Ltd. (Bombay High Court) Therefore the obligation to deduct is on the person who is paying and the deduction to be made at the time of making such payment. Factually and admittedly no amount has been paid to the agents by respondent as a reimbursement of […]...

Read More

Section 148 notice issued to a dead assesse is notice without jurisdiction

Arunaben Kanaiyalal Patel L/R of Late Kanaiyalal Dalsukh Patel Vs ACIT (Gujarat High Court)

Arunaben Kanaiyalal Patel L/R of Late Kanaiyalal Dalsukh Patel Vs ACIT (Gujarat High Court) The subject matter of challenge in the present writ application is to the notice of reopening issued under Section 148 of the Act for the A.Y. 2017-18, essentially on the ground that the same is without jurisdiction as the impugned notice […...

Read More

Converting of debentures out of debit balance cannot be treated as diversion of funds

Addl. CIT Vs G.S. Pharmbutor P. Ltd. (ITAT Delhi)

Addl. CIT Vs G.S. Pharmbutor P. Ltd. (ITAT Delhi) It is undisputed fact that the assessee has not given any loan or advances during the year. As can be seen from the copy of account of M/s. Moderate Leasing & Capital Services Limited, assessee has been paying advances and loan to the said company from […]...

Read More

Faceless Appeal scheme and Audi Alteram Partem

The announcement of the Faceless Appeal Scheme, 2020 was made by the finance minister while presenting the Union Budget 2020 on 01.02.2020, with the objective to eliminate the physical interface between the taxpayers and the income tax authorities....

Read More
Posted Under: Income Tax |

Education cess cannot be disallowed under section 40(a)(ii)

LG Soft India Private Limited Vs DCIT (ITAT Bangalore)

LG Soft India Private Limited Vs DCIT (ITAT Bangalore) The Hon’ble Bombay High Court in the case of Sesa Goa Limited v. JCIT (supra) had held education cess is an allowable expenditure as the word ‘cess’ is conspicuously absent under the provisions of section 40(a)(ii) of the I.T.Act The Hon’ble High Court also placed reli...

Read More

Applicability of Tax Audit under section 44AB

Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees....

Read More
Posted Under: Income Tax |

Who’s Budget First? Personal or Union

Arjuna, in simple language, Budget is a financial document used to estimate revenue and expenses of the upcoming year. The Governments finance works on the basis of this document. This means that efforts are taken to either earn projected or more revenue. Also plans are made to manage the expenditure up to the projected limit....

Read More
Posted Under: Income Tax |

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.

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