Income Tax

Section 271AA Penalty for failure to maintain Transfer Pricing documents

Section 271AA – Penalty for failure to keep / maintain information and documents in respect of an international or specified domestic transaction Provisions of section 92D of the Income Tax Act, 1961 mandates the following categories of persons to maintain and keep specified information and documents – The person who has entered into ...

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Pre-Budget Expectations from Union Budget 2020

As the countdown for the Union Budget has begun, the atmosphere among India Inc and general public is fraught with anxiety. Apprehensions about the declining growth rate, stagnating domestic demand, tumbling private investment, jobs crisis and rising inflation have set the tone for the present economic discourse. The successive economic d...

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File Your TDS Statement by 31st January 2020

As we all are aware that the due date of TDS return filing is coming closer for 3rd Quarter i.e. 31st January, 2020 for FY 2019-20. Hence this article is kind of reminder for all taxpayers to be compliant this time towards filing of return within due date to avoid unnecessary interest and late fees. […]...

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Section 143(3) of Income Tax Act – Scrutiny Assessment –FAQ’s

Dear Readers, now these days Income Tax Department is very active in tax collection matters to achieve their targeted collection. Income Tax law mainly permits self-Assessment by assesse, related to their Income Tax Liability, however, from huge database of assesses limited numbers of returns are selected for scrutiny assessment. Now, Inc...

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How to Change Company Status from Active Non Compliant to Active

It’s a common question amongst many professionals, mentioned below with hypothetical situation: If a company fails to file Active form, status of form changed as Active Non Complaint. -Out of 3 Directors 2 has not filed their DIR-3 KYC. -Due to non filing of DIR-3 KYC their DIN are deactivated. -Due to deactivation of DIN, […]...

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Undisclosed foreign assets of more than Rs. 1000 crore detected

Taking forward the mission of the Government against black money, particularly undisclosed foreign assets, the Income Tax Department conducted searches on 19th January, 2020, on a group which has been on their radar for having substantial undisclosed foreign assets. The operation covered 13 premises in NCR....

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Tax Invasion is a Social Injustice to fellow citizens: Chief Justice of India

Tax Invasion is a Social Injustice to fellow citizens: Chief Justice of India. Tax Judiciary plays an important role in resource mobilization of the country; Artificial Intelligence is a new hope for Public Institutions; Inaugurates 79th Foundation Day Celebrations and All India Members' Conference of the Income Tax Appellate Tribunal...

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Budget 2020- Increase Tax Exemption Slabs / Section 80C Deduction/ Cash Transaction Limit

Punjab Accountants Association hs requested Honourable Union Finance Minister, Ms. Nirmala Sitharaman to revise Income-tax Slab for the Financial Year 2020-21, Increase Cash transaction in a day to atleast Rs. 20,000 and to increase section 80C deduction limit to Rs. 2,00,000....

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Section 234F Fee for delayed filing of return causing undue hardship

The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31St December of the relevant assessment year and Rs.10,000, in other cases. However, it is also proposed to restrict the fees to Rs.1,000, where the total income does not exceed five lakh rupees....

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Fix the global tax system to fix the inequality crisis: ICRICT

The inequality crisis remains unaddressed and out of control. Hundreds of millions of people are living in extreme poverty while large rewards go to those at the very top. In 2019, the world’s billionaires, only 2,153 people, had more wealth than the poorest  4.6 billion people combined, according to Oxfam. A new generation of inequali...

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Section 56(2)(vii)(b) not applicable to Property Purchased before 01.04.2014

Bajrang Lal Naredi Vs ITO (ITAT Ranchi) - Bajrang Lal Naredi Vs ITO (ITAT Ranchi) In the instant appeal, the applicability of Section 56(2)(vii)(b) of the Act as amended by Finance Act, 2013 and applicable to AY 2014-15 in question. On a perusal of pre-amended provisions of Section 56(2)(vii)(b) of the Act, we gather that where an individua...

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ITAT explains Provisions of Clubbing of Income of Wife with Husband

Uday Gopal Bhaskarwar Vs ACIT (ITAT Pune) - Uday Gopal Bhaskarwar Vs ACIT (ITAT Pune) ITAT explains Provisions of Clubbing of Income of Wife with Husband- Allows Losses of F&O Business of Wife to be clubbed with Income of Husband Where the spouse (husband) of an individual (wife) transfers some assets otherwise than for adequate considera...

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Odomos is not a Medicine and is a Mosquito Repellent: HC

Dabur India Ltd. Vs Commissioner of CGST (Allahabad High Court) - The materials in the records before the authorities below corroborate the fact that the petitioners pitched the product in their sale material and advertisements as a mosquito repellent. Various mosquito repelling qualities are identified as defining characteristics of the subject goods in the marke...

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Bogus LTCG – ITAT refuses to grant Stay of Demand

Shri Anoop Jain Vs ACIT (ITAT Delhi) - Shri Anoop Jain Vs ACIT (ITAT Delhi) The learned departmental representative vehemently objected to the stay petition and stated that assessee has obtained the bogus long-term capital gain in penny stock and therefore it does not deserve stay of demand. He further submitted that there are equal numb...

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Gain on Transfer of development rights of a plot cannot be treated as Short term for delay in registration of Acquisition

Jawahar Hiralal Jethani Vs DCIT (ITAT Pune) - Whatever rights the assessee acquired in the said plot started from 1997, during which year the substantial payment for purchase consideration was also made. The said consideration was recognized in the later registered document, which established the case of assessee of having acquired the rights w...

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Empanelment of Chartered Accountant as special Income Tax Auditor

Notification No. F.No.85045/12/2019-20 - (24/01/2020) - The Income Tax Department Bihar & Jharkhand, Patna invites application from qualified Chartered Accountants firms ( within the meaning of the Chartered Accountants Act, 1949) for empanelment as Special Auditors to carry out audit in accordance with the provisions of sec. 142(2A) of I.T. Act, 1961. T...

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IT Search in group running renowned educational institutions

NA - (24/01/2020) - The Income Tax Department mounted a search on a group operating leading educational institutions having a large number of schools and colleges in Chennai and Madurai region. The search was conducted at the office of the Trust, residences of the trustees and key employees of the group....

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Govt appoints administrator for Dadra & Nagar Haveli and Daman & Diu Merger

F.No. 14016/34/2016.UTS-I. - (24/01/2020) - President of India is pleased to appoint Shri Prafulbhai Khodabhai Patel, as Administrator of Union Territory of Dadra and Nagar Haveli and Daman and Diu w.e.f. 26.01.2020 and until further orders....

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TDS and Tax on Salary | Section 192 | FY 2019-20 | AY 2020-21

Circular No. 4/2020 - (16/01/2020) - CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different components of Salary, Tax Treatment of Allowances, Perquisites, Retirement bene...

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IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2020

Notification No. IBBI/2019-20/GN/REG054. - (15/01/2020) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Recent Posts in "Income Tax"

Section 271AA Penalty for failure to maintain Transfer Pricing documents

Section 271AA – Penalty for failure to keep / maintain information and documents in respect of an international or specified domestic transaction Provisions of section 92D of the Income Tax Act, 1961 mandates the following categories of persons to maintain and keep specified information and documents – The person who has entered into ...

Read More
Posted Under: Income Tax |

Pre-Budget Expectations from Union Budget 2020

As the countdown for the Union Budget has begun, the atmosphere among India Inc and general public is fraught with anxiety. Apprehensions about the declining growth rate, stagnating domestic demand, tumbling private investment, jobs crisis and rising inflation have set the tone for the present economic discourse. The successive economic d...

Read More
Posted Under: Income Tax |

File Your TDS Statement by 31st January 2020

As we all are aware that the due date of TDS return filing is coming closer for 3rd Quarter i.e. 31st January, 2020 for FY 2019-20. Hence this article is kind of reminder for all taxpayers to be compliant this time towards filing of return within due date to avoid unnecessary interest and late fees. […]...

Read More
Posted Under: Income Tax |

Section 143(3) of Income Tax Act – Scrutiny Assessment –FAQ’s

Dear Readers, now these days Income Tax Department is very active in tax collection matters to achieve their targeted collection. Income Tax law mainly permits self-Assessment by assesse, related to their Income Tax Liability, however, from huge database of assesses limited numbers of returns are selected for scrutiny assessment. Now, Inc...

Read More
Posted Under: Income Tax |

How to Change Company Status from Active Non Compliant to Active

It’s a common question amongst many professionals, mentioned below with hypothetical situation: If a company fails to file Active form, status of form changed as Active Non Complaint. -Out of 3 Directors 2 has not filed their DIR-3 KYC. -Due to non filing of DIR-3 KYC their DIN are deactivated. -Due to deactivation of DIN, […]...

Read More
Posted Under: Income Tax |

Benefits of Filing Income Tax Return by Different Classes of Assessees

Though as a Company or a Firm you are required to file a return irrespective of whether you have income or losses. In cases where a person (an individual) has Loss under the head ‘Income from House Property’ or loss under the head ‘ Profits & Gains of Business or Profession’ ‘Capital Gains’ or losses from ‘Income from Other ...

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Posted Under: Income Tax |

Impact of Finance (No. 2) Act, 2019 on Income Tax Act, 1961

The Union Finance Minister of India, Nirmala Sitharaman presented the Finance (No. 2) Bill, 2019 in the Lok Sabha proposing several amendments and insertions in the Income Tax Act, 1961. The Bill received the President’s assent and has come into force from 1st September, 2019. This amendment provides for some major changes in the ongoin...

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Posted Under: Income Tax |

Penalty & immunity under Section 270A / 270AA- Practical Issues

The legislature changed the entire law on penalty by shifting the defaults of ‘concealment or furnishing inaccurate particulars of income’ u/s 271(1)(c) of the Income tax Act, 1961 (Act)  to new defaults of ‘Underreporting or Misreporting of the Income’ u/s 270A of the Act for the assessment year beginning on or after 01/04/2017 ...

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Posted Under: Income Tax |

Empanelment of Chartered Accountant as special Income Tax Auditor

Notification No. F.No.85045/12/2019-20 (24/01/2020)

The Income Tax Department Bihar & Jharkhand, Patna invites application from qualified Chartered Accountants firms ( within the meaning of the Chartered Accountants Act, 1949) for empanelment as Special Auditors to carry out audit in accordance with the provisions of sec. 142(2A) of I.T. Act, 1961. The remuneration for the Special Audit is...

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Section 271A Penalty for failure to keep / maintain or retain books of accounts, documents

Section 271A – Penalty for failure to keep / maintain or retain books of accounts, documents etc. Section 44AA of the Income Tax Act read with rule 6F of the Income Tax Rules requires certain specified persons, carrying on business or profession, to mandatorily keep / maintain books of accounts or other documents. In case […]...

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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.