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Transfer pricing (TP) regulations have been at the forefront of corporate headlines over the last few years due to the increasing number of controversies resulting out of tax structuring by multinational companies (MNE). What makes the topic both contentious and interesting is that regulators view the various techniques applied to interco...
Read MoreArticle discusses changes in ITR 1, ITR 2, ITR 3 , ITR 4 Sugam, ITR 5 and ITR 6 as released by CBDT for Financial Year 2017-18 / Assessment Year 2018-19 vide these changes CBDT has ensured more disclosures from Assessee regarding GST, Financial Particulars, Depreciation, ICDS, Late Fees U/s. 234F, Income from Other Sources, […]...
Read MoreArticle compiles top 10 Changes in Income Tax for Assessment Year 2018-19. 1. Change in Income Tax Slab Rate for AY 2018-19 for Individuals : The only change in Income Tax Slab Rate is change in the tax rate for income falling between 2,50,000 - 5,00,000, it has reduced from 10%(in AY 17-18) to 5%....
Read MoreSource of generation of Bitcoins and its taxability - Considering that there is no specific mention in the Income-tax regarding taxability of cryptocurrencies, one needs to understand the possible views which the income tax authorities might take in order to get the income generated from such transactions within the gamut of taxation in I...
Read MoreApart for the additional reporting requirement under the Income tax Act the word GST has been mentioned at 35 places in the newly notified ITR-6, which clearly means the GST related reporting has to be mentioned at 35 places. the GST has made the changes at the following places:...
Read MoreCautionary Advisory on Reports of tax evasion by under-reporting income or inflating deductions/Exemptions by salaried taxpayers. The Income Tax Department has from time to time issued advertisements requesting taxpayers to report their correct income in their Income Tax Returns....
Read MoreRequirement for obtaining PAN card u/s 139A of IT Act, 1961 eased for corporate assessees In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporat...
Read MoreThe Protocol provides internationally accepted standards for effective exchange of information on tax matters. Further, the information received from Kazakhstan for tax purposes can be shared with other law enforcement agencies with the authorisation of the competent authority of Kazakhstan and vice versa....
Read MoreITR 1 for AY 2018-19 is now available for e-Filing. Other ITRs will be available shortly. ITR1 is applicable for For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs. 50 lakh Download Excel Utility of ITR 1 [&helli...
Read MoreCBDT has vide notification No.16/2018 dated: 03rd April 2018 released ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4-Sugam, ITR-5, ITR-6, ITR-7 and Acknowledgement- ITR-V for Assessment Year 2018-19 / Financial Year 2017-18 and Same can downloaded in PDF Format (Return Filing Utilities are also expected to be released soon) from the links given below:-...
Read MoreITO Vs. Smt. Saida Mohammad (ITAT Jodhpur) - This appeal filed by the Revenue is directed against the order of the ld. CIT(A), Bikaner dated 20.05.2016 pertaining to A.Y. 2012-13....
Read MoreSmt. Ritu Bajaj Vs. The Dy. C.I.T (ITAT Delhi) - The jewellery found in possession of the Assessee and his family is within the normal limits of the jewellery which as per the Board’s Circular not to be seized during the search proceeding of the Income Tax Act. Moreover, in the case of Haroon Mohd. Unni Mumbai vs Department of Income Tax, the As...
Read MoreAkulu Nagaraj Gupta Subbaraju Vs. ITO (ITAT Bangalore) - If second borrowing has really been used to repay the original loan and this fact is proved to the satisfaction of AO, interest paid on the second loan would also be allowed as deduction under section 24....
Read MoreITO Vs Mehrasons Jewellers Pvt. Ltd. (ITAT Delhi) - On the facts and circumstances of the case & in law, the Ld. CIT(A) erred in deleting the addition of Rs.95,00,000/- made by the AO on account of unexplained cash credit from an entry operator completely ignoring the findings given by the Honble Delhi High Court in cases like CIT V. Nova Promoters 3...
Read MoreNanoomal Gupta Vs. ACIT (ITAT Agra) - CIT(A) has erred in confirming the addition wrongly made under section 153A of the Act, without there being any adverse material on record against the assessee; that since the assessee had no business income, no books of account were maintained and the addition was made only on the basis of the asse...
Read MoreF.No. 225/423/2017/ITA.II - (18/04/2018) - Vide communication dated 29th December, 2017 in file of even no. (copy enclosed for reference), Board had issued necessary directions regarding filing of references for restoration of struck-off/de-registered companies under Companies Act, 2013. The field authorities were required to take immediate ...
Read MoreF. No. 279/Misc./M-44/2018-(ITJ) - (16/04/2018) - As per section 15 of the BM Act, any person aggrieved with the order passed by the Assessing Officer under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,2015 (BM Act), may file an appeal to the Commissioner (Appeals). However, Commissioner (Appeals) under the BM Act ...
Read MoreTo avoid any arbitrariness, the returns of Assessment Year 2017-18 and on wards which are pushed by the CPC to the Assessing Officer for processing shall be handled in a chronological manner....
Read MoreD.O.F.No.Pr. DGIT(Admn. &TPS)/D0/2018-19/ - (16/04/2018) - The Board has constantly impressed upon the officers in the field formations the necessity of soft skills while dealing with taxpayers or their representatives. It is important that the behavior of officers and staff should be courteous, polite and above reproach. ...
Read MoreFile No. 48/1/2018/ASK/P.IX/DOMS/54 - (12/04/2018) - Kind reference is invited to the fact that the CBDT has decided to expand the umbrella of its offices having Aayakar Sewa Kendra in F.Y 2018-19 for the purposes of having a more responsive tax administration....
Read MoreITO Vs. Smt. Saida Mohammad (ITAT Jodhpur) -
Smt. Ritu Bajaj Vs. The Dy. C.I.T (ITAT Delhi) -
Akulu Nagaraj Gupta Subbaraju Vs. ITO (ITAT Bangalore) -
ITO Vs Mehrasons Jewellers Pvt. Ltd. (ITAT Delhi) -
Nanoomal Gupta Vs. ACIT (ITAT Agra) -
A. Ashok Simha Reddy Vs. DCIT (ITAT Hyderabad) -
Income Tax Officer Vs. Sh. Neeraj Goel (ITAT Delhi) -
ACIT Vs. M/s Safe Enterprises (ITAT Mumbai) -
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.
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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.
