Income Tax

Detection of any undisclosed income subsequent to final order of ITSC

Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the final order of ITSC Introduction:- Chapter XIX – A of Income Tax Act, 1961 provides for settlement of cases. Income Tax Settlement Commission was set up in the year 1976 on the recommendation of Direct T...

Read More

Education ‘cess’ is a deductible Expenditure: Mumbai High court

Whether, for section Section 40(a)(ii), word ‘cess’ would be labeled as a ‘tax’ and hence accordingly, will not be allowed business expenditure....

Read More

How Can Family Help You Save Taxes?

INTRODUCTION: ‘Families Are That Compass That Guide Us, Inspire Us and Comfort us When We Falter’ But additionally, as family members we can save money and grow together. Let’s dive into the article to understand how to take family route for saving taxes. WAYS OF PLANNING TAXES THROUGH FAMILY MEMBERS: IN CASE OF HOME LOAN: [...

Read More

New tax regime vs old tax regime under Income Tax

New Tax regime vs Old Tax Regime: Till now i am writing Articles related to GST but today one of my friend asked me – Should I opt for New Scheme or Old Scheme for A.Y 2021-22 ?? So today I will discuss very interesting topic – New Tax regime vs Old tax regime– Answer […]...

Read More

Section 35CCD Deduction towards expenditure incurred on skill development project

Section 35CCD of the Income Tax Act provides deduction towards expenditure incurred on the skill development project. Whereas, rule 6AAF of the Income Tax Rules provides the guidelines to be followed by the company in order to notify the skill development project. Further, rule 6AAG provides the conditions to be satisfied by the skill dev...

Read More

Income Tax Department conducts searches in Jaipur

The Income Tax Department carried out search and survey operations on 19.01.2021 in Jaipur on three groups, involving one jeweller and two real-estate colonizers and developers. Co-ordinated search operation was conducted at 20 premises and survey was conducted at 11 premises....

Read More

Income Tax Department conducts searches in Pune

The Income Tax Department carried out search and survey operations on 12.01.2021 in the cases of leading builders located in Borivali-Mira Road-Bhayander Area of Thane....

Read More

Delivery on Budget Promises (2020-21)

Re-strengthening economy through reforms: Assuring fair, courteous and rational behavior to the taxpayer, demonstrating our commitment to improve taxpayer services. DELIVERY ON BUDGET PROMISES (2020-21) TAXPAYERS’ CHARTER THE INCOME TAX DEPARTMENT IS COMMITED TO 1. Provide fair, courteous, and reasonable treatment 2. Treat taxpayer ...

Read More

₹ 450 Crore concealment detected in IT searches in Kolkata

So far, concealment of income amounting to more than Rs. 450 crore has been detected. The assessee has made an admission of undisclosed income amounting to Rs. 105 crore. The search action has resulted in seizure of unaccounted cash of Rs.1.58 crore....

Read More

Response to outstanding Income Tax Demand

The Taxpayer can submit the response online to the outstanding demand by performing the below steps. 1. Go to the Income Tax e-Filing portal, `www.incometaxindiaefiling.govin’ 2. Login to e-Filing portal by entering user ID (PAN), Password, Captcha code and click ‘Login’. 3. Post login, click on the ‘e-File’ ...

Read More

TDS on leased line charge already paid cannot be enforced by subsequent amendment

DCIT Vs Barclays Technology Centre India Pvt. Ltd. (ITAT Pune) - DCIT Vs Barclays Technology Centre India Pvt. Ltd. (ITAT Pune) Conclusion: Liability to deduct tax at source on leased line charges could be fastened only under the law prevailing at the time of payment. If no liability existed at the time of payment, any subsequent retrospective amendment could not...

Read More

Setting off of unabsorbed depreciation against income after lapse of 8 years allowable

Harvey Heart Hospitals Ltd. Vs. ACIT (Madras High Court) - Unabsorbed depreciation pertaining to the assessment year 1997-98 to 2001-02 can be carry forward and adjusted after the lapse of eight assessment years in view of the section 32(2) as amended by the Finance Act, 2001. ...

Read More

No revision u/s 263 merely on the basis of suspicions.

Smt. Bhavna B. Kothari Vs ITO (ITAT Bangalore) - Merely because the issue was not elaborately discussed in the quantum assessment could not be a ground to invoke revisional jurisdiction u/s 263 particularly when the details called for by AO were submitted and placed on record....

Read More

TNMM method is most appropriate method to take care of all notional interest costs

Gimpex Pvt. Ltd. Vs ACIT (ITAT Chennai) - Gimpex Pvt. Ltd. Vs ACIT (ITAT Chennai) There is no dispute with regard to the fact that receivables is included under the definition of international transactions by amending section 92B by the Finance Act, 2012 w.e.f. 01.04.2002. Therefore, we are of the considered view that there is no merit in t...

Read More

Section 14A disallowance not sustainable if AO fails to records satisfaction about correctness of claim of assessee

Ambuja Housing & Urban Infrastructure Co. Ltd Vs DCIT (ITAT Kolkata) - Ambuja Housing & Urban Infrastructure Co. Ltd Vs DCIT (ITAT Kolkata) It appears that while invoking Rule 8D of the I.T Rules, 1962 the AO has not pointed out/identified any specific infirmity in the disallowance so offered by the appellant/ assessee. A single sentence ‘explanation of the a...

Read More

Order under Para 4 of Faceless Penalty Scheme, 2021

F No. 187/4/2021-ITA-I - (20/01/2021) - Order under Para 4 of the Faceless Penalty Scheme, 2021 for directing the National Faceless Assessment Centre /Regional Faceless Assessment Centre/ Assessment Unit/ Review Unit to act as the National Faceless Penalty Centre /Regional Faceless Penalty Centre/ Penalty Unit/ Penalty Review Unit under t...

Read More

Clarification regarding approval for attachment provided in Order dated 19.10.2020

F. No. 275/29/2020-IT(B) - (19/01/2021) - F. No. 275/29/2020-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ********* North Block, New Delhi Dated, 19th January, 2021 Office Memorandum Subject: Clarification regarding approval for attachment provided in the Order dated 19th October, 2020 is...

Read More

Remuneration Amount under section 9A(3)(m) of Income-tax Act, 1961

Circular No. 1 of 2021-Income Tax - (15/01/2021) - Finance (No 2) Act, 2019, inter alia, amended clause (m) of sub-section (3) of section 9A of the Income-tax Act, 1961 (the Act) w.e.f. 01.04.2019 to provide for payment of remuneration by an eligible investment fund to an eligible fund manager in respect of fund management activity undertaken by him...

Read More

CBIC restricts attendance of Non-Government Seminars by its officers

F.No. C-50/04/2021-Ad.II - (12/01/2021) - No officer may be allowed to attend conferences/ seminars/webinars organized by non-government entities as resource person without the prior permission of the Secretary, Department of Revenue, Ministry of Finance, unless it is organized by Government agencies....

Read More

Faceless Penalty Scheme, 2021 – CBDT notifies directions

Notification No. 03/2021-Income Tax [S.O. 118(E)] - (12/01/2021) - CBDT issues Notification No. 03/2021-Income Tax and notifies directions to give effect to the Faceless Penalty Scheme, 2021  MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2021-Income Tax New Delhi, the 12th January, 2021 INCOME-TAX S.O. 118(E).—In...

Read More

Browse All Categories

CA, CS, CMA (5,120)
Company Law (6,829)
Custom Duty (8,177)
DGFT (4,431)
Excise Duty (4,421)
Fema / RBI (4,504)
Finance (4,732)
Income Tax (35,551)
SEBI (3,798)
Service Tax (3,649)

Recent Posts in "Income Tax"

Detection of any undisclosed income subsequent to final order of ITSC

Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the final order of ITSC Introduction:- Chapter XIX – A of Income Tax Act, 1961 provides for settlement of cases. Income Tax Settlement Commission was set up in the year 1976 on the recommendation of Direct T...

Read More
Posted Under: Income Tax |

TDS on leased line charge already paid cannot be enforced by subsequent amendment

DCIT Vs Barclays Technology Centre India Pvt. Ltd. (ITAT Pune)

DCIT Vs Barclays Technology Centre India Pvt. Ltd. (ITAT Pune) Conclusion: Liability to deduct tax at source on leased line charges could be fastened only under the law prevailing at the time of payment. If no liability existed at the time of payment, any subsequent retrospective amendment could not be enforced against the payer. Once [&h...

Read More

Setting off of unabsorbed depreciation against income after lapse of 8 years allowable

Harvey Heart Hospitals Ltd. Vs. ACIT (Madras High Court)

Unabsorbed depreciation pertaining to the assessment year 1997-98 to 2001-02 can be carry forward and adjusted after the lapse of eight assessment years in view of the section 32(2) as amended by the Finance Act, 2001. ...

Read More

No revision u/s 263 merely on the basis of suspicions.

Smt. Bhavna B. Kothari Vs ITO (ITAT Bangalore)

Merely because the issue was not elaborately discussed in the quantum assessment could not be a ground to invoke revisional jurisdiction u/s 263 particularly when the details called for by AO were submitted and placed on record....

Read More

Education ‘cess’ is a deductible Expenditure: Mumbai High court

Whether, for section Section 40(a)(ii), word ‘cess’ would be labeled as a ‘tax’ and hence accordingly, will not be allowed business expenditure....

Read More
Posted Under: Income Tax |

How Can Family Help You Save Taxes?

INTRODUCTION: ‘Families Are That Compass That Guide Us, Inspire Us and Comfort us When We Falter’ But additionally, as family members we can save money and grow together. Let’s dive into the article to understand how to take family route for saving taxes. WAYS OF PLANNING TAXES THROUGH FAMILY MEMBERS: IN CASE OF HOME LOAN: [...

Read More
Posted Under: Income Tax |

New tax regime vs old tax regime under Income Tax

New Tax regime vs Old Tax Regime: Till now i am writing Articles related to GST but today one of my friend asked me – Should I opt for New Scheme or Old Scheme for A.Y 2021-22 ?? So today I will discuss very interesting topic – New Tax regime vs Old tax regime– Answer […]...

Read More
Posted Under: Income Tax |

Section 35CCD Deduction towards expenditure incurred on skill development project

Section 35CCD of the Income Tax Act provides deduction towards expenditure incurred on the skill development project. Whereas, rule 6AAF of the Income Tax Rules provides the guidelines to be followed by the company in order to notify the skill development project. Further, rule 6AAG provides the conditions to be satisfied by the skill dev...

Read More
Posted Under: Income Tax |

Ghost Assessment

An assessing officer [referred to as AO] having finished his unofficial work, no need to explain what an unofficial work is. He was about to pack up. He checked all drawers of the table and door of the cupboard duly locked. Laptop was already turned off. For a while he stared around the cabin making sure nothing confidential left in open....

Read More
Posted Under: Income Tax | ,

Section 38 Building, etc. partly used for business, etc., or not used exclusively

Section 38 – Building, etc., partly used for business, etc., or not used exclusively Section 38 of the Income Tax Act deals with the deductions related to buildings, etc., partly used for business, etc., or not exclusively so used. The provisions contained in this section provides in summarized in two parts: 1. Deductions with respe...

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.

Search Posts by Date

January 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031