Income Tax

Scope of Section 115BBE and applicability in survey U/S 133A

115BBE. Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.—(1) Where the total income of an assessee includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, the income-tax payable shall be the aggregate of...

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All about ITR-6 as applicable for A.Y. 2018-19

ITR-6- For Companies other than companies claiming exemption under section 11.Download ITR-6 E-filing Return Preparation Software for A.Y. 2010-11. Download New Saral-II (ITR-1) Excel Based Return Preparation Utility for the F.Y. 2009-10, A.Y. 2010-11...

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E-File TDS Statement for quarter ending on 31.03.2018 by 31.05.2018

Tax Deductors are required to e-File TDS STATEMENT for  quarter ending on 31st March 2018 by 31st May, 2018 which is the last date to file such statements. For delay in filing TDS Statement Tax Deductors have to pay a a fine of Rs. 200/- for each day of default. Time Limit to File Statement for […]...

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Section 68: Provisions related to Cash Credits /Undisclosed Income

Section 68 incorporates only a rule of evidence, placing the onus of proof on the assessee. There have been hardly any amendments in this section since its introduction....

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Save more with Health Insurance

Health insurance is viewed as a significant investment and therefore tax deductions are offered u/s 80D of the Income Tax Act, 1961. Under this section, deductions are provided on the policies for self, spouse, dependent children and parents. Section 80D of the Income Tax Act, 1961 allows for deduction of money towards health insurance an...

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After 50 days CBDT Releases Java Utility of ITR-5 & ITR-7

Today CBDT has finally released after 50 days of start of Assessment Year 2018-19 Java Utility of ITR-5 (For persons other than:- (i) Individual,(ii) HUF,(iii) Company and (iv) Person filing Form ITR-7) and Java Utility of  ITR-7 [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 1...

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After 47 days CBDT Releases mere Java Utility of ITR-3

Today CBDT has finally released after 47 days of start of Assessment Year 2018-19, Java Utility of ITR-3 (For individuals and HUFs having income from profits and gains of business or profession). It is worthy to note that CBDT is failed to release excel utility of ITR-3 and released only Java utility of ITR-3. Earlier […]...

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Cabinet approves signing & ratifying agreement with Brunei Darussalam for exchange of information

Cabinet approves signing and ratification of Agreement between India and Brunei Darussalam for the Exchange of Information and Assistance in Collection with respect to Taxes ...

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All about Income Tax Return Form ITR-3 (A.Y. 2018-19)

Instructions for filling out FORM ITR-3 (A.Y. 2018-19) These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Income Tax Return Form ITR-3 is applicable This Re...

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After 44 days CBDT Releases Java Utility of ITR-2

Today CBDT has finally released  after 44 days of start of Assessment Year 2018-19, Java Utility of ITR-2 (For Individuals and HUFs not having income from profits and gains of business or profession).It is worthy to note that CBDT is failed to release excel utility of ITR-2 and released  only Java utility of ITR-2. Earlier […]...

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Deduction U/s. 10AA on Interest on electricity deposit/assaying income/refining income and sale of residual dust

Dania Oro Jewellery (P) Ltd. Vs. ITO (ITAT Mumbai) - Conclusion: Notional interest on delay in realization of trade debt could not be charged from AE as there was uniformity in the act of the assessee in not charging interest from both AE and Non-AE debtors for delayed realization of export proceeds....

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Exemption U/s. 11 cannot be denied merely because func­tion hall was let out on rent for various activities

ITO Vs. Kalinga Cultural Trust (ITAT Hyderabad) - Where an institution is not driven primarily by a desire or motive to earn profits but to do charity through the advancement of an object of general public utility, it cannot but be regarded as an institution established for charitable purposes and proviso to section 2(15) could not be applied so as...

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Section 195 Payment towards Import of Software Amounts to Royalty

Telecomone Teleservices India Private Limited Vs The Deputy Commissioner of Income Tax (ITAT Bangalore) - The CIT (A) has failed to understand that your appellant was not under any legal obligation to effect TDS on purchase of Computer Software in F.Y. 2011-12 as these were considered as purchase of goods under the then existing provisions of law and subjected to customs duty. Purchase of computer softw...

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Lease rental income from letting out of warehouse constitutes business income

The Income-tax Officer Vs M/s Anjaneya Infrastructure Projects Pvt. Ltd. (ITAT Bangalore) - The assessee, a company engaged in deriving rental income from letting out of warehouse, filed its return of income for asst. year 2013­14 on 29/8/2013 declaring income of Rs. 26,97,860/- treating the rental income received there form as business receipts and offering the same for taxation of busin...

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If AO was satisfied as to assessee’s computation of disallowance U/s. 14A, invocation of rule 8D could not be allowed

Samvardhana Motherson International Ltd. Vs Asstt CIT & Anr. (Delhi High Court) - Samvardhana Motherson International Ltd. Vs ACIT (Delhi High Court) The chronology of events leading up to the passing of the orders under section 143(3) of the Act, clearly shows that the assessing officer was ‘satisfied with the claim of the assessee’ while passing the original orders. Rule 8D...

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Notification reg. placement of 121 JCIT in Selection Grade (NFSG)

Notification No. 06 of 2018 - (11/05/2018) - NOTIFICATION NO. 06 OF 2018- The following Joint Commissioners of Income Tax are, hereby placed in the Selection Grade (NFSG) (Level 13 in the Pay matrix) (Pay Band-4 of Rs. 37,400 — 67,000 + Grade Pay of Rs. 8,700/-) (Pre-revised) with effect from 01.01.2018:...

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Order No. 65/2018 : Extension of ad-hoc appointments of 162 ACITs

Office Order No. 65/2018 - (11/05/2018) - In continuation of order No. 62/2016 dated 07.04.2016, No. 177/2017 dated 10.10.2017 and 03/2018 dated 03.01.2018, the President is pleased to extend the ad-hoc appointments of the following Assistant Commissioner of Income Tax for the vacancy year 2014-15 from 07.04.2018 to 06.10.2018...

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CBDT notifies Foreign Oil Companies eligible for exemption U/s. 10(48A)(ii)

Notification No. 22/2018-Income Tax - (08/05/2018) - Central Government, having regard to the national interest, hereby notifies the following foreign companies and agreement, for the purposes of clause (ii) of the proviso to clause (48A) of section 10 of the Income-tax Act, 1961...

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Manual Order Upload functionality in ITBA Assessment Module -Regarding

ITBA- ASSESSMENT INSTRUCTION NO. 9 - (07/05/2018) - ITBA is designed as a comprehensive platform in which all the processes of Department can be completed online in the System. For performing any action on any proceeding in system, a key pre-requisite that the base order of the proceeding should exist in the system....

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Dedicated fortnight for Income Tax Appeal Effect & Rectification

D.O. No. DIT (TPS-I)/Pakhwada/2018-19 - (07/05/2018) - During the period of 1st to 15th June, 2018, all assessing officers shall accord top priority to work of giving appeal effect and passing the rectification orders, and shall earmark the first half of the day to meet applicants/ counsels who seek to have a hearing to explain their case....

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Recent Posts in "Income Tax"

Deduction U/s. 10AA on Interest on electricity deposit/assaying income/refining income and sale of residual dust

Dania Oro Jewellery (P) Ltd. Vs. ITO (ITAT Mumbai)

Conclusion: Notional interest on delay in realization of trade debt could not be charged from AE as there was uniformity in the act of the assessee in not charging interest from both AE and Non-AE debtors for delayed realization of export proceeds....

Read More

Exemption U/s. 11 cannot be denied merely because func­tion hall was let out on rent for various activities

ITO Vs. Kalinga Cultural Trust (ITAT Hyderabad)

Where an institution is not driven primarily by a desire or motive to earn profits but to do charity through the advancement of an object of general public utility, it cannot but be regarded as an institution established for charitable purposes and proviso to section 2(15) could not be applied so as to deny exemption under section 11....

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Section 195 Payment towards Import of Software Amounts to Royalty

Telecomone Teleservices India Private Limited Vs The Deputy Commissioner of Income Tax (ITAT Bangalore)

The CIT (A) has failed to understand that your appellant was not under any legal obligation to effect TDS on purchase of Computer Software in F.Y. 2011-12 as these were considered as purchase of goods under the then existing provisions of law and subjected to customs duty. Purchase of computer software was brought under the definition of ...

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Lease rental income from letting out of warehouse constitutes business income

The Income-tax Officer Vs M/s Anjaneya Infrastructure Projects Pvt. Ltd. (ITAT Bangalore)

The assessee, a company engaged in deriving rental income from letting out of warehouse, filed its return of income for asst. year 2013­14 on 29/8/2013 declaring income of Rs. 26,97,860/- treating the rental income received there form as business receipts and offering the same for taxation of business income. The case was taken up for sc...

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If AO was satisfied as to assessee’s computation of disallowance U/s. 14A, invocation of rule 8D could not be allowed

Samvardhana Motherson International Ltd. Vs Asstt CIT & Anr. (Delhi High Court)

Samvardhana Motherson International Ltd. Vs ACIT (Delhi High Court) The chronology of events leading up to the passing of the orders under section 143(3) of the Act, clearly shows that the assessing officer was ‘satisfied with the claim of the assessee’ while passing the original orders. Rule 8D is triggered only in a case where [&hel...

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No tax leviable on Gifts/Prizes/Awards/Rewards received by sportsman Abhinav Bindra

Abhinav Bindra Vs. DCIT (ITAT Delhi)

G.D. Agrawal, Vice-President – This appeal by the assessee is directed against the order of learned CIT(A)-I, Dehradun dated 21st February, 2013 for the Assessment Year 2009-10....

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Delhi HC Judgment on adjustment of Advance Tax under PMGK Scheme, 2016 and other issues

Virag Tiwari Vs. Principal Commissioner Of Income Tax-21 & Others (Delhi High Court)

Virag Tiwari Vs. Principal CIT & Others (Delhi High Court) In the present case we perceive that an equitable resolution is possible on interpretation of the provisions without undermining the object and purpose behind the Amendment Act. Thus while we have rejected the argument that advance tax of Rs. 85,50,000/- can treated as payment...

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After 50 days CBDT Releases Java Utility of ITR-5 & ITR-7

Today CBDT has finally released after 50 days of start of Assessment Year 2018-19 Java Utility of ITR-5 (For persons other than:- (i) Individual,(ii) HUF,(iii) Company and (iv) Person filing Form ITR-7) and Java Utility of  ITR-7 [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 1...

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Posted Under: Income Tax |

Income from bare letting of tenement is taxable as Income from house property

CWT Vs Atma Ram Properties (P) Ltd. (Delhi High Court)

These are eleven appeals by the Commissioner of Wealth Tax (hereafter ‘Revenue’) under section 27A of the Wealth Tax Act, 1957 (WTA), against the orders of the Income Tax Appellate Tribunal (ITAT) for assessment years (‘AYs’) 1984-85 to 1992-93 and assessment years 1997-98 to 1998-99....

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Scope of Section 115BBE and applicability in survey U/S 133A

115BBE. Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.—(1) Where the total income of an assessee includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, the income-tax payable shall be the aggregate of...

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Posted Under: Income Tax |
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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.

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