Income Tax

How to resolve “Error in establishing connection with TRACES Websocket Esigner” on TRACES?

You might be facing issues with Emsigner on TRACES, In this article I made an attempt to give 100% solution for this issue. The most common error while signing/validating with DSC on TRACES is “Error in establishing connection with TRACES Websocket Esigner. Please ensure that WebSigner Setup is installed and service is running on your [...

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Turnover Calculation for Speculative & Non-Speculative Transaction U/s. 44AB

Tax Audit Applicability under section 44AB Tax audit is applicable to certain classes of individuals which are mentioned under section 44AB of the I-T Act. Thus, as per the regulations of section 44AB of the Income Tax Act, 1961, following is the one of the list point which outlines the classes of people who have […]...

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Extension of due date for filling ITR in respect of compulsory audit assessee

THE WESTERN MAHARASHTRA TAX PRACTITIONERS’ ASSOCIATION Yadav Vyapar Bhavan, Shivaji Road. 602. Shukrawar Peth, Pune – 411 002 Phone 020-2447 0237. Website : www.wmtpa.org Email : office@wmtpa.org SS / WMTPA / IT representation /18-19 /0918 20th. September 2018 To, Shri Arunji Jaitley, Minister of Finance, Union of India, Now D...

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Why, What & How Much is TDS.??

Background There are 3 general methods of Tax collection: 1. Tax deducted at Source (TDS) / Tax Collected at Source (TCS) 2. Advance Tax 3. Self Assessment Tax Generally Assessee pays tax at the end of Assessment Year (AY) for the Previous Year (PY), due to this practice collection & revenue income of Government is […]...

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Tax Audit Report & its penalty for non filing

Tax Audit ensures the correctness of Books of Accounts maintained by tax payer & Income is computed as per Income Tax Act. It is required to by conduct by a whole time practicing Chartered Accountant. It makes the Income Computation for filling the return easy. It is furnished in Form no. 3CA/3CB & Form no. 3CD....

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Extend Tax Audit due date to 31 October 2018: BJP Economic Cell (Rajasthan)

BJP economic Cell (Rajasthan), State Co-Convener CA R P Vijay & CA Sachin Kumar Jain have requested Honble FM to extend due date for submission of Tax Audit Reports and Income Tax Returns from 30 September, 2018 to 31 October, 2018 in the case of corporate assesses and where tax audit is applicable so that […]...

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Extend due date to submit Tax Audit Reports & ITR: ICAI requests 3rd time

ICAI has for the third time in less than a month made a request for Extension for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2018 to 31st October, 2018. Earlier ICAI has made representation dated 31st August, 2018 and 10th September, 2018. Read ICAI 1st Representation on […]...

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Extend Tax Audit Due date for Assessees of Kodagu & Malanadu Region: KSCA

The Karnataka State Chartered Accountants Association (R) (in short ‘KSCAA’) is an association of Chartered Accountants, registered under the Karnataka Societies Registration Act, in the year 1957. KSCAA is primarily formed for the welfare of Chartered Accountants and represents before various regulatory authorities to resolve the pro...

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Bank of Baroda, Vijaya Bank & Dena Bank to be merged

Govt. decided that Bank of Baroda, Vijaya Bank and Dena Bank may consider amalgamation of the three banks. The envisaged amalgamation will be the First-ever three-way consolidation of banks in India, with a combined business of Rs. 14.82 lakh crore, making it India’s Third Largest Bank....

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Extend Tax Audit / ITR Due date to 30th November 2018- AGFTC & ITBA

AGFTC and ITBA has Requested Honourable Finance MInister to extend due date of 30th Sept. 2018 for submission of Tax Audit Reports and related I. Tax Returns for Ass. Yr. 2018-19 to 30th November 2018 vide its representation dated 17/09/2018. Relevant Text of the representation is as follows:- INCOME TAX BAR ASSOCIATION, AHMEDABAD Aayakar...

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Education cess cannot be disallowed u/s 40(a)(ii)

Chambal Fertilisers And Chemicals Ltd Vs JCIT (Rajasthan High Court) - Chambal Fertilisers And Chemicals Ltd Vs JCIT (Rajasthan High Court)  The assessee is of the considered opinion that the education cess and secondary & higher education cess (collectively called as education cess) are not a “tax” and hence not disallowable u/s 40(a)(ii) of the Act on th...

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Section 54 Exemption allowed on House Property acquired Outside India for A.Y. 2014-15 and for earlier A.Ys.

Income Tax officer Vs Arshia Basith (ITAT Bangalore) - ITO Vs Arshia Basith (ITAT Bangalore) we find that the assessment year in this appeal is 2014-15 and the provision in section 54F comes w.e.f. 01.04.2015 according to which it was clarified that the residential house is to be acquired only in India meaning thereby before this amendment it was not cl...

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No 100% deduction on ‘substantial expansion’ for remaining 5 A.Ys U/s. 80IC in HP

Commissioner of income tax Vs M/s. Classic binding industries (Supreme Court of India) - CIT Vs Classic Binding Industries (Supreme Court)  In the instant case, we are concerned with the assessees who had established their undertakings in the State of Himachal Pradesh. Sub-section (3), as noted above, mentions the period of 10 years commencing with the initial Assessment Year. Sub-sect...

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Stock valuation method can be changed to compute Actual Income/loss

United Bank of India Vs Commissioner of Income Tax (Calcutta High Court) - United Bank of India Vs CIT (Calcutta High Court) The present accounting principle being followed by the bank is valuation of the closing stock on cost or market value whichever is lower. They want to apply this principle to the stock in trade acquired in the financial year i.e. 1984-85 prior to the...

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Presumption of Service of Notice not applies if Dept had correct address

Swapnil Kumar Vs C.S.C. (Allahabad High Court) - Swapnil Kumar Vs C.S.C. (Allahabad High Court) It is important to mention here that CIT(A), after considering the report submitted by the A.O. in response to the directions under Section 250(4) of the Act, had held that the assessee was not residing at 109, North Idgah Colony, Agra and he had left t...

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CBDT extends Tax audit due date to 15th October 2018

F.No. 225/358/2018/ITA.II - (24/09/2018) - CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept, 2018 to 15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations  from stakeholders. Liability to pay interest u/s. 234A of IT Act will remain. F.No. ...

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Income Tax Notification No. 54/2018 Dated: 18.09.2018

Notification No. 54/2018-Income Tax - (18/09/2018) - MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 18th September, 2018 S.O. 4885(E).—It is hereby notified for general information that the organization M/s Indian Council of Medical Research (PAN:- AAEAT4818Q) has been approved by the Central ...

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CBDT Notifies State Load Despatch Centre Unscheduled Interchange Fund for exemption U/s. 10(46)

Notification No. 53/2018-Income Tax - (14/09/2018) - S.O. 4867(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the State Load Despatch Centre Unscheduled Interchange Fund- West Bengal State Electricity Transmiss...

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CBDT Notifies ‘Tamil Nadu Water Supply and Drainage Board’ for exemption U/s. 10(46)

Notification No. 52/2018-Income Tax [S.O. 4866(E)] - (14/09/2018) - MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 52/2018-Income Tax New Delhi, the 14th September, 2018 S.O. 4866(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby...

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CBDT Notifies ‘Jharkhand State Electricity Regulatory Commission’ for exemption U/s. 10(46)

Notification No. 51/2018-Income Tax [S.O. 4865(E)] - (14/09/2018) - MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 51/2018-Income Tax New Delhi, the 14th September, 2018 S.O. 4865(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereb...

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Recent Posts in "Income Tax"

How to resolve “Error in establishing connection with TRACES Websocket Esigner” on TRACES?

You might be facing issues with Emsigner on TRACES, In this article I made an attempt to give 100% solution for this issue. The most common error while signing/validating with DSC on TRACES is “Error in establishing connection with TRACES Websocket Esigner. Please ensure that WebSigner Setup is installed and service is running on your [...

Read More
Posted Under: Income Tax |

Turnover Calculation for Speculative & Non-Speculative Transaction U/s. 44AB

Tax Audit Applicability under section 44AB Tax audit is applicable to certain classes of individuals which are mentioned under section 44AB of the I-T Act. Thus, as per the regulations of section 44AB of the Income Tax Act, 1961, following is the one of the list point which outlines the classes of people who have […]...

Read More
Posted Under: Income Tax |

Education cess cannot be disallowed u/s 40(a)(ii)

Chambal Fertilisers And Chemicals Ltd Vs JCIT (Rajasthan High Court)

Chambal Fertilisers And Chemicals Ltd Vs JCIT (Rajasthan High Court)  The assessee is of the considered opinion that the education cess and secondary & higher education cess (collectively called as education cess) are not a “tax” and hence not disallowable u/s 40(a)(ii) of the Act on the basis of following submission:- (1) T...

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Section 54 Exemption allowed on House Property acquired Outside India for A.Y. 2014-15 and for earlier A.Ys.

Income Tax officer Vs Arshia Basith (ITAT Bangalore)

ITO Vs Arshia Basith (ITAT Bangalore) we find that the assessment year in this appeal is 2014-15 and the provision in section 54F comes w.e.f. 01.04.2015 according to which it was clarified that the residential house is to be acquired only in India meaning thereby before this amendment it was not clear as to whether […]...

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No 100% deduction on ‘substantial expansion’ for remaining 5 A.Ys U/s. 80IC in HP

Commissioner of income tax Vs M/s. Classic binding industries (Supreme Court of India)

CIT Vs Classic Binding Industries (Supreme Court)  In the instant case, we are concerned with the assessees who had established their undertakings in the State of Himachal Pradesh. Sub-section (3), as noted above, mentions the period of 10 years commencing with the initial Assessment Year. Sub-section (6) puts a cap of 10 years, which is...

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Stock valuation method can be changed to compute Actual Income/loss

United Bank of India Vs Commissioner of Income Tax (Calcutta High Court)

United Bank of India Vs CIT (Calcutta High Court) The present accounting principle being followed by the bank is valuation of the closing stock on cost or market value whichever is lower. They want to apply this principle to the stock in trade acquired in the financial year i.e. 1984-85 prior to the assessment year […]...

Read More

Presumption of Service of Notice not applies if Dept had correct address

Swapnil Kumar Vs C.S.C. (Allahabad High Court)

Swapnil Kumar Vs C.S.C. (Allahabad High Court) It is important to mention here that CIT(A), after considering the report submitted by the A.O. in response to the directions under Section 250(4) of the Act, had held that the assessee was not residing at 109, North Idgah Colony, Agra and he had left the address two […]...

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CBDT extends Tax audit due date to 15th October 2018

F.No. 225/358/2018/ITA.II (24/09/2018)

CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept, 2018 to 15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations  from stakeholders. Liability to pay interest u/s. 234A of IT Act will remain. F.No. 225/358/2018/ITA.II Government of India ...

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AO has to strike off & specify the limb to initiate penalty proceedings

https://taxguru.in/wp-content/uploads/2018/09/Deutsche-Bank-Ag-Mumbai-Vs-ADIT-International-Taxation-ITAT-Mumbai.pdf

Deutsche Bank Ag, Mumbai vs. ADIT (International Taxation) (ITAT Mumbai)- Assessing Officer has to strike off and specify the charge/limb for which he is proposing to initiate penalty proceedings under section 271(1)(c): Deutsche Bank case...

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Web Hosting Services to Indian Entities cannot be treated as FTS

M/s. Savvis Communications Corporation Vs Dy. CIT-International Taxation (ITAT Mumbai)

M/s. Savvis Communications Corporation Vs DCIT-International Taxation (ITAT Mumbai) Undoubtedly, when the assessee receives an income on account of allowing a customer to use a scientific equipment, it does become taxable for the reason of its being characterized as such, but the use of a scientific equipment by the assessee, in the cours...

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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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