Income Tax - Page 10

Section 12AB Registration Procedure for First Time Registration of Trusts

Registration Procedure For Trusts/Institutions Seeking Registration U/S 12Ab For The First Time Newly inserted provisions namely section 12AB and clause (ac) in subsection 1 of section 12A in The Income-tax Act, 1961 (Act) have changed the procedure for trusts/ institutions to get themselves registered under the Act. For trusts/institutio...

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Analysis of provisional Gross Direct Taxes collected during FY 2020-21

Gross Direct Taxes collected during FY 2020-21 (before adjustment of refunds) are approximately Rs. 12.06 lakh crore (provisional). The major contributors : Corporation Tax (CIT) Rs. 6.31 lakh crore & Personal Income Tax (PIT) Including Security Transaction Tax (SIT) Rs. 5.75 lakh crore approximately. Here is the composition of the Gr...

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Income Tax Rules: Compliance related to Tax Deduction at Source

While conceptual law is stipulated under Income Tax Act, 1961 it’s procedural law is enumerated under Income Tax Rules 1962. At times demand has been made for single comprehensive law as ‘Income Tax Code’ but time and again same could not find statutory garb due to one or the other reason. Codification of all law, […]...

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Harmonizing the Interests of Individuals & Tax Officials by Circumscribing the Use of the Power of Search & Seizure

In common parlance, the term search means the act of seeking or looking out for something. While the term seizure means taking away the possession of some goods. The term raid is usually used for denoting the act of searching under the income tax view-point....

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Section 6 related to Resident in India including Concept of Deemed Resident

Determination of the residential status under Income Tax Act plays a vital role in to determine whether a person comes under the tax net or not. Section 6 of the Income Tax Act, 1961 deals about the concept of resident for Income tax purposes. Finance Act 2020 dated 23.03.2020 amends Section 6 of the Income Tax Act. This article will thro...

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Amendments in Tax Audit Report for AY 2021-22

Purpose of Rule 6G: This rule tells about the name of the forms applicable in the case of 44AB Audit and from 1st April 2021 sub-rule (3) is inserted. Rule 6G: (1) The report of audit of the accounts of a person required to be furnished under section 44AB shall,— (a) In the case of […]...

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Section 41(1) cannot be applied to bogus & non-existent liability

Green Star Corporation Vs ACIT (ITAT Kolkata)

No addition can be made to the income of the assessee in this asst. years, as in the view of the AO the outstanding liability in question is bogus and non-existent. The question of cessation of such non-existent as bogus liability does not arise. Hence, Sec. 41(1) cannot be applied. Only when there is a genuine liability and there is ces...

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How to Apply for Correction in Income Tax TDS Payment Challan

Need For Challan Correction While depositing TDS payment to the Central Government Account using either Online or Offline mode, following errors can occur at the Deductor’s end or Bank’s end:- 1. Mentioned Other TAN Number 2. Mentioned PAN instead of TAN 3. Selected wrong Minor Head/Major Head 4. Selected wrong Assessment Year...

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Allotment of Instant PAN through Aadhaar Based e-KYC

CBDT has made Instant PAN allotment in near to real time available at free of cost. Individuals (other than minors) with a valid Aadhaar number (with updated Mobile number) can avail the PAN allotment facility. Article contains GUIDELINES for Allotment of Instant PAN through Aadhaar Based e-KYC, Format of New PAN, Rules related to Validit...

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AO cannot treat LTCG as Bogus merely on SEBI investigation report

M. Kiran Kumar Vs ACIT (ITAT Chennai)

Kiran Kumar Vs ACIT (ITAT Chennai) The AO disallowed the exemption claimed u/s.10(38) solely based on the investigation report by SEBI pertaining to certain cases based from Kolkatta wherein share prices rigged substantially over a period of time. Merely on suspicion and surmises, this disallowance was made without any corroborative evide...

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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.

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.

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