Income Tax - Page 10

Demise of CA in 2016 not a reasonable cause for no Audit of Books for A.Y. 2009-10

Sri. Abdul Azeez M Vs ACIT (ITAT Cochin)

Sri. Abdul Azeez M Vs ACIT (ITAT Cochin) Admittedly in this case, no audit report has been filed for assessment year 2009-2010. It is the contention of the assessee that there was a reasonable cause as mandated u/s 273B of the I.T.Act. It was submitted by the learned AR that consequent to search and seizure […]...

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Benefit of Contribution in Provident fund Job ke sath bhi job ke Baad bhi

During life time as person has to achieve lot of mile stone i.e His own marriage, marriage of his son and daughter, higher education, Medical exigencies, construction and Purchase of House. Besides these requirement he has also have to save money for his old age requirement when he will become to old and not able […]...

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Posted Under: Income Tax |

Revision of TDS Return in case of PAN error Notice

It is a very common mistake at the time of submitting the TDS return that the PAN of the applicant entered wrongly, now this will make your TDS return defective and the applicant has to revise the same. TDS department will send the notice if they found PAN was wrong in the submitted return or […]...

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Posted Under: Income Tax |

CBDT enters into 26APAs during current Financial Year

NA (04/09/2019)

CBDT has entered into 26 APAs in the first 5 months of the current financial year (April to August, 2019). With the signing of these APAs, the total number of APAs entered into by the CBDT as of now stand at 297, which includes 32 BAPAs....

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15 Issues and Suggestions for Compliance of Income Tax Laws

Tax Bar Association, Guwahat has made a representation on Compliance of Income Tax Laws Regarding CPC,  Regarding TDS/TCS, Regarding CIT (Appeals), Settlement of Past Disputes (TDS), Regarding ITR and Other Forms, Exempted income specially in context of N E Region & Agricultural Income, E-assessments, Compliance, Special tax incentiv...

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Posted Under: Income Tax |

Non-recording of satisfaction by AO of searched person while issuing notice to other party makes notice illegal

ACIT Vs Gulshan Kumar Sethi (ITAT Delhi)

AO of the searched person had not rebutted the presumption that the seized documents  belonged to M/s. C Ltd but belonged to other person, i.e, assessee, therefore, issue of notice under section 153C on assessee was illegal. ...

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AO not justified in assuming jurisdiction u/s 153C based on documents which does not indicate existence of any unaccounted income

Smt. Sunita Bhagchandka Vs. ACIT (ITAT Delhi)

Impugned bank certificate is not an incriminating document based on which the concluded assessment in the case of the assessee can be disturbed. In view of this according to us , we hold that no addition can be made in the hands of the assessee in absence of any incriminating evidence leading to any unaccounted income unearthed during the...

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AO has a legal obligation to implement order of ITAT strictly: HC

Lokesh Chandrappa Vs ITO (Karnataka High Court)

Lokesh Chandrappa Vs ITO (Karnataka High Court) It is trite law that the Assessing Officer has a legal obligation to implement the order of the ITAT strictly and such failure would result in the failure of justice. A writ of mandamus would be issued in such circumstances to the respondent – Assessing Officer to carry […]...

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Temporary /makeshift superstructure not eligible for Section 54F exemption

Shri Harshad M Thakkar (Gandhi) Vs DCIT (ITAT Ahmedabad)

Shri Harshad M Thakkar (Gandhi) Vs DCIT (ITAT Ahmedabad) We are at loss to understand as to how the factual aspects like lack of basic amenity and a non-descript temporary makeshift shelter/ superstructure of insignificant worth can convert a land into a residential house. The vast open land with naturally grown grass, a grossly asymmetri...

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Approval of CIT (Intl. Taxation) not required for certificates U/s. 197/195 if revenue effect is less than Rs. 10 crore

Notification No. F.No.275/16/2019-IT(B) (02/09/2019)

it has been decided to raise threshold of revenue effect for issue of certificates under section 197/195 needing approval of the Commissioner of Income Tax (Intl. Taxation) to Rs. 10 Crore. This threshold will be applicable for all stations in respect of all applications of non-resident taxpayers either pending as on date or filed hereaft...

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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.