Income Tax - Page 10

Request for One Month extension for Tax Audit & related filings

BJP, Economic Cell, Bangalore has requested FM for considering extension of Additional One Month from the relevant Due Dates for submission of Report of Audit and related Filings for AY 2021-22. Bharatiya Janata Party Bangalore Central District, Bangalore Economic Cell  CA Nischal.R.B – Convener-Economic Cell, BJP Bangalore Central Dis...

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Section 54 : Allotment date is Relevant to Compute Holding Period

Sandeep Tiwari Vs I.T.O (ITAT Delhi)

In our considered view, the date of allotment is relevant for the purpose of computing holding period and not the date of registration of conveyance deed as held by the Hon'ble Jurisdictional High Court of Delhi in the case of K. Ramakrishnan 48 com 55...

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Request to extend Tax Audit filing date for Assessment Year 2021-22

Rajya Sabha Member CA N. D. Gupta has requested MS. Nirmala Sitharaman, Union Minister of Finance to extend Tax Audit filing date for Assessment Year 2021-22. He requested to  extend the date of filing Tax Audit report u/s. 44AB of Income Tax Act 1961 to another date based on advise from NITI AAYOG/Health Ministry. Extension in [&hellip...

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Extend Due date of filing various Tax Audit Reports at least by two months

Jamshedpur Chartered Accountants Society has made a representation to Finance Minister on Relaxation urgently required in Audit Compliance due to outbreak of COVID-19 once again in the whole country. They requested that due dates of filing various Audit Reports for the financial year 2020-2021 to be extended at least by two months from ex...

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TDS Rate Chart for TDS on all things

Any entity making the payments specified under the Income Tax Act, 1961, needs to deduct TDS. The exception to this includes individuals and HUFs whose books are not required to be audited as per the Act. So, if you are required to deduct and deposit TDS, you need to know the rates at which the […]...

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Annual Information Statement – Purchase of securities & mutual funds units

Owing to the new introduction, it is important to understand each and every information category of the ‘Annual Information Statement’. The present article highlights the information category ‘purchase of securities and units of mutual funds’ as covered under ‘Annual Information Statement’. Information source for the informati...

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Representation for extension of due dates for filing of TAR/ITR

Lucknow CA Tax Practicioner’s Association has made a representation  for extension of due dates for filing of Tax Audit Reports (TAR)  and filing of Income Tax Returns (ITRs) under the Income Tax Act 1961. LUCKNOW CA TAX PRACTITIONERS ASSOCIATION Room No 13, Aayakar Bhawan, Ashok Marg, Lucknow-226001 Email: [email protected] CA ...

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Zero Income Tax on Rs 10 lakhs Individual Income- See How

It is common knowledge that the Income Tax on income of Rs.10 lacs in Individual status entails payment of Income Tax of Rs. 1,17,000/-. But, if you plan well, you need not pay any Income Tax on your individual income of Rs.10 lacs. The Government in order to boost savings and provide Tax respite has […]...

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Dishonor of Cheque for Incomplete/Wrong Signature/Stop Payment Instruction is offence

Parvaiz Ahmad Bhat Vs Fida Mohamamd Ayoub (Jammu and Kashmir High Court)

Parvaiz Ahmad Bhat Vs Fida Mohamamd Ayoub (Jammu and Kashmir High Court) The question whether stop payment instructions, which result in dishonor of a cheque, would amount to an offence under Section 138 of the NIA Act, was considered by the Supreme Court in M. M. T. C. Ltd. Vs. M/S Medchl Chemicals, (2001) 1 […]...

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Depreciation on Resorts allowable for full year despite having seasonal business

Niyant Heritage Hotels [P] Ltd Vs I.T.O (ITAT Delhi)

Niyant Heritage Hotels [P] Ltd Vs I.T.O (ITAT Delhi) There Is no dispute that the assessee is running a resort at Raj Niwas Palace, Dholpur. It Is also not In dispute that being a tourist place, the occupancy is not throughout the year but only in seasons favourable to the tourists. Therefore, basis the revenue […]...

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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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January 2022