Income Tax - Page 10

No TDS u/s 194H on commission paid to banks on processing of credit card transactions

Pr. CIT Vs Hotel Leela Venture Ltd. (Bombay High Court)

Bank guarantee commission was not in the nature of commission paid to an agent but it was in the nature of bank charges for providing one of the banking service, therefore, the charge collected by bank for such service did not amount to commission within the meaning of section 194H and such commission could not be disallowed under section...

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Reversal not required by Restaurants and Outdoor Caterers under Rule 6(3) of Cenvat Credit Rules, 2004

In the past, numerous show cause notices have been issued all over India by Service Tax Authorities to Restaurant Owners and Outdoor Caterers alleging non-reversal of Cenvat Credit under Rule 6(3) of the Cenvat Credit Rules, 2004 by the Restaurants and Outdoor Caterers and demanding Service Tax under Rule 14 of the Service Tax Rules read ...

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Definition of the Word “Tax”

About the definition of the word ‘tax’, the Constitution Bench of the Honorable Supreme Court of India, in its judgment in The Commissioner, Hindu Religious Endowments, Madras vs. Sri Lakshmindra Thirtha Swamiar of Sri Shirpur Mutt. Judgment dated 16/04/1954, has made following observations: “A neat definition of what &#...

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Budget 2019: International Tax, Transfer Pricing & Non-Resident Taxation

Article analyses Budget Proposals by the Finance Act (No. 2), 2019 – Relevant for International Tax, Transfer Pricing & Non-Resident which includes Amendment of section 9 – Gift made to person outside India (non-resident), Amendment of section 9A – Providing relaxation in condition for offshore funds, Amendment of sectio...

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Fundamental of Base Erosion and Profit Shifting

Base Erosion and Profit Shifting (BEPS) has emerged as one of the most important challenges for governments all over the world. The Liberalization, Privatization and Globalization (LPG) has resulted; Free movement of Capital and Labour; Shift of manufacturing base from high cost to lower cost locations; Gradual removal of the trade barri...

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No proposal to extend last date for filing Income Tax Returns: Govt

Extension of last date for filing IT returns Government has recently changed Form 16 and Form 24 Q to bring more disclosures. In order to enable pre-filling of return of income of salaried taxpayers, the Government has amended Form No. 16 (certificate for tax deduction) and Form No. 24Q (quarterly statement of tax deducted) vide […...

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Cabinet approves Banning of Unregulated Deposit Schemes Bill, 2019

Cabinet approves the Banning of Unregulated Deposit Schemes Bill, 201, Bill to be introduced in ensuing session of Parliament The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the banning of Unregulated Deposit Schemes Bill, 2019.  It will replace the banning of Unregulated Deposit Schemes Ordinance, 2019. The b...

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Validity of proposed Section 194N (TDS on Cash Withdrawal)

Validity of Section 194N (TDS on Cash Withdrawal) as Proposed by Finance Bill 2019(2) 1. A new section 194N (‘said Section’) is proposed to be inserted in the Income-tax Act, 1961 (‘the Act’) Vide Finance bill 2019. Said section provides for withholding of tax by the payer Banks, Co-opt societies and Post offices engaged in [&hell...

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E-Book on Union Budget 2019 – Analysis of Income Tax Proposals

Like every year, I am glad to present you an E-book on ‘Union Budget -2019 An Analysis of Income Tax Proposals for Layman as well Tax Practitioners’.  This e-book contains proposals of this budget and in addition to that references to relevant sections, sub-sections, clauses, sub-clauses, provisos etc. which are inserted or s...

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A Synopsis on the Indian Union Budget 2019

Union Budget 2019 : Article explains Changes Income tax slab rates for Financial Year 2019-20 (Assessment Year 2020-21), Income tax slab rates for Financial Year 2019-20 (Assessment Year 2020-21), TDS at the time of purchase of immovable property – 194IA, Mandatory furnishing of return of income by certain persons, Inter-changeability o...

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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.