Income Tax - Page 2

Merely holding shares for a short period will not convert capital gain into business income

Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court)

Pr. CIT Vs M/s Viksit Engineering Ltd. (Bombay High Court) We note the fact, that the issue of classification of income on sale of shares as business income or as short term capital gains is to be decided the facts of each case. The tests to be applied for such determination is provided in CBDT Circular No.4 of […]...

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Section 148 notice cannot be issued against deceased Assessee

Rajender Kumar Sehgal Vs ITO (Delhi High Court)

Rajender Kumar Sehgal Vs ITO (Delhi High Court) When the notice was issued, the assessee was already dead. If the Department intended to proceed under Section 147 of the Act, it could have done so prior to 31st March 2017 by issuing a notice to the LRs of the deceased. Beyond that date it could […]...

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Expense without supporting document / evidence is not allowable

Schwing Stetter (India) Private Limited Vs DCIT (ITAT Chennai)

Expense without supporting document / evidence is not allowable...

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AO cannot reopen solely based on info received from DIT (Investigation)

M/s. Shodiman Investments Pvt. Ltd. Vs Pr. CIT (High Court Bombay)

M/s. Shodiman Investments Pvt. Ltd. Vs PCIT (High Court Bombay) In this case Assessing Officer has not applied his mind to the information received by him from the DDIT (Inv.). The Assessing Officer has merely issued a re­opening notice on the basis of intimation regarding re­opening notice from the DDIT (Inv.) This is clearly in [&hell...

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Exercising of powers & performing of functions by officers in CCITs grade

F. No. 187/01/2019-ITA-1 (15/01/2019)

Order u/s 120 (1) of the Income Tax Act, 1961 – Exercising of powers and performing of functions by the officers in the grade of CCITs – reg. F. No. 187/01/2019-ITA-1 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ITA-I Division North Block, New Delhi, Dated the 15th January, 2019 ...

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Demystifying Capital Gain Tax on Conversion of a Company into Limited Liability Partnership (LLP)’

The Income-tax Act, 1961 provides for specific exemption from capital gains on conversion of a company into Limited Liability Partnership. Limited Liability Partnership (LLP) is a hybrid entity combining advantages of both company and partnership firm. ...

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Posted Under: Income Tax |

Withdraw Low Tax Effect Appeals as per Circular No. 3/2018: CBDT

D.O.No.279/misc./M-73/2018-ITJ GOVERNMENT OF INDIA (15/01/2019)

Vide Board’s D.O. dated 16.07.2018 and various letters subsequently, the status of withdrawal of appeals from ITAT and HC in pursuance to the Circular was ascertained from each CCA region. ...

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Section 44AD of Income Tax Act, 1961 post amendment by finance act, 2016

All about Section 44AD of the Income Tax Act, 1961 post amendment by finance act, 2016: (More specifically post replacement of Sub-Section 4 and 5 of 44AD) Before going into the discussion, it is better to understand the gist of this section for the benefit of readers as per current position of the provision: Section […]...

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Posted Under: Income Tax |

Gain on settlement of sales tax deferred liability not taxable

DCIT Vs Alfa Laval India Ltd. (ITAT Pune)

Alfa Laval India Ltd. case: Difference between the Net Present Value against the future liability credited by the assessee under the capital reserve account in its books of account, is a capital receipt, the addition made on account of the gain on settlement of the sales tax deferred liability not taxable...

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Penalty U/s. 271AAA cannot be levied if not asked to substantiate Income Disclosed

ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi)

ACIT Vs Sh. Bhavi Chand Jindal (ITAT Delhi) Since no specific query was raised, at the time of recording statement under section 132(4) and during the assessment proceedings, however, the manner was substantiated by filing written submission and also referring relevant documents relating to undisclosed income, which were found and seized....

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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.