Income Tax - Page 2

How to View Status of Regular & Correction TDS/ TCS statement filed

Important Information on Statement Status ♣ For Donwloading Form 16/16A, Consolidated file, justification Report, etc. and for filing Online correction, it is important that relevant statement should be processed. ♣ Statement Status can be viewed only after Login into TRACES by deductor ♣ Statement status will help Deductor to check...

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How Capital Income Tax Is Calculated If We Demolish Property

One of the most lucrative investments in India is to invest in properties. People constantly buy, sell, renovate and even demolish properties as per their convenience. All of these transactions have income tax implications. Whenever there is a transaction of profit that falls in an appropriate income tax slab, the profit amount becomes ta...

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Posted Under: Income Tax |

CBDT extends due date of TDS Payment, Return & Certificate in Odisha

F.No.275/38/2017-IT(B) (24/05/2019)

CBDT Extends the due date of depositing tax deducted at source (TDS), due date of filing of Quarterly Statement of TDS and due date for issue of TDS certificates in Form 16 and 16A in respect of deductors of the state of Odisha...

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Non-availability of mechanism at GSTN portal- Allow Manual credit of ITC: HC

M/S Garden Silk Mills Ltd Vs Union of India (Gujarat High Court)

In case, it is not possible to re-credit the amount to the Electronic Credit Ledger by the respondent revenue due to non-availability of mechanism at GSTN portal, the petitioner shall be permitted to manually take input tax credit of the amount of the refund rejected in Form GSTR-3B....

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Assessee entitled to challenge correctness of DVO’s valuation before CIT(A)

Lovy Ranka Vs DCIT (ITAT Ahmedabad)

Section 50C is a deeming provision and Assessing Officer is obliged to compute capital gains by taking valuation arrived at by DVO in place of the actual consideration received by assessee,  assessee is entitled to challenge correctness of DVO's valuation before CIT(A) and ITAT. DVO has to be given an opportunity of hearing...

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Revisional jurisdiction U/s./ 263 cannot be exercised for better view of CIT

The Principal Commissioner of Income Tax ­8 Vs M/s. Yes Bank Ltd. (Bombay High Court)

Pr. CIT Vs M/s. Yes Bank Ltd. (Bombay High Court) Assessing Officer sought clarification from the assessee about the correctness of the amount of one­fifth of the total expenses incurred under Section 35D of the Act. The assessee under letter dated 26.10.2004 gave specific explanation on the issue raised by the Assessing Officer and ther...

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Mistake to claim deduction U/s. 80I cannot be considered U/s. 154

Lakshmi Card Clothing Mfg. Co. (P.) Ltd. Vs DCIT (Madras High Court)

Lakshmi Card Clothing Mfg. Co. (P.) Ltd. Vs DCIT (Madras High Court) Facts of the case clearly show that the assessee did not make any claim for deduction under Section 80-I of the Act, for the relevant assessment year. Secondly, as pointed out by us in the preceding paragraph, while discussing about the applicability of […]...

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Registration u/s. 12AA cannot be denied merely for running medical shop inside hospital

St. Barnabas Hospital Vs C.I.T (Exemption) (ITAT Ranchi)

St. Barnabas Hospital Vs C.I.T (Exemption) (ITAT Ranchi)  We note that the society trust was maintaining Pharmacy medical shop inside the hospital, which was for in-house consumption of medicines and treatment packages and for the urgent need of medicines to in-house patients. We note that the objects of the society were not doubted by t...

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Fake GST Invoice- HC denies Anticipatory bail

Mahendra Kumar Singhi Vs Commissioner of State Tax (High Court of Madras)

Mahendra Kumar Singhi Vs Commissioner of State Tax (High Court of Madras) Section 132 of the Act will apply with all force the moment an invoice or a bill is issued without, movement of goods or Input Tax Credit has been wrongly availed. In the present caser the preliminary investigation reveals that the entities have […]...

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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.