Income Tax - Page 20

10 Tasks to Complete For Income Tax before 31-03-2019

BRIEF –  Here is  list of  tasks as far as INCOME TAX is concerned that you should complete before 31-03-2019 1. PAY YOUR ADVANCE TAX before 15th March, 2019, if you are having high tax liability. Payment of Advance tax – If Taxpayers have not paid Advance Tax before 15th March then it should be paid before the 31st March ...

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Posted Under: Income Tax |

ITO jailed for accepting bribe & acquiring disproportionate assets

Special Judge, CBI Cases, Raipur (Chhattisgarh) has sentenced Shri Dilip Kumar Das, then Income Tax Officer, Raipur in a case of possession of disproportionate assets, to undergo three years Rigorous Imprisonment with fine of Rs. 5,00,000/-....

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Assessee needs to discharge initial onus in case of Commission to Related Party

Yogendra Khandelwal Vs ACIT (ITAT Jaipur)

LOAN AND ADVANCES –Interest free funds available with the assessee is in excess of amount advanced to sister concern. There is no nexus between the interest bearing funds and the money so advanced to sister concern which has been established by AO. In view of the same, a presumption will arise in favour of assessee that interest free fu...

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Source of utilization of fund irrelevant for deduction U/s. 54/ 54F

Yatin Prakash Telang Vs ITO (ITAT Mumbai)

Where assessee had purchased new residential house utilizing own funds lying in his saving bank account, deduction under section 54F could not be denied on the allegation that assessee did not utilize capital gains for investment purpose because source of utilization of fund is irrelevant for claiming benefit of deduction under section 54...

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Excess Stock & Cash related to business taxable as business income

Shri Lovish Singhal Vs Income Tax Officer (ITAT Jodhpur)

Excess stock found during the course of survey and surrender made thereof was found to be taxable under the head |Income from business or profession|. Similarly, in respect of excess cash found out of sale of goods in which assessee was dealing was also found to be taxable as business income thus, there was no justification for taxing suc...

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SC upheld addition of Share Capital and Share premium

Principal CIT Vs. NRA Iron & Steel Pvt. Ltd. (Supreme Court)

Principal CIT Vs. NRA Iron & Steel Pvt. Ltd. (Supreme Court) Hon’ble SC held practice of conversion of unaccounted money through the cloak of share capital/premium must be subjected to careful scrutiny. This would be particularly so in the case of private placement of shares, where a higher onus is required to be placed on [&hel...

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Exemption to startup companies from angel tax w.e.f. 19.02.2019

Notification No. 13/2019 (05/03/2019)

CBDt has vide Notification No. 13/2019 granted exemption to startup companies from angel tax w.e.f. 19.02.2019 if such companies fulfill the conditions specified in para 4 of the notification number G.S.R. 127(E), dated the 19th February, 2019. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 13...

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आयकर रिटर्न भरने में ये 8 गलतियां भिजवा सकती है नोटिस

इनकम टैक्स रिटर्न (आईटीआर) फाइल करने में सावधानी जरूरी है. आईटीआर की छोटी सी गलती भी आपके लिए बड़ी परेशानी बन सकती है. इनकम टैक्स रिट...

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Joint Development Agreements (JDAs): Income Tax Perspective

Joint Development Agreement (JDA) means an agreement or arrangement between the landowner and the developer wherein the land owner contributes the land to the project and the developer undertakes the construction/development of the said land into a developed estate, at mutually agreeable terms and conditions. ...

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Posted Under: Income Tax |

Complete Assessment of case of substantial cash deposit during demonetisation by 30.06.2019

No. 225/363/2017-ITA.II (05/03/2019)

SOP for handling of cases related to substantial cash deposit during the demonetisation period in which notice under section 142(1) of the Income-tax Act, 1961 has not been complied-regd.-...

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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.