Income Tax - Page 20

Statutory and Tax Compliance Calendar for January 2022

Statutory and Tax Compliance Calendar contains compliance’s related to GST (GSTR 1, GSTR 3B, GSTR 6, GSTR 5 & GSTR 5A) Income Tax (Due date of TDS Payment, Advance Tax payment, TDS Return Filing, Income Tax Return Filing, TDS Certificate Issue etc.), EPF, ESIC, LODR/SEBI, Companies Act, 2013 and other compliances. It explains f...

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Govt promotes 143 IRS officers to the grade of JCIT

Office Order No. 352 of 2021 30/12/2021

President is pleased to appoint 143 officers of Indian Revenue Service to the grade of Joint Commissioner of Income Tax (JCIT) purely on ad-hoc basis in Level-12 in the pay matrix Rs.78 ,800-2,09,200/-, w.e.f. 01.01.2022...

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Annual Information Statement – Business Expenses

Various expenditure is claimed and treated as ‘Business expenses’. However, at present, the information category ‘Business expenses’ as covered under ‘Annual Information Statement’ takes into consideration information from the following sources-...

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Tax Audit Requirement For F&O Transactions

1. Futures and options (F&O) are the most common types of asset derivatives traded on a stock exchange. The income/loss arising from trading in F&O transactions would be treated as a Business Income / Loss for the purpose of taxation and the normal provisions of the Income Tax Act will apply in this case The rules as applicable...

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Why tax benefit on home loan is overrated

Are you planning to avail a home loan? Have you already availed a home loan but are not sure if you should prepay your loan or keep it as it is because of the associated tax benefit? If so, this article may help you decide your way forward. Although your bank must have already educated […]...

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Summary of various types of Income Tax Return (ITR) Forms

Every assessee is required to submit to the Return of Income to the Income Tax Department under section 139(1) of Income Tax Act, 1961. The Return of Income can be filed by the assessee in the Form prescribed by the Department in this regard. Here in this article, we will discuss about the various types […]...

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Interest Income cannot be excluded for computing eligible remuneration of Partners

Mac Industries Vs ITO (ITAT Surat)

Mac Industries Vs ITO (ITAT Surat) No disallowance as AO did not get jurisdiction to go behind net profit shown by Profit and Loss Account except adjustments as per Explanation 3 Conclusion: Addition on account of interest incomes to be excluded in the computation of book profits was not justified by AO as per Explanation […]...

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TDS on income accrued outside the territory for services rendered

PCIT Vs EIH Ltd. (Calcutta High Court)

Tribunal held the addition to be erroneous and has considered in detail the nature and expenses in respect of which the assessee was sought to be penalized for not deducting the tax deducted at sources, holding that these expenses were in respect of the income accrued outside the territory for services rendered. With this finding the said...

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Income Tax Dept searches 2 prominent groups of Raipur & Korba

The Income Tax Department carried out search and seizure operations on 22.12.2021 on two prominent groups of Raipur and Korba, engaged in the business of manufacturing of iron & steel products, coal washery and transportation, etc. The search action covered more than 35 premises spread over Raipur, Korba, Bilaspur and Raigarh districts of...

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Income Tax Search and Seizure: Controversy in computing period of limitation to frame search assessments

The period of limitation for completion of assessment u/s 153A of the Income Tax Act’ 1961 for the searches conducted on or before 31st Day of March’2021 is governed by the provisions of Section 153B of the act. Even though the Section 153A of the Income Tax Act’ 1961 has been made non applicable for the searches initiated on or aft...

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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