Income Tax - Page 20

Mandatory Furnishing of Return of Income by Certain Person

Seventh Proviso to Section 139(1) Mandatory Furnishing of Return of Income by Certain Person – Finance Act 2019 High Value Transactions- Currently, a person (other than a company or a firm) is required to furnish the return of income only if his total income exceed the maximum amount not chargeable to tax, subject to certain [&helli...

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OECD’s Multilateral Instrument and its impact on BEPS

One of the biggest problems in today’s international tax regime is the loss of billions of global corporate income tax revenues through the use of legal tax avoidance strategies. ‘Base Erosion and Profit Shifting (BEPS) is a phrase commonly used to refer to tax avoidance strategies that taxpayers use to shift their profits from hi...

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Taxation of Business Process Outsourcing Units in India

The provisions containing taxation of IT-enabled business process outsourcing units are not contained in the Income-tax Act, 1961 but are given in Circular No. 5/2004 dated 28.9.2004 issued by CBDT. The provisions are briefed hereunder – ♣  A non-resident entity may outsource certain services to a resident Indian entity. If there is ...

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Income Tax Deadlines that ends on 31st July 2020

Due to the coronavirus pandemic, the government had extended the various due dates for giving relaxations to the taxpayers. In this context, government has been extended the due date for filing of income tax return for financial year 2018-19 (2019-20) to 30th September, 2020 via notification no. 56/2020 dated 29.07.2020. It should be note...

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ITAT explains legal effect of Omission of clause (i) of Section 92BA

M/s. Bhartia-SMSIL (JV) Vs ITO (ITAT Guwahati)

Since clause (i) section 92A was omitted with effect from 1st April, 2017 and the effect of such omission is that the said clause(i) was never existed in the statute. Hence, Ld. PCIT can not exercise the jurisdiction u/s 263 of the Act....

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CCI notified to share information with Income Tax Department

Notification No. 57/2020-Income Tax/ S.O. 2528(E) (30/07/2020)

Central Government specifies Director General / Secretary, Competition Commission of India for the purpose sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 57/2020-Income Tax New Delhi, the 30th July, 20...

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Section 254(2)- Tribunal cannot review its own order: ITAT

ITO Vs Shri Khaliq Ahmed (ITAT Lucknow)

If the Revenue has any grievance against the order of the Tribunal, the Revenue can go before the High Court by filing appeal u/s 260A. The Tribunal cannot recall its own order in the garb of power vested u/s 254(2) of the Act....

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Ex-parte order for non-attendance during lockdown is unjustified

Uttar Pradesh Water Supply and Sanitation Mission Vs ACIT (ITAT Lucknow)


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Section 234E Late filing fees for TDS return is Mandatory: ITAT

Block Development Officer Vs ACIT (ITAT Jaipur)

The issue under consideration is whether the late filing fees for TDS return u/s 234E is mandatory in nature or it can be condone if there is reasonable cause?...

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Assessee fails to explain source of such Cash Deposits- Section 68 Additions justified

Manish Kumar Mukim Vs ITO (ITAT Jaipur)

In view of the above mentioned parameters, ITAT found that the appellant has not been able to discharge even the basic onus to prove the genuineness of cash credits in his bank accounts. Therefore, in their considered view when the existence of the source of such cash deposits is not proven then the A.0 is fully justified in treating such...

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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.