Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : Kerala High Court held that recovery of tax arrears by income tax department from property that was already auctioned by Kerala Ge...
Income Tax : Delhi High Court held that license fees paid to M/s. Remfry & Sagar for use goodwill vested in the company is allowable as deducti...
Income Tax : ITAT Delhi held that Long Term Capital Gain [LTCG] earned from transaction in penny stock is liable for addition. Accordingly, app...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
In this hi-tech, age business has undergone major transformation and new methods of transactions have evolved which are fast paced and require little physical effort. Out of many one is the concept of OIDAR services which are provided through internet and received by the recipient online without physical interface with the supplier of such services. […]
HOW TO CALCULATE AGRICULTURAL INCOME (AY 2019-20) EXAMPLE 1 : AGRICULTURAL INCOME = 300000 BUSINESS INCOME = 500000 WORKINGS STEP 1 : TAX ON INCOME INCLUDING AGRICULTURE = 800000 FIRST 250000 = NIL SECOND 250000= 12500 (250000*5%) BALANCE 300000=60000 (300000*20%) TOTAL TAX = 72500 (12500+60000) STEP 2 : TAX ON AGRICULTURAL INCOME = 300000 ADD […]
As per section 44 read with proviso Rule 80(1) of CGST Act and Rules, Every taxable person(Who choose to pay tax under Composition under Sec.10 of CGST Act,2017) shall furnish the annual return in FORM GSTR- 9A. For the Financial Year 2017-18 to be filled on or before 30th June, 2019 as per Order No. 3/2018- Central Tax-Dated. 31st December, 2018. The New Form of GSTR-9A has been amended vide Notification No. 74/2018-Central Tax-Dated.31st December,2018.
The main plea of assessee was that because of multiplity of proceedings going on before different authorities filing of captioned appeal was delayed. The AR for the assessee had filed before ITAT an events chart of various assessment proceedings / appellate proceedings between the period 28.12.2007 to 21.05.2015, on which date the appeal was filed before the Tribunal.
Article contains Brief Steps for Downloading Form 27D, Important Information on Form 27D and Pictorial Guide for Downloading Form 27D and 27D PDF Converter Utility V1.0. 1. Brief Steps for Downloading “Form 27D”. Step 1: Login to TRACES website by entering the “User ID, Password ,TAN of the Deductor and the Verification Code”. Step 2: […]
Brief Steps for Downloading of Transaction Based Report (TBR) ♣ Please check statement status under ‘Statement /Payment Tab’ before raising the request for TBR. Request for Downloading TBR can only be submitted when statement Status is either “Processed with Default” or “Processed without Default”. ♣ Financial Year, Form type and Quarter for which KYC required […]
Shri. B. S. Byregowda (HUF) Vs ITO (ITAT Bangalore) Income from sale of cocoons cannot be regarded as agricultural income in view of the decision of the Hon’ble Apex Court in the case of K. Lakshmanan & Co. Vs. CIT (2000) 108 Taxman 167 (SC); wherein it was held that income derived by the assessee […]
Amount advanced by Portescap to Videojet in which assessee was a common shareholder holding substantial shareholding could not be termed as loan falling within the purview of sec. 2(22)(e) as the same was shown in the balance-sheet of Portescap as well as Videojet as inter-corporate deposit (ICD).
Government cannot exercise powers under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, prior to statute itself coming into force.
Utilities available on TRACES: PDF Convertor utility V 1.4 L – To convert Form 16/16A into PDF this utility is required . System specifications to run this utility are JAVA 8 update 45, JRE 1.7 or above , Pop up blocker should be enabled . Transaction Based Report PDF Convertor V1.1 – To convert Transaction based Report […]
