Income Tax - Page 3

ITAT condones delay in filing appeal as sufficient cause for delay was exist

Mercedes Benz Education Academy Vs ITO (ITAT Pune)

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 ...

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Penalty cannot levied on suo motu income declared in revised return 

Pr. CIT Vs Sterlite Opportunities and Ventures Ltd. (Bombay High Court)

Pr. CIT Vs Sterlite Opportunities and Ventures Ltd. (Bombay High Court) revised return filed under Section 139(5) of the Act, was valid return of income filed by the Respondent on its own and not on the basis of any investigation/ discovery done by the department of inaccurate particulars in the original return of income. Thus, […]...

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How to Install / Register Digital Signature Registration on TRACES

Steps of Installation of Install Digital Signature certificate PFX file/Hard Token Requirement for usage of Digital signature certificate : ♣ Valid Digital Signature should be obtained from Third Party Vendor. ♣ Only class 2 or class 3 digital Signature certificates are allowed for the purpose of registration on TRACES. ♣ TRACES sup...

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Posted Under: Income Tax |

How to Request for Resolution under Online grievances module on Traces

Important information on Request for resolution Only registered Deductor can avail the facility of Request for Resolution under Online grievances module. Request for Resolution can be raised from FY 2007-08 onwards Deductor can upload the relevant documents along with the query Status of Tickets Open–Ticket is with TDS CPC and will be ...

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Posted Under: Income Tax |

How to validate Section 197 & 195(3) Certificate from Traces

E-Tutorial 1. Important Information for Validation of 197/195(3) Certificate. 2. Brief steps for Validation of 197/195(3) Certificate. 3. Pictorial guide for Validation of 197/195(3) Certificate. 1. Important Information for “Validation of 197/195(3) Certificate.” Deductor can validate 197 & 195(3) Certificate from TRACES. This fa...

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Posted Under: Income Tax |

Online Correction of Personal Information in TDS / TCS Statement

Brief Steps for Online Correction-Personal Information This feature enables deductor to update his Personal Information in the statement. ‘Personal information’ should be updated with the latest information of the deductor. This is important as all the communication from TRACES will be done on the information available in the ...

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Posted Under: Income Tax |

e-Tutorial Online Correction –Pay 220, Interest, Levy, Late Filing

Brief Steps for e-Tutorial Online Correction –Pay 220, Interest, Levy, Late Filing ♠ This feature enables deductor to set off Interest, Late filing default ♠ For example, If deductor wants to set off Interest and late filing default with a challan having available balance which is already there in the statement. Deductor can pick th...

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Posted Under: Income Tax |

Online Pan Correction in TDS/ TCS Statement

Important Information on Online Pan Correction in TDS/ TCS Statement All type of corrections like Personal information, Deductee details and Challan correction can be made using Online correction functionality available from FY.2007-08 onwards depending upon the type of correction This feature is extremely useful as it is : Free of Cost :...

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Posted Under: Income Tax |

CBDT condones delay in filing of audit report by trust/institution

Circular No. 10/2019 (22/05/2019)

Condonation of delay in filing of Form no. 10B (audit report by trust/institution) for Assessment Years 2016-17 and 2017-18 by CBDT vide Circular No. 10/2019 dated 22nd May, 2019 subject to fulfillment of conditions prescribed by CBDT. Circular No. 10/2019 F.No.197/55/2018-ITA-1 Government of India Ministry of Finance Department of Revenu...

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Tax Higher than Income on a particular portion of income- Do you Know?

Do you know that on a particular portion of your income, the quantum of tax levied on income is higher than the quantum of such income?  No. Then let’s understand the concept of income-tax rates in India, marginal relief and the inconsistency in the provisions of the Income-tax Act, 1961 while providing the relief to […]...

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Posted Under: Income Tax |

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.