Income Tax - Page 3

Retrospective amendment in section 9(1)(vi) cannot override India-Ireland DTAA

Ixia Technologies International Ltd. Vs ACIT(IT) (ITAT Kolkata)

Ixia Technologies International Ltd. Vs ACIT(IT) (ITAT Kolkata) Since assessee`s case is covered by beneficial provisions of the India-Ireland DTAA, hence the retrospective amendment made in the provisions of section 9(1)(vi) of the Act, which provides that royalty would include consideration for transfer of all or any rights in respect o...

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All About Income Tax E-Assessment Scheme 2019

The CBDT on 12th September 2019, notified the much talked about e-assessment procedure vide Notification no. 61/2019. The stakes were high, as it was expected to reduce the red-tapism in the country, during an assessment proceeding. This notification was quickly followed up by another notification vide 62/2019, giving effect to the Income...

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Functionality to process returns having Income Tax refund claims

ITBA-Processing Instruction No. 9 (12/09/2019)

Functionality for processing of returns having refund claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons- reg....

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Deduction under section 80C of Income Tax Act

Deduction under chapter VIA covers all the allowable deduction to be made while computing the total income. When we talk about the permissible deduction under chapter VIA, the first and the most popular section that comes to the mind is deduction under section 80C, which is taken up and explained thoroughly in the current article. Catego...

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Unexplained cash credit U/s. 68 cannot be treated as business income & not eligible for Section 80P Deduction

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin)

ITO Vs M/s. Mundela Service Co-operative Bank Ltd. (ITAT Cochin) With regard to non granting of deduction u/s. 80P(2) of the Act, treating the unexplained credits as ‘income from other sources’, this issue was considered by the Jurisdictional High Court in the case of Kerala Sponge Iron Ltd., 79 ITR 330 wherein ‘...

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HC to ITAT: Mention citation and no general observations in order

Pr. CIT Vs M/s. M. J. Exports Pvt. Ltd. (Bombay High Court)

Pr. CIT Vs M/s. M. J. Exports Pvt. Ltd. (Bombay High Court) HC held that impugned order of the Tribunal after recording that the issue stands covered by various decisions of the Supreme Court and the various High Courts cases observes ‘admittedly, there are contrary decisions where it is held that interest paid on delayed […]...

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Reassessment proceedings invalid if officer issuing notice & recording reasons are different

Pankajbhai Jaysukhlal Shah C/o. Meena Agency Ltd. Vs ACIT (Gujarat High Court)

Pankajbhai Jaysukhlal Shah C/O. Meena Agency Ltd. Vs ACIT (Gujarat High Court) It is the officer who records the reasons who has to issue the notice under section 148(1) of the Act whereas in the present case the reasons have been recorded by the jurisdictional Assessing Officer, whereas the notice under section 148(1) of the […]...

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Section 44AD: Mere submission of Balance sheet not proves Maintenance of Books of Accounts

Mr. Pradeep Jain Vs ITO (ITAT Delhi)

Mr. Pradeep Jain Vs ITO (ITAT Delhi) The assessee has filed the return of income for assessment year under appeal declaring income of Rs.9,63,920/-, out of which, income was declared at Rs.9 lakhs under section 44AD of the I.T. Act, 1961. In subsequent A.Y. 2016-2017 also, assessee declared income under section 44AD of the I.T. […]...

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Multilateral Instruments – Key Articles Simplified

Base Erosion Profit Shifting (‘BEPS’) Action Plan Weakness of international tax system created several opportunities for tax payers for shifting profits to tax friendly jurisdictions. To create transparency, exchange of information and to avoid treaty abuse, G20 leaders endorsed BEPS Action Plan and developed the same with Organisatio...

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Interest paid on delay in paying customs duty is deductible

M/s M. J. Exports Pvt. Ltd. Vs DCIT (ITAT Mumbai)

M/s M. J. Exports Pvt. Ltd. Vs DCIT (ITAT Mumbai) The facts in brief are that the Collector of customs levied customs duty and penalty on the goods imported by the assessee in F.Y. 1988-89 vide order dated 28th January 1994 and subsequently, levied interest for not paying the customs duty and penalty in time. […]...

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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.