Income Tax - Page 30

Assessment of Partnership Firms under Income Tax Act,1961

The following conditions are required to be fulfilled by partnership firm to be assessed as a firm,1) Partnership should be evidenced by a registered deed: Partnership deed should be registered clearly explaining all the terms and conditions mutually decided between the partners of the said firm....

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Pr. CCIT to assign additional charge of vacant post of CIT (Appeal)

Office Order No. 41 of 2019 (25/02/2019)

Office Order No. 41 of 2019: Authorization of the Pr. Chief Commissioner of Income Tax (CCA) to assign additional charge of the vacant post of CIT (Appeal) under its jurisdiction – reg. Also Read- Assign vacant CIT(A) charges to CIT: CBDT instructs Pr. CCIT No. A- 35915/11/2019-Ad.VI Government of India Ministry of Finance Departmen...

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CBDT cracks bogus donation racket- May take action against 243 Donors

F. No. 225/26/2019-ITA (II) (25/02/2019)

CBDT busts Bogus donation racket under section 35(1)(ii) of Income-tax Act, 1961– Rural Development Society , Hyderabad.  It raised substantial donations on the basis of forged certificates and claimed weighted deduction u/s.35(1)(ii) of the The amount of donations raised during the Assessment Years  i.e. 2016-17 & 2017-18. presid...

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Prohibition on Unregulated Deposit Schemes w.e.f February 21,2019

In order to put a check on illicit deposit-taking activities like Saradha scam and Rose Valley chit fund scam in the country that dupe poor and the financially illiterate of their hard-earned savings. The President of India promulgated the Banning of Unregulated Deposit Scheme Ordinance, 2019 w.e.f. February 21, 2019 (hereinafter referred...

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Banning of Unregulated Deposit Schemes Ordinance 2019: Important points

The Govt passed the Banning of Unregulated Deposit Schemes Ordinance, 2019 on 21st Feb, 2019 to ban unregulated deposits. Article explains Who are Depositor and deposit taker, Banning of Unregulated Deposit schemes (UDS), What is Unregulated Deposit Scheme(UDC) and Regulated Deposit Scheme(RDS), What kind of deposits are considered under ...

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Detailed analysis of Banning of Unregulated Deposit Schemes Ordinance, 2019

Through this article, an attempt has been made to understand the implication of Banning of Unregulated Deposit Schemes Ordinance, 2019. For the sake of better understanding, the author has divided the article into four parts comprising of the definition, the substantive law and the sanctions imposed....

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Posted Under: Income Tax |

Banning of Unregulated Deposit Schemes Ordinance, 2019 – Whether Applicable To Normal Business Activities?

Whether Banning of Unregulated Deposit Schemes Ordinance, 2019 also applicable to deposits, unsecured loans etc. accepted / taken for normal trading, manufacturing etc. activities or for personal needs....

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Posted Under: Income Tax |

Deposits exempt under Banning of Unregulated Deposit Schemes Ordinance, 2019

Banning of Unregulated Deposit Ordinance,2019, exempts Individual, Firm, Companies & LLP etc. for taking any loan and deposit for their course of business as per section 2(4) e,f ,l and other provisions. For the purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 “deposit” means an amount of money received by way of...

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Practical issues in Share Valuations for Companies under Companies Act and Income Tax

Under Income Tax, three persons can get affected under various provisions of the Income Tax, if Shares are issued or transferred at a consideration less than Fair Market Value (FMV) i.e. Buyer, Seller or Company inself. Examples are given below....

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Important aspects of Unregulated Deposit Schemes Ordinance, 2019

The President has assented The Banning of Unregulated Deposit Schemes Bill, 2019, which was passed on the 13th day of February, 2019 in the House of the People; The purpose of Banning of Unregulated Deposit Schemes Ordinance, 2019 is to provide for a comprehensive mechanism to ban the unregulated deposit schemes and to protect the intere...

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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.