Income Tax - Page 30

Internal TNMM should be adopted over external TNMM while determining ALP

ACIT Vs e4e Business Solutions India Pvt. Ltd. (ITAT Bangalore)

ACIT Vs e4e Business Solutions India Pvt. Ltd. (ITAT Bangalore) TPO should choose the internal comparable in controlled transaction as against an external comparable The underlying object behind computing ALP of an international transaction is to find out the profits which such enterprise would have earned if the transaction had been with...

Read More

ITAT upheld Segregation approach for benchmarking of Contract Software Development Services & ITeS

Orange Business Services India Solutions Pvt. Ltd. Vs DCIT (ITAT Delhi)

Since the issue of benchmarking the international transaction is required to be examined qua both the segments i.e. CSDS and ITES separately and independently for factual analysis of taxpayer’s TP study, the case is remanded back to ld. TPO who shall determine the ALP of international transactions of both the segments independently afre...

Read More

Why Income Tax due Date needs to be extended – Part II

Few of the problems listed out are as below which calls for immediate resolution or for extension of the return filing dates. Also ReadIncome Tax Date Extensions 1. Problem in downloading AIS/ TIS Apart from recently introduced AIS/ TIS near the last dates, increasing the burden of reconciliations, there has been problems in downloading A...

Read More
Posted Under: Income Tax |

Section 36(1)(va) – Amendment by Finance Act, 2021 applicable w.e.f. assessment year 2021-22

Jagmohan Singh Vs DCIT (ITAT Chandigarh)

Jagmohan Singh Vs DCIT (ITAT Chandigarh)  In the instant case, it is not in dispute that employees’ contribution to ESI and PF collected by the assessee from its employees had been deposited well before the due date of filing of return of income u/s 139(1) of the Act. We find that the issue is squarely […]...

Read More

Amendment to section 36(1)(va) of Income Tax Act is applicable prospectively

Mavinahalli Shivananjappa Vijay Kumar Vs DCIT, CPC (ITAT Bangalore)

Explanatory memorandum to the Finance Act, 2021 proposing amendment in section 36(1)(va) as well as section 43B is applicable only from 01.04.2021. These provisions impose a liability on an assessee and therefore cannot be construed as applicable with retrospective effect unless the legislature specifically says so. In the decisions refer...

Read More

Explanation inserted in section 36(va) & 43B via finance act 2021 applicable from 01.04.2021

Stirred Creative Advertising Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Stirred Creative Advertising Pvt. Ltd. Vs DCIT (ITAT Bangalore) We find no merit in the argument of the ld.DR since the explanation as provided in Finance Act, 2021 prescribes that the amendment in both sec.36(va) as well as 43B by inserting corresponding explanation that although impugned PF comes in the form of provision and the [&helli...

Read More

Amendment in section 36(1)(va) & section 43B applicable from 01.04.2021

Shri. Prakash Pai Kochikar Vs Assistant Director of Income Tax (ITAT Bangalore)

The next aspect to be considered is whether the amendment to the provisions to section 43B and 36(1)(va) of the Act by the Finance Act, 2021, has to be construed as retrospective and applicable for the period prior to 01.04.2021 also....

Read More

Explanation-2 to section 36(1)(va) applicable from AY 2021-22

Adyar Ananda Bhavan Sweets India P Ltd Vs ACIT (ITAT Chennai)

Amendment brought in the statute i.e., by Finance Act, 2021, the provisions of Section 36(1)(va) r.w.s. 43B of the Act amended by inserting Explanation 2 is prospective and not retrospective. Hence, the amended provisions of Section 43B r.w.s. 36(1)(va) of the Act are not applicable for the assessment year 2018-19 but will apply from asse...

Read More

Continuous application with the interest to protract litigation is not sustainable in law

S. Karthik Vs N. Subhash Chand Jain (Supreme Court of India)

S. Karthik Vs N. Subhash Chand Jain (Supreme Court of India) Fact- The main issue involved in the present matter is that the auction sale of mortgaged property which was continuously blocked by the guarantors on some pretext or other. Ultimately Indian Overseas Bank disposed off the property via auction sale by way of a […]...

Read More

Addition based on sole foreign source, without confronting the assessee, is unsustainable

Mohan Thakur Vs ACIT (ITAT Mumbai)

Mohan Thakur Vs ACIT (ITAT Mumbai) Facts- As per the report, information was received from the Australian taxation office that the Assessee under consideration has transferred funds amounting to 12,97,122 AU (Australian Dollars) to many of his relatives through hawala system for the period of F.Y. 2007-08 to 2012-13. Shri. Shagun Thakur (...

Read More

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.

Search Posts by Date

January 2022