Income Tax - Page 30

GST and Textile Sector- All You wanted to know

The textile industry has historically enjoyed tax exemptions on the cotton value chain. Currently, attracts zero Central excise duty (under optional route) .VAT is not applicable on fabrics, but yarn and garments attract VAT according to state rates. On an average, the items used by the textile industry such as machinery and chemical agen...

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CBDT Central Action Plan for 2017- 18

CBDT Central Action Plan for 2017- 18 deals with Budget Collection, Reduction and Cash Collection Out Of Arrear Demand, Litigation Management, Service Delivery and Redressal of Grievances, Assessment Units (Including International Taxation & Transfer Pricing, Exemptions) International Taxation & Transfer Pricing, TDS Units, Intelligence ...

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Changes in Income Tax Return Forms AY 2017-18, Deduction limits & TDS rates

Introduction of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form. The number of Income Tax Return Forms AY 2017-18 (FY 2016-17) has been reduced from the existing nine to seven forms....

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CBDT e-Filing Common Verification Service user manual

1 Introduction The World Wide Web (WWW) is increasingly being used for communication between applications. The programme interfaces is available over the Web for application-to application communication named as Web services. There are various types of applications that can be considered Web services, however, interoperability between the...

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Launch of Aaykar Setu – Another E-Initiative by CBDT

As a part of this continuous process, a new tax payer service module ‘Aaykar Setu’, was launched by the Honourable Finance Minister, Shri Arun Jaitley from Delhi today. To enhance mobile access experience, a mobile responsive android version was also released along with the desktop version....

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Whether tax U/s. 221 of the IT Act takes within its ambit interest component?

CIT vs. Oryx Finance and Investment Pvt. Ltd. (Bombay High Court)

Section 221 of the Income Tax Act, 1961, prescribes penalty according to its provisions when an assessee is in default or is deemed to be in default in making a payment of tax....

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Initiate process to Fill up Vacancies in ITAT: SC to Center

Ashay Pundir Vs Union Of India (Supreme Court of India)

The Supreme Court directed the central government to initiate process to fill up vacancies in the income Tax Appellate Tribunals within three weeks....

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Reassessment cannot be initiated merely on report of Valuation Officer

Smt. Kamala Ojha Vs Income Tax Officer (Chhatisgarh High Court)

Thus, it appears that only on the basis of the valuation report received from the said officer – Assistant Valuation Officer, the assessing authority sought to reopen the proceeding under Section 147 of the Act, 1961 which is clearly not an information for reopening the assessment proceeding...

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Income Tax Manual Scrutiny Criteria for financial year 2017-2018

Instruction No. 05/2017-Income Tax (07/07/2017)

CBDT hereby lays down the following procedure and criteria for compulsory manual selection of returns/cases requiring scrutiny during the financial-year 2017-2018:-...

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GST- Job Work

Nowadays most of the corporate are outsourcing certain processes so as to reduce the cost of manufacturing or output. However FAQ hits around as to how the same shall be treated under GST Regime....

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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.