Income Tax - Page 30

New disclosure requirements in Form 16 & Quarterly TDS Return 24Q

CBDT has issued Notification No. 36/2019 dated 12th Apr’2019seeking tax deductors (i.e. employers) to submit detailed break-up while furnishing Form No. 16 & Form No. 24Q....

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TDS u/s. 195 in respect of payments to Foreign Professionals, Teachers etc. –Independent Personal Services

In respect of foreign payments, TDS u/s. 195 is quite a grey area of the Indian Income Tax Act (act).  Every payment to a non resident  is not liable for TDS u/s. 195.   A decision as to the coverage of any payment u/s. 195 requires  determination about taxability of income in the hands of NR […]...

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Notice for reopening of assessment against a dead person is invalid

Rupa Shyamsundar Dhumatkar Vs ACIT & Ors. (Bombay High Court)

Impugned notice of reopening of assessment was issued on a dead person. There are several judgments of different High Courts holding that the notice or reopening of assessment is invalid in law. Suffice it to say, as per the settled law, notice for reopening of assessment against a dead person is invalid....

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Section 50C cannot be avoided merely for sufficiency of exemption u/s 54EC

Jagdish C. Dhabalia Vs ITO (Bombay High Court)

While giving full effect to the deeming fiction contained under section 50C of the Act for the purpose of computation of the capital gain under section 48, for which section 50C is specifically enacted, the automatic fallout thereof would be that the computation of the assessee’s capital gain and consequently the computation of exemptio...

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Subsidy received for setting up of new unit is capital receipt

M/s. Alkoplus Producers Pvt. Ltd. Vs DCIT (ITAT Pune)

On going through the language of the Explanation 10, it is manifest that it is attracted only when the object of the Scheme is to subsidize the cost of an asset and not otherwise. If the object of the Scheme is to accelerate the industrial development of the State, then the case is not caught within the mandate of the Explanation 10....

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LTCG on sale of shares cannot be treated bogus merely on investigation report

Mr. Sanjiv Shroff Vs ACIT (ITAT Kolkata)

When AO has not brought any material on record to show that the assessee has paid over and above the purchase consideration as claimed and evident from the bank account then, in the absence of any evidence it cannot be held that the assessee has introduced his own unaccounted money by way of bogus long term capital gain....

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Sec. 68 addition cannot be made merely for exorbitant premium

Principal Commissioner of Income Tax Vs M/s. Chain House International (P) Ltd.) (Madhya Pradesh HC)

Addition under section 68 on account of bogus share capital and exorbitant premium was not justified as where the funds had been received through banking channel  and there was no dispute about the identity, creditworthiness and genuineness of the investors. ...

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Section 115JB not applies to assessee governed by Special Acts & Rules

ITO Vs M/s. Atria Hydel Power Ltd. (ITAT Bengalore)

Provisions of section 115JB would not be applied to assessee-company where assessee was governed by different Acts and Rules, and was not required to prepare its profit & loss account and balance sheet as per Part II & III of Schedule VI to the Companies Act....

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Senior Citizens not having Business Income exempt From Advance tax

As per section 208 every person whose estimated tax liability for the year exceeds Rs. 10,000, shall pay his tax in advance in the form of advance tax. Thus, any taxpayer whose estimated tax liability for the year exceeds Rs. 10,000 has to pay his tax in advance by the due dates prescribed in this regard....

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Advance Tax Provisions, Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....

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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.