Income Tax - Page 30

Tax Audit Under Section 44AB of Income Tax Act, 1961

A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assessee exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act by a Chartered Accountant. Simply Tax Audit means, an audit of matters related to tax. Applicability of tax […]...

Read More
Posted Under: Income Tax |

Migration of OLTAS functions to Income Tax Business Application-Reg.

ITBA-OLTAS Instruction No. 1 (07/08/2019)

OLTAS module of ITD has been migrated to ITBA. The functionality for Search and Modify Challan in OLTAS Module is available in Income Tax Business Application (ITBA) as per the following details:...

Read More

Launch of Income Tax Business Application– Refund Banker Module

ITBA- Refund Banker Instruction No.1 (07/08/2019)

The functionalities for Refund Blocking/Unblocking, Refund Revalidation and Refund Status in Refund Banker Module are available in Income Tax Business Application (ITBA) as per the following details:...

Read More

Angel Taxation | Assessment Procedure of startup Companies | Section 56

Circular No 16/2019 (07/08/2019)

Following procedure is laid down with regard to the assessment of such startup entities involving the issue of section 56(2)(viib). (i) Where the Startup Company has been recognised by the DPIIT but the case is selected under "limited scrutiny" on the single issue of applicability of section 56 (2)(viib), no verification on such issues wi...

Read More

Form 80IAC Startup India

STARTUP RECOGNITION: Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127 (E) are eligible to apply for recognition under the program. The Startups have to provide support documents, at the time of application. Eligibility Criteria for Startup Recognition: The Startup should be...

Read More
Posted Under: Income Tax |

Mechanical Addition for fictitious loss by Client Code Modification not sustainable

DCIT Vs M/s Comet Investment Pvt. Ltd. (ITAT Mumbai)

Addition made by AO on account of suppression of profit and obtaining fictitious loss by assessee company by way of Client Code Modification (CCM) and on account of commission paid to brokers to obtain fictitious loss through CCM was to be deleted as AO had mechanically added amounts as income of assessee without verifying & furnishing...

Read More

Upfront fee paid to bank to obtain loan for acquisition of capital asset allowable

M/s Escorts Ltd. Vs ACIT (ITAT Delhi)

Any expenditure incurred for obtaining loan was allowable as revenue expenditure even if the loan was intended for acquiring a capital asset. Thus, upfront fee paid to bank was thus allowable....

Read More

Changes in Income Tax Return for AY 2019-20

The CBDT has notified the Income-tax Return (ITR) Forms for the Assessment Year 2019-20 with many changes and revisions. While the last date for filing income tax returns has been extended to August 31 for FY 2018-19, the changes and penal clauses for late filing mean one should start the process as soon as possible. ITR 1 […]...

Read More
Posted Under: Income Tax |

Section 195 TDS on payment of any other sum to a non-resident

Provisions of tax deduction at source (TDS) with regard to payment of any other sum to a non-resident is covered under section 195 of the Income Tax Act, 1961 which are explained hereunder....

Read More
Posted Under: Income Tax |

Section 194M: TDS on Payment of certain sum by certain Individual / HUF

The Budget introduced new section 194M covering TDS applicability on payment done to resident contractors, commission / brokerage and professionals. Let us analyze what the newly introduced section 194M has to say, in the present article....

Read More
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.