Income Tax - Page 30

TDS U/s. 194J deductible on investigation charges paid by Bank on assessee’s behalf

Addl. CIT Vs Hiravati Marine Products Pvt. Ltd. (ITAT Rajkot)

Merely the payment of investigation charges to the chartered accountant firm was made by the bank on behalf of the assessee did not mean that the transaction was covered under the provisions of section 194A read with section 2(28A). As such the assessee was liable to deduct the TDS under section 194J and thus, assessee was not eligible fo...

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Selecting Your Income Tax Return for AY 2019-20 / FY 2018-19

In simple terms the Income Tax Return is the document wherein the assesse submits its earned income to Government and makes payment for the services and facilities availed by him called as tax which is supposed to be used by the Government for the welfare of the country only. Technically speaking the form approved by Income […]...

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Form 16C : TDS certificate for rent of property

With a view to widen the scope of TDS applicability on payment of rent, in spite of already existing section 194-I, vide Finance Act, 2017, new section 194-IB had been inserted. Newly inserted section 194-IB of the Income Tax Act, 1961 was made effective from 1st June, 2017. The deductor, who is liable to deduct TDS […]...

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Mistakes not to be done in ITR forms- avoid getting notice from tax authorities

Technically speaking the form approved by Income Tax Authorities as per the requirements of the Income Tax Act 1961 is commonly called as the Income Tax Return comprising of various heads of income under which the assessment is done. broadly speaking the Income Tax Return is divided in to following five heads of income- 1. Income [&helli...

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Disability pension exempt for armed forces personnel of all ranks-CBDT

Exemption of service element and disability element of disability  pension granted to disabled personnel of armed forces who have been invalided on account of disability attributable to or aggravated by such service. CIRCULAR No. 13/2019 F. No. 173/250/2019-ITA-1 Government of India Ministry of Finance Department  of  Revenue Central B...

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Hassle Free filing of your Income Tax Return – How ?

Hassle Free filing of your Income Tax Return – How ? This article is for those who have :- • Income from Salary • Income from House Property • Interest Income (FDR, Bank Interest) • Income from Capital Gain from sale of shares and or redemption of Mutual Fund units Approximately one month is pending […]...

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Section 44AE of The Income Tax Act, 1961

Section 44AE of The Income Tax Act, 1961 Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages This section applies specifically on assessees carrying on business of plying, hiring or leasing good carriages. This section states that if an assessee is carrying on the above mentioned busi...

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Form 26AS: Easiest way of recalling TDS during the year

With the due date of income tax return filing approaching soon, the taxpayers have started collecting the necessary documents and information. If you are providing professional services, your clients must have deducted TDS at the rate of 10 per cent while paying you. Similarly, the employers also deduct TDS every month while paying salari...

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Pre-Budget Suggestions for Final Union Budget 2019 under Income Tax Act & GST

EXPECTATIONS FROM FINAL UNION BUDGET 2019 TO SMALL INDUSTRY & COMMON MAN The Union Budget for 2019-20 will be presented in the Lok Sabha on Friday (5th July, 2019) at 11.00 am by newly-appointed Finance Minister Nirmala Sitharman.  Expectations from Union Budget 2019 are as below:- A. Goods & Service Tax (Goods & Simple tax) ...

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Step to keep in mind while filing income tax return for FY 2018-19

The followings are the important steps/points/precautions to be kept in mind while filing the return of income (Income Tax Return) for the previous year 2018-19 i.e Assessment Year 2019-20: 1. Identify the suitable Income Tax Return (ITR) form The first step would be to identify the tax return form applicable for an individual taxpayer, a...

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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.