Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax.
Income Tax : Explore the New Tax Bill 2025, replacing the Income Tax Act of 1961. Learn about its simplified structure, global alignment, and c...
Income Tax : Explore the feasibility of flat tax in India. Analyze its impact on equity, revenue, and socio-economic challenges compared to pro...
Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : The introduction of Section 194O in the Income Tax Act, 1961 for e-commerce transactions, has created certain overlaps with Sectio...
Income Tax : Finance Bill 2025 limits tax loss carry-forward under Section 72A to 8 years from the original assessment year. Learn about its im...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : Union Cabinet has approved the new Income Tax Bill 2025, aiming to simplify and modernize India's tax system by replacing the 1961...
Income Tax : CBI registers case against 9, including Deputy Commissioner, 2 Inspectors, and 5 CAs, for sabotaging Faceless Tax Scheme; searches...
Income Tax : India's tax arrears stand at ₹47 lakh crore as of Dec 2024. CBDT & CBIC are taking steps, including asset identification, litiga...
Income Tax : India decriminalizes minor direct tax offenses to ease compliance. New measures include litigation management, compounding guideli...
Income Tax : ITAT Mumbai held that adjustment of disallowance of deduction u/s 80P(2)(d) is not permissible adjustment under section 143(1) of ...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
Income Tax : ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustifi...
Income Tax : Delhi High Court held that suo moto disallowance with bona fide yet mistaken belief that amount is liable to be offered for taxati...
Income Tax : Supreme Court examines "first offence" definition under Section 276CC of the Income Tax Act in the Vinubhai Mohanlal Dobaria case....
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
The CBDT has so far refrained from issuing any statement regarding number of declarations received, amounts declared or taxes paid under the Scheme in order to ensure complete confidentiality. The confidential handling of declarations made under the Scheme is of utmost importance to the Income Tax Department and the CBDT is aware of its responsibility towards fulfilling this crucial role.
In order to facilitate filing of declarations under Income Declaration Scheme 2016 even after office hours, Pr.CCs.I.T. are instructed to ensure that counters for receiving declarations under I.D.S., 2016 remain open till midnight of 30th September, 2016 in all jurisdictions.
Central Government hereby rescinds the notification of the Government of India, Ministry of Finance, Department of Revenue number 4/2010 dated 28.01.2010 published in the Gazette of India, Part II, Section 3, sub-section (ii) dated 28th of January, 2010 vide S.O. 348 with effect from 1st April, 2007 and shall be deemed that the said notification has not been issued for any tax benefits under the Income-tax Act, 1961 or any other law of the time being in force.
AO is also equally responsible to find out whether the credit entry found on 01.07.2010 is genuine or not. The AO cannot take advantage of the ignorance or handicap of the assessee and say that there was undisclosed receipt by the assessee.
It is clarified that a declaration under the Scheme can be filed in respect of the assessment year for which notice under section 142(1)/143(2)/148/153A/153C has been served on or before 31.05.2016 but the proceedings have been completed and the period of filing declaration under the Scheme has not expired.
S.O. 2943(E).-In the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O.2380(E) dated the 12th July 2016, PUBLISHED IN THE Gazette of India, Extraordinary, Part – II, Section 3, sub-section (ii) dated 12th July 2016.
Section 44AB of the Act, stipulates that the accounts are to be got audited by an accountant and furnished in the prescribed manner before the ‘specified date’. The ‘specified date’ under Explanation (ii) to that section has been defined to be the ‘due date’ for furnishing the return of income under subsection (1) of section 139. Therefore, the extended ‘due date’ as per CBDT order dated 9th September, 2016 would also apply for the purpose of section 44AB of the Act.
ITAT Kolkata held that the consequence, which were to be fall on account of non-observation of section 40A(3) must have nexus to the failure of object of introducing of the provision. Therefore, no disallowance can be made if the transactions do not defeat the object of Sec 40A(3) in as much as there genuiness is not challenged and they can be tracked end to end.
The figures for direct tax collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year. Till August 2016, 22.30% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.
It was surprisingly a warm day in 2009 in Minnesota, Minneapolis, USA which ranks among the coldest states, when I got a telephone from a young lady, by her talk, I presumed, that her checking account with a local bank in California, USA was frozen by local tax authorities.
