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 : Learn about the planned overhaul of India’s Income Tax Act 1961, set to simplify and modernize tax laws by 2025, aiming for clar...
Income Tax : Learn how to revise TDS returns online via TRACES, correct errors, and ensure compliance. Get step-by-step guidance and understand...
Income Tax : In the alternate, assessee has also raised a ground that Assessing Officer ought to have allowed the expenditure incurred in culti...
Income Tax : Explore the updated income tax slabs for FY 2024-25, comparing the new and old regimes, including deductions, rebates, and surchar...
Income Tax : Learn how losses from speculation business can be set off only against speculation income, with provisions for carry-forward....
Income Tax : Direct tax collections for FY 2024-25 have risen 21.2% gross, with a 15.41% net growth compared to the previous year, reflecting c...
Income Tax : CBI files chargesheet against Principal Commissioner of Income Tax and four others in a Rs 10 lakh bribery case. Investigation det...
Income Tax : CBDT sets transfer pricing tolerance range at 1% for wholesale trading and 3% for other transactions for AY 2024-25, providing cla...
Income Tax : KSCAA highlights critical issues on India’s Income Tax Portal, impacting timely filings for returns and TDS with glitches, timeo...
Income Tax : CBDT simplifies compounding procedures under the Income-tax Act, 1961 by reducing charges, removing limits, and easing filing requ...
Income Tax : ITAT Bangalore directed CIT(A) to condone delay of 484 days in filing of an appeal and consider the issue on merits as it is alleg...
Income Tax : ITAT Bangalore held that deduction towards reversal of provision for inventory written off due to obsolescence allowable since the...
Income Tax : The assessee is engaged in the business of letting out buildings both residential and non-residential. The case of the assessee wa...
Income Tax : ITAT Vishakhapatnam allowed weighted deduction under section 35(2AB) of the Income Tax Act since amount received from Department o...
Income Tax : ITAT Visakhapatnam held that addition under section 68 r.w.s. 115BBE of the Income Tax Act deleted as the source for capital inves...
Income Tax : CBDT sets new monetary limits for waiver of interest on delayed tax payments under Section 220(2) of the Income Tax Act, 1961, eff...
Income Tax : CBDT issues Notification No. 5/2024 for mandatory electronic filing of Forms 3CEDA and 3C-O under Income Tax Rules, effective from...
Income Tax : CBDT issues Circular No. 14/2024 allowing condonation of delay in filing tax returns for AY 2023-24 under Section 80P, benefiting ...
Income Tax : The CBDT extends the Income Tax Return due date for AY 2024-25 to November 15, 2024, as per Circular No. 13/2024 issued on October...
Income Tax : CBDT exempts income of West Bengal Pollution Control Board under Section 10(46) of the Income-tax Act, 1961, subject to non-commer...
In the case of M/s Bhagwati Motors Vs. ITO Chandigarh bench of ITAT have held that Assessee merely acted as a conduit without any right in money, therefore, no addition under section 69A of the Act could be made against the assessee.
Notification No. 220/2015 – Income Tax Dated- 16th October, 2015 S.O. 2854(E).-In exercise of the powers conferred by sub-section (I) read with clause (b) of the Explanation to Section 35 AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendation of the National Committee for Promotion of Social and Economic Welfare,
Understand the concept of belated return explained with practical examples. Learn about the time limits and regulations for filing a belated return.
For any startup or a freelancer, first few years are always challenging. Right from choosing the appropriate constitution for setting up the business to taking into account the tax implications, everything has to be done appropriately. Taxes can be complicated but their ignorance or lack of knowledge can land a young startup in unwanted troubles. […]
ITAT Jaipur held in case of ACIT Vs. Smt. Ranjana Johari that if change made in the wooden article which resulted in to a new and different article then it would amount to manufacturing activity. The assessee, Ranjana Johari, had undertaken different activities to shape up
ITAT Ahmedabad held In the case of The ACIT vs. Garden Silk Mills Ltd. that rejection of books of accounts should not be in a mechanical manner. The AO has to come to a definite conclusion that the accounts are not correct or not complete; consequently, it has distorted the true picture of profit.
ORDER NO. 198 OF 2015- In order to address the large pendency before DRPs at Mumbai and Bengaluru, the CBDT has decided to create additional Benches i.e. DRP-3 at Mumbai DRP-2 at Bengaluru until further orders. In pursuance of this, the officers post in the charge of CIT (A) mentioned in Col. 3 of the table below are posted as Members of DRPs mentioned in Col. 2 until further orders:-
ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of benefits to the middle class. In this process the Finance Minister announced extension of certain benefits in respect of medical treatment under section 80DDB. This section allows a deduction for expenditure incurred on treatment of specified ailments.
Instruction No. 14/2015 while scrutinizing the cases of entities engaged in the business of mining, the Annual Returns filed with IBM by the respective assessees should invariably be obtained and compared with the details submitted to the Income-tax Department so as to ascertain whether any suppression of production and discrepancy in stock exists and further necessary action as per provisions of law may be taken.
a. Assessee had filed return of income on 27-10-2006 u/s 139(1) and original assessment was done by AO u/s 143(3) vide order dated 15.12.2008. b. Subsequently, this case was reopened u/s 147 and AO framed re-assessment order dated 31.12.2012 u/s 143 read with 147 of the Income Tax Act 1961.
