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Income Tax : Explore Budget 2024-25's Section 194T, mandating 10% TDS on payments exceeding Rs. 20,000 to firm partners, effective April 2025....
Income Tax : Explore the 5 key proposals in capital gains taxation introduced in Budget 2024. Learn about changes in exemption limits, tax rate...
Income Tax : Explore the controversial changes in capital gains tax introduced in Budget 2024. Understand the impact on investors and real esta...
Income Tax : जानिए भारतीय आयकर अधिनियम 1961 की धारा 194T के तहत साझे�...
Income Tax : CBDT's notification no. 27/2024 dated 05.03.2024 introduces several key amendments to Form 3CD, effective from AY 2024-25, impacti...
Income Tax : Punjab Accountants Association urges Finance Minister to amend Section 43(B)(h) for MSMEs, proposing better payment timelines and ...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Income Tax : Budget 2024 introduces provisions for exempting or reducing TCS on certain transactions. Effective from October 2024....
Income Tax : Budget 2024 reduces penalty relief period for TDS/TCS statement filing from one year to one month. Changes effective April 2025....
Income Tax : Delhi High Court held that the receipts from Indian customers for services provided outside Indian Territory, in connection with u...
Income Tax : Jharkhand High Court held that the delay in filing the appeal without any condonation of delay application is a defective one and ...
Income Tax : Bombay High Court held that upto 1 April, 2005, the expression ‘built up area’ would exclude the balcony area and are not to b...
Income Tax : ITAT Chennai held that addition towards on-money sale amount based on the third-party statement without any cogent positive eviden...
Income Tax : ITAT Delhi held that addition on account of unexplained money under section 69A of the Income Tax Act unjustified as revenue faile...
Income Tax : Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Cla...
Income Tax : Notification 95/2024 exempts Himachal Pradesh State Load Despatch Centre specified income from tax, effective for AY 2021-2024, wi...
Income Tax : Explore Income Tax Notification No. 94/2024 dated 24th July, 2024, detailing tax exemptions for Punjab Skill Development Mission S...
Income Tax : Finance Minister Nirmala Sitharaman introduced the Finance Bill 2024 and the Final Budget for the fiscal year 2024-25 in the Lok S...
Income Tax : Read about the latest income tax notification specifying AIMCo India Infrastructure Pension Fund for tax exemption under section 1...
A new system of taxation is proposed by a Pune based research group Arthkranti Pratishthan where it has 5 components in its proposal: Withdrawal of existing Taxation system completely (except Customs i.e. Import Duty) Every Transaction routed through a bank will attract certain deductions in appropriate percentage as Transaction Tax i.e. Single point tax deducted […]
Notification No. 4/2014-Income Tax In exercise of the powers conferred by clause (46) of Section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Orissa State AIDS Control Society, a body constituted by the Government of Orissa in respect of the following specified income arising to that Society
TDS related management has already got messed-up and going forward to a point where it is going to have a count of the breathtaking of the deductors so that they may be penalized for violation of medically recommended count of 60 breaths per minute.
Government dues tendered in the form of a cheque or draft which is accepted under the provisions of rule 19 and is honoured on presentation, shall be deemed to have been paid- i. where the cheque or draft is tendered to the bank, on the date on which it was cleared and entered in the receipt scroll;
The Income Tax authorities have looked into the affairs of the four cricket associations, namely Saurastra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharastra Cricket Association and have found that these cricket associations were engaged in certain activities which were considered commercial in nature in view of the amended provisions of Sec 2(15) of the Income Tax Act, 1961.
It has been gathered that you have filed Income Tax return for Financial Year 2011-12 . However, as per our information, you have not been allotted with any TAN (Tax deduction and collection Account Number) for the relevant PAN (Permanent Account Number). The Circular, inter alia, provides guidelines on the following: You are advised to […]
For Tax payers: Non/ Late filing of TDS statements results into the TDS Credit not being available to the deductees (employees / vendors) for claiming the amount of tax already deducted from the payments made to them besides generating correct TDS Certificates for them.
As you are aware, it is mandatory for AOs to file Form No. 24G on monthly basis with in the prescribed time. Based on the particulars reported in Form No. 24G, Book Identification Number (BIN) is generated and intimated to the respective AOs by TIN Central System. AOs can download BIN from TIN Portal. AOs […]
Report correctly the PAN and TDS amount in the Statement, which helps the taxpayer in claiming correct TDS Credits besides generating correct TDS Certificates. Verify the contents of TDS Certificates as downloaded from TRACES before issuing the same to the taxpayers
Eligibility for 80CCG – (1) the gross total income of the assessee for the relevant assessment year shall not exceed twelve lacs rupees. (2) Should be a new retail investor. This means you should be using a demat account the first time ever for equities. You should be using a new demat account or if you had a demat account you should have never traded in equities using it before.