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 : Many taxpayers receive notices despite exemption due to AIS-ITR mismatches. The case highlights that non-reporting of even exempt ...
Income Tax : Key mistakes taxpayers should avoid when choosing between old and new tax regimes for FY 2026-27, including deductions, deadlines,...
Income Tax : ITAT Kolkata remands case on disallowance of subcontractor expenses, stressing need for evidence, due diligence, and verification ...
Income Tax : The new law introduces a structured framework for NPO registration, income application, and taxation. It simplifies compliance but...
Income Tax : Form 41 is now compulsory for non-residents claiming DTAA benefits, replacing Form 10F. The update mandates online filing and ensu...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...
Income Tax : Since most salary payments were accepted, the remaining disallowance was held unjustified. Key takeaway: partial acceptance weaken...
Income Tax : Delhi High Court held that challenge to reassessment proceedings initiated under Income Tax Act failed as Court cannot act as an A...
Income Tax : The court examined whether consolidated GST show-cause notices across financial years are valid. It found no clear statutory bar b...
Income Tax : Karnataka High Court declines writ on pension, arrears and leave claims of retired tax official, holds service matters must first ...
Income Tax : Karnataka High Court sets aside rejection of business loss for violation of natural justice due to denial of personal hearing; rem...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
ITR-2 & ITR-5 utilities are modified to fix bugs identified while filling Schedule FA in ITR-2 (Java utility), Partners information is ITR-5 (Java utility) and Part A-General answer to Investment Fund query in ITR-5 (Excel utility). These bug fixes has no impact on XML schema which remains same and for those taxpayers where these schedules […]
Key direct tax amendment to the Finance Bill (No. 2), 2019, as passed by Lok Sabha on 18 July 2019 The Lok Sabha has passed the Finance (No. 2) Bill, 2019 on July 18, 2019, which was presented originally in the Lok Sabha on July 5, 2019. Certain changes have been made to the original […]
The Income tax Act 1961, has prescribed penal provisions for default in compliance with the provisions of the a TP regulations, which are summarized below: Nature of default Relevant Section of the Act Nature of penalty Under Reporting of income arising in the cases other than the case referred in sub section (9) 270A(2) read […]
CBDT extends the ‘due date’ for filing of Income Tax Returns from 31st July, 2019 to 31st August, 2019 in respect of the said categories of taxpayers.
The Mauritius Leaks have once again revealed the devastating impact of tax avoidance. ICRICT calls for multilateral accord to overhaul the international tax system, the end of tax havens, the adoption of a minimum global tax and the creation of a Global Asset Registry
CBDT has been actively pursuing leads found in the actions taken against the J&K Bank and its erstwhile Chairman, Sh. Parvez Ahmad. In another such follow-up action, a search and seizure operation has been conducted on a Group that is in the business of providing security to business establishments and prominent individuals, as well as in running hotels in Jammu & Kashmir and other parts of the country.
CBDT and all field offices will be observing and celebrating the 159th Income Tax Day i.e. Aaykar Diwas on 24th July, 2019. It was on 24th July, 1860 that Income Tax was introduced for the first time in India by Sir James Wilson to compensate for the losses incurred by the British regime during the first war of independence against British Rule. This is why 24th July is observed as the Income Tax Day.
Due date of filing income tax return is 31st July 2019 for those assessees whose accounts are not required to be audited such as assessees having salary income, rent income, capital gain, income from other sources or income from business/profession under presumptive taxation scheme (individuals, HUFs, Association of Persons, Body of Individuals etc.).
Significant economic presence shall mean–i. Any transaction in respect of any goods, services or property carried out by a non-resident in India including provision of download of data or software in India if the aggregate of payments arising from such transaction or transactions during the previous year exceeds the amount as may be prescribed; or
The ultimate objective behind this article is to provide a brief idea in respect of Non Resident taxation and income tax rules and perks allowed to them which are way different from those applicable to resident Indians. 1. TEST OF RESIDENCE A. INDIVIDUAL a. An Individual is regarded as ‘Resident’ of India if: i. . […]
