Income Tax - Page 4

Exemption U/s 54 available on amount invested despite non-completion of construction by builder within prescribed time

ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore)

ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore) It was held that despite the non completion of the construction of the new property by the builder, the assessee would be entitled to the benefit of exemption u/s 54 of the Act. We have heard the rival contentions and perused and carefully considered the material on record. It […]...

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No Liability to Deduct TDS U/S 194H on Credit Card Charges And Conversion Charges of Foreign Currency Paid to Bank

Airport Retail P. Ltd. Vs DCIT (ITAT Mumbai)

Hon’ble ITAT Mumbai in recent case of Airport Retail P. Ltd. vs. DCIT ITA No. 4816/Mum/2015 date of decision 09.01.2019 has decided that TDS u/s 194H is not application on bank charges paid for credit card payments and conversion charges of foreign exchange into cash. Hon’ble tribunal has examined the nature of transaction has conclud...

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AO cannot assess share premium as income on the ground that it is excessive

M/s. Varsity Education Management Pvt. Ltd. Vs DCIT (ITAT Mumbai)

M/s. Varsity Education Management Pvt. Ltd. Vs DCIT (ITAT Mumbai) In the instant case, there is no dispute to the fact that the assessee has received the sum of Rs. 1030/- per share as Share Premium. It is the case of the assessing officer is that he will accept the share premium only to the extent […]...

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Penalty cannot be imposed based on Original Return in Section 153A Assessment

M/s OSE Infrastructure Ltd. Vs ACIT (ITAT Delhi)

M/s OSE Infrastructure Ltd. Vs ACIT (ITAT Delhi) When the revised return is accepted and the income is assessed as per the revised income, there is no scope for penalty. In the case of Kirit Dahyabhai Patel vs ACIT, (2017) 80 162 (Guj), the Hon’ble High Court held that in view of specific provision of Section […]...

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Interest U/s. 234B cannot be levied on Income of non-resident liable to TDS

Dimension Data Asia Pacific Pte. Ltd. Vs DCIT (ITAT Mumbai)

Dimension Data Asia Pacific Pte. Ltd. Vs DCIT (ITAT Mumbai) Assessee deriving income from multiple sources can adopt provisions of I.T Act for one source & DTAA for other The Tribunal held that in case of multiple sources of income, an assessee is entitled to adopt the provisions of the Act for one source while applying […]...

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Original Assessment annulled due to failure to issue notice U/s. 143(3)- Reassessment not permissible to rectify the mistake

CIT Vs Rameshwar Prasad Sharma (High Court Rajasthan)

Where CIT (A) had annulled original scrutiny assessment concluded under section 143(3) on the legal ground that notice issued under section 143(2) was time-barred, then revenue was precluded to adopt recourse of reassessment under section 147 to correct the mistake committed originally in not issuing notice under section 143(2) in time....

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Pre Budget Memorandum 2019-20 by ICAI Cost accounting

TDS Statements are furnished electronically; tax credit appears in payee accounts. Thus issuing of TDS Certificate stipulates an additional procedure that involves time, cost and efforts. The non compliance of issuing of TDS certificates is visited with penalty....

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Guide to Approved Gratuity Fund

Gratuity is a lumpsum amount paid by an employer to its employees at the time of their retirement, superannuation or death. It is a way by which an employer expresses its thankfulness to its employees for remaining in continuous service....

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Question of Violation of Section 10AA(4)(ii) should be raised in First Year of Operation / Exemption

CIT Vs Macquarie Global Services Pvt Ltd (Delhi High Court)

CIT Vs Macquarie Global Services Pvt Ltd (Delhi High Court) It is an accepted and admitted position that the unit in the SEZ had commenced business in the period relating to the Assessment Year 2011-12. The assessee had claimed and was allowed deduction under Section 10AA in the Assessment Years 2011-12 and 2012-13. The Assessing [&hellip...

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ELSS Scheme of Mutual Funds is best For Tax Planning U/s. 80C

ELSS (Equity Linked Savings Schemes) Scheme Of Mutual Funds Is Best Choice For Tax Planning under Section 80C of Income Tax Act, 1961. Investors can save up to Rs 1.5 Lakhs in eligible schemes for deduction under Section 80C of the Income Tax Act 1961. There are broadly two types of tax savings schemes – […]...

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Posted Under: Income Tax |

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.

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