Income Tax - Page 4

Desist addressing as ‘My Lord’ & ‘Your Lordship’: Rajasthan HC

To honour the mandate of equality enshrined in the Construction of India, the full Court in its meeting dated 14.07.2019 has unanimously resolved to request the counsels and those who appear before the Court to desist from addressing the Hon'ble Judges as 'My Lord' and 'Your Lordship' ....

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Union Budget 2019 Highlights on Changes in taxation & Other Laws

Article contains Union Budget 2019 Highlights with Budget at a Glance compiled by the Institute of Cost Accountants of Indian on Changes in Law and taxation related to Indirect Tax, Direct Tax, MSME Sector, Start Ups, Bank/NBFC, Social Stock Exchange, FDI and Foreign Portfolio Investments.  INDIRECT TAX A. Customs Customs Duty Increased/...

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Demerger V/s Slump Sale

DEMERGER Division of a company with two or more identifiable business units into two or more separate companies. In accordance with following Sections: ♣ Section 2(19AA) of Income Tax Act, 1961 ♣ Section 230-232 of Companies Act, 2013 CONDITIONS FOR TAX NEUTRAL DEMERGER Transfer of all properties & liabilities relatable to the un...

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Avoid these small mistakes while filling up your ITR form

Since the deadline of 31st July 2019 for ITR filing is fast approaching, we should not commit the mistakes which we generally commit while filing the ITR form in hurry. Let us discuss the mistakes which people generally commit while filling up the ITR form. Basic contact details Since the income tax department nowadays sends […]...

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Section 194 – TDS on dividend

The provisions relating to TDS on dividend is covered under Section 194 of the Income Tax Act, and the same has been explained briefly in the current article. Going through the basic provisions of section 194 of the Income Tax Act – As per the provisions of section 194 of the Income Tax Act, the Principal officer of […]...

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Notification No. 53/2019-Income Tax, Dated: 16/07/2019

Notification No. 53 /2019 (16/07/2019)

It is hereby notified for general information that the organization M/s National Centre for Cell Science, Pune (PAN:-  AAATN0848B) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5D of the Income-tax Rules, 1962 (sai...

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Allotment of flats as sales value amounts to investment in new residential house

Pr. CIT Vs Mr. Peter Savio Pereira (Bombay High Court)

Pr. CIT Vs Mr. Peter Savio Pereira (Bombay High Court) The Tribunal notices that the assessee had received sale consideration partly in cash and partly in form of new flats to be constructed and to be allotted to the assessee. The Tribunal, therefore, correctly came to the conclusion that the assessee’s investment in such new [&hell...

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Budget 2019 Rationalizes provisions of Prohibition of Benami Property Transactions Act

The existing provisions of section 23 of the Prohibition of Benami Property Transactions Act (‘the PBPT Act’) provide that the Initiating Officer, with the prior approval of the Approving Authority, shall conduct any inquiry or investigation. This power is exercised by the Initiating Officer where no case is pending before him. Howeve...

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Penalty cannot be imposed for mere wrong claim of TDS

M/s. V.K. Lalco Pvt. Ltd. Vs DCIT (ITAT Mumbai)

M/s. V.K. Lalco Pvt. Ltd. Vs DCIT (ITAT Mumbai) In this case the penalty was levied for wrong claim of TDS in the return of income to the tune of Rs.3,48,120/- without offering the corresponding income to tax. In fact this TDS did not belong to the assessee but appeared in the form No. 26AS […]...

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Gains to shareholders due to buy-back of shares amounted to dividend not capital gain

Cognizant Technology Solutions India Pvt. Ltd. Vs DCIT (Madras High Court)

Shares purchased pursuant to the order of Company Court would not amount to capital gain and rather to be treated as a dividend.Whenever a company distributes its profits to its shareholders, the profit so disbursed, will amount to dividend and Dividend Distribution Tax at 15% was required to be paid by assessee u/s 115O....

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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.

At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all the circulars as and when issued by the income tax department. You could view online or you can download all the latest news on Income Tax and circulars free of cost.

Find all the latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything.