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 TDS on payments to non-residents, including business connection rules, royalty provisions, and significant economic pr...
Income Tax : Discover key changes in the Income Tax Bill 2025, including enhanced rebates, simplified trust provisions, and extended registrati...
Income Tax : Section 194T mandates 10% TDS on partner payments exceeding ₹20,000 annually, effective April 1, 2025. Learn its impact, complia...
Income Tax : Understand income tax rules for business & profession in India. Covers business, profession, vocation, occupation, and deduction g...
Income Tax : In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Busines...
Income Tax : India's direct tax collections for FY 2024-25 show a 13.13% net growth, with gross collections up by 16.15% and significant gains ...
Income Tax : CBDT issues clarification on Circular 01/2025, stating it applies only to the Principal Purpose Test in certain DTAAs and does not...
Income Tax : Corporate tax collections increased post-rate cuts. No specific tax incentives for MNCs, but new measures aim to support electroni...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws with no major policy changes. It enhances clarity, reduces ambiguities, and ali...
Income Tax : The Finance Bill 2025 projects a 12.65% rise in income tax collections despite tax cuts, with estimated receipts of ₹25.20 lakh ...
Income Tax : The Assessee is aggrieved by the information received pursuant to application under Right to Information Act, 2015, whereby the As...
Income Tax : ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual ...
Income Tax : ITAT Ahmedabad held that assessment order passed u/s. 143(3) is neither erroneous nor prejudicial to the interest of revenue. Henc...
Income Tax : During pendency of the assessment proceedings, respondent No.1 filed application u/s. 245C(1) before the Income Tax Settlement Com...
Income Tax : Bombay High Court held that exercising extraordinary jurisdiction under Article 226 of the Constitution of India not justified as ...
Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
ORDER NO. 203 OF 2011 The following postings and transfers of officers in the grade of Chief Commissioners/Director Generals of Income Tax are hereby ordered w.c.f. 01.01.2012 and until further orders:
ORDER NO. 202 OF 2011 The following officers in the grade of Commissioner/Director of Income Tax are hereby promoted to the grade of Chief Commissioner of income Tax (CCIT) in the Pay Scale of Rs. 67,000-79,000/- with effect from 01.01.2012 and actually from the date of assumption of charge of the post and until further orders:
This Utility automatically do the TDS Calculation, Fill the Form-16 and SAHAJ(ITR-I). The Sahaj excel Utility can be used by tax payers who’s Taxable Income is below Rs. 5 Lakh & also by those whose income is above Rs. 5,00,000/-. The Tax Slab in this Sahaj are not only for Men or Female but it also calculate the income of Senior Citizen aged between 60 to 80 and senior citizen aged above 80 years. Utility also auto fill acknowledgment Form ITR V.
Notification No. 61/2011 – Income Tax Whereas an Agreement between the Government of the Republic of India and Government of the Cayman Islands for the exchange of information relating to taxes was signed at Cayman Islands on the 21st day of March, 2011 And whereas the date of entry into force of the said Agreement is the 8th day of November, 2011, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with Article 12 of the said Agreement;
Notification No. 62/2011 – Income Tax Whereas a Protocol amending the Agreement between the Republic of India and the Swiss Confederation for the avoidance of double taxation with respect to taxes on income with Protocol, signed at New Delhi on the 2nd day of November, 1994, as amended by the supplementary Protocol signed at New Delhi on the 16th day of February, 2000, was signed at New Delhi on the 30th day of August, 2010;
Move aimed at unearthing black money stashed in bank accounts abroad. The income-tax department, which is facing a number of cases of denial of secret foreign bank account holdings, has decided to re-open past tax returns of some individuals in Mumbai and Delhi, among others, to unearth black money stashed abroad.
The Isle of Man’s agreement with France for the avoidance of double taxation with respect to enterprises operating ships or aircraft in international traffic will enter into force on 14 January 2012. The agreement was one of two tax co-operation agreements with France signed in Douglas on 26 March 2009 by Mr. Eric Woerth, the then French Secretary of State for the Budget, Public Accounts and Civil Service, and the then Treasury Minister, Mr. Allan Bell MHK.
Under Section 4 of the income tax act every person is chargeable to income tax in respect of his total income i.e. income, profits & gains accruing or arising to, or received by him but subject to provisions of the Act, which are contained in Section 60-62 of the Act. Section 60-Transfer of income where there is no transfer of assets Section 60 runs as – All income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of the assets from which the income arises, be chargeable to income –tax as the income of the transferor and shall be included in his total income.
Latest From Directorate of Systems ALERTS: Last date of submission of ITR-V for A.Y 2010-11 has been extended up to 31/12/2011 AOs are requested to immediately send ITR-Vs of A.Y. 10-11 & 11-12, if any, lying with them to CIT (CPC), Bangalore. AOs should not accept ITR-Vs from taxpayers.
It is informed that under the Income Tax Act, search and seizure is conducted on the basis of specific and credible information regarding tax evasion, and after conducting necessary verification. Information technology tools, such as CASS and ITDMS, have been developed and are being extensively utilized by the Income Tax department to unobtrusively select cases for scrutiny or verify information before taking intrusive action. In the current year, the number of search warrants executed has declined compared to last year.
