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 : Stay updated with 2024 US individual tax filing details, including deadlines, tax rates, forms, and standard deductions. Learn abo...
Income Tax : बजट में गैर-पेंशनभोगी वरिष्ठों को कर राहत न मिलने ...
Income Tax : Simplify taxes with Section 44AD's presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintai...
Income Tax : Learn key updates in the New Income Tax Bill, 2025, effective April 2026. Covers tax year, compliance, deductions, international t...
Income Tax : The Income Tax Bill 2025 aims to simplify tax laws by replacing the 1961 Act. It includes 23 chapters, 16 schedules, and 536 secti...
Income Tax : Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert...
Income Tax : Analysis of income tax return filings in India over five years, including trends, zero-tax cases, and government initiatives to en...
Income Tax : Government addresses Supreme Court judgment on tax exemptions for clergy and its implications on Hindu Undivided Families (HUFs) u...
Income Tax : Corporate tax collections rose post rate cuts from AY 2020-21, except during COVID. Budget 2025 proposes presumptive tax for elect...
Income Tax : CPC (TDS) reminds deductors to file TDS Statement 26Q for Q2 FY 2024-25. Late/non-filing may attract fees and affect TDS credit fo...
Income Tax : In the matter abovementioned ITAT allowed appeal of the assessee for statistical purpose by way of remand after considering that a...
Income Tax : In the matter above-mentioned ITAT partly allowed the appeal filed by the assessee by remanded it back to file of TPO after consid...
Income Tax : Therefore, the procedure that is required to be completed for issuance of notice under Section 148 of the Act is required to be co...
Income Tax : ITAT Pune deletes additions against Ganraj Homes LLP based on extrapolated on-money allegations, citing lack of corroborative evid...
Income Tax : ITAT Chennai held that addition under section 69 towards unaccounted gold and silver jewellery set aside relying on CBDT instructi...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
Income Tax : Bhaikaka University, Gujarat, is approved for scientific research under Section 35(1)(ii) of the Income Tax Act, 1961, effective f...
Income Tax : Notification No. 14/2025 updates Form 49C submission rules for liaison offices under the Income-Tax Act. Filing deadline set to 8 ...
Income Tax : CBDT amends Income-Tax Rules, 1962, updating regulations for Infrastructure Debt Funds, including investment criteria, bond issuan...
Income Tax : CBDT authorizes data sharing with DFPD to identify PMGKAY beneficiaries. MoU to govern data confidentiality, transfer mode, and ti...
Where the supervisory activity of each project of the assessee-company was for less than 75 days, the income from the supervision and installation of the plant cannot be treated as income of the PE; since there was no PE of the assessee, there is no question for treating the income towards supervision, erection and commissioning of a plant as an income of the assessee taxable in India
Tribunal was not justified in coming to the conclusion that the amount to be reduced under clause (iv) of Explanation 1 to Section 115JB in respect of the profits eligible for deduction under Section 80HHC has to be computed with reference to the net profits in the profit and loss account and not according to the profits of the business computed under the head of profits and gains of business or profession
If the `flower bouquet’ is an arrangement of cut flowers, such arrangement of cut flowers by itself would not convert the said flowers into a different commercial commodity nor will it amount to and activity which would have an impact on the nature of the goods and will therefore not fall within the definition of the word “manufacture”
During the year, the assessee paid Rs.2,83,43,188 to various contractor. The AO noticed that the payment of TDS was not made within the statutory period in respect of payments of the contractors and therefore, it required to be disallowed u/s 40(a)(ia). The assessee claimed before the AO that the entire payment was made in the month of March 2005 and tax was deducted in the month of March 2005 only Therefore, the tax deposited on 21.09.2005 is within the statut
The amount receivable by the assessee, who is a share broker, from his clients against the transactions of purchase of shares on their behalf constitutes debt which is trading debt; the brokerage/commission income arising from such transactions very much forms part of the said debt and when the amount of such brokerage/commission has been taken into account in computation of income of the assessee of the relevant previous year or any earlier year, it satisfies the condition stipulated in section 36(2)(i) and the assessee is entitled to deduction under section 36(1)(vii) by way of bad debts after having written off the said debts from his books of account as irrecoverable.
Where assessee chose to sit quietly and did not furnish any satisfactory explanation about cash deposited in minors account which is finally transferred to assessee’s account, then it could not be said that assessee has discharged primary onus lying on him under Explanation 1(A) of section 271(1)(c)
The true test, therefore, must lie in whether or not the view taken by the Assessing Officer could be said to be a possible view of the matter, upon due application of mind to facts of the case as also the applicable legal provisions.
The assessee is maintaining separate books of account for the purpose of business. The tax-free investments are in his personal capacity. As the AO has not disallowed any expenditure of personal nature out of the business income, the expenditure claimed in the business of share dealings cannot be correlated to the incomes earned in personal capacity that too on dividend, PPF interest and tax free interest on RBI bonds. Accordingly, the estimation of expenditure of Rs. 20,000 out of business expenditure as being incurred for earning tax free income is not acceptable.
Vide Order No. 1/FT & TR 2011 dated 12.01.2011, the Central Board of Direct Taxes has constituted 12 (Twelve) Dispute Resolution Panels (DRP) to sit at various locations across the Country.
Crippled by an acute shortage of Revenue Service officers in crucial posts during the peak income tax collection season, the government has ordered that they be re-deployed. The department, which is racing to meet the budgeted target of Rs. 4.30 lakh crore tax collections in this fiscal, has been ordered by the Central Board of Direct Taxes (CBDT) to immediately rejig the officials at Additional and Joint Commissioners rank level to revenue collection duties and ranges concerned.
