Income Tax - Page 5

Assessee cannot offer Interest Income on cash basis when he is following accrual basis

DCIT Vs M/s Delhi Tourism Transportation Corporation Ltd. (ITAT Delhi)

DCIT Vs M/s Delhi Tourism Transportation Corporation Ltd. (ITAT Delhi) The addition was made by the AO on the ground that although the assessee had claimed credit for Tax Deducted at Source (“TDS”, for short) on the interest income from the bank, corresponding interest income was not offered to tax by the assessee during the […...

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Re-designation of nomenclature of posts of Member CBDT and revision in their Jurisdiction

Office Order No. 197 of 2019-CBDT (11/09/2019)

Office Order No. 197 of 2019 – Re-designation of the nomenclature of the posts of Member CBDT and revision in their Jurisdiction – reg. F. No.A-35015/7/2012-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block. New Delhi, The 11th September. 2019 Office Order No. 197 ...

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TPO could not assume jurisdiction to determine ALP of a SDT not reported to him

Times Global Broadcasting Company Ltd Vs Union of India & Ors. (Bombay High Court)

Times Global Broadcasting Company Ltd Vs Union of India & Ors. (Bombay High Court) It is indisputable that by virtue of sub-sections (2A) and (2B) of Section 92CA, in case of an international transaction, the TPO would have an authority to examine any international transaction which comes to his notice during the proceedings, whether ...

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Requirement to extend due date to file Tax audit report and related ITR

The due date for a person (other than a company) whose accounts are required to be audited under the Income Tax Act, 1961, may be increased to 31st October 2019 as the numbers of cases of audit are increasing and auditors have to incorporate data of GST Returns in the audit report apart from checking of the purchases, turnover, ITC, etc.,...

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Posted Under: Income Tax |

Income Tax Updates for the Month of August 2019

NEWS INTERNATIONAL 1. Australian Taxation Office publishes important guidance on cross-border tax measures 2. Singapore, Turkmenistan sign comprehensive tax treaty 3. Zimbabwe proposes amendments to thin capitalization rules. 4. Bulgarian mandatory transfer pricing documentation rules enacted 5. USA and Curacao negotiating country-by-coun...

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Posted Under: Income Tax |

Plea to FM to withdraw Super Rich Surcharge on LTCG on sale of Immovable Property 

Plea to the FM to withdraw Super Rich Surcharge on Long Term Capital Gains on sale of Immovable Property  It is an accepted fact that the Economy is passing through acute recession. Every day we hear of lay off of employees in real estate, IT, automobile, manufacturing & practically in all sectors. The factories across […]...

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Posted Under: Income Tax |

Income Tax Tips after August 31, 2019

Following are the important points on which you has to concentrate after Aug 31, 2019 in respect of Direct Taxation of India. If you are individual below 60 years of age, you need to file tax return for the assessment year 2019-2020 subject to the following condition Your Income before exemptions and deductions exceeds Rs. […]...

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Order contrary to subsequent SC judgement can be said to suffer from mistake apparent from record

Anandkumar Jain Vs ITO (ITAT Mumbai)

Anandkumar Jain Vs ITO (ITAT Mumbai) In the present case, there is no dispute with respect to the fact that the subsequent decision of the Hon’ble Supreme Court in the case of Topman Exports (supra) has decided the issue of deduction under Section 80HHC of the Act on sale proceeds of DEPB license in favour […]...

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How to File Income Tax Return (ITR) – FAQ’s And Procedure

How to File Income Tax Return (ITR) by your ownself – FAQ’s And Procedure Section 139 of  Income Tax Act, 1961 specifies the persons who are under statutory obligation to file return of  Income. It is commonly observed that, many persons who are mandatory required to file Income Tax Return within specified period are not […]...

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Section 44AD & 44ADA: Compulsory to maintain books of accounts U/s. 44AB?

There is general opinion that if an eligible assessee is opting for section 44AD and section 44ADA, he is not required to maintain books of accounts. The requirement to maintain books of accounts is governed by section 44AA of the Income Tax Act. As per section 44AD(1): Notwithstanding anything to the contrary contained in sections [&hell...

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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.

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.