Income Tax - Page 5

Public Charitable Trusts in trouble due to delay in Filing Form 10

In case of Public Charitable Trusts, with a view to prevent hardships faced by the TRUSTS in filing the Form 10 and in exercise of the powers conferred under section 119(2)(b) of the Income Tax Act 1961, the CBDT has issued Circular No. 6/2020 dated 19.02.2020 giving powers to the Jurisdictional Commissioners to admit Condonation [&hellip...

Read More
Posted Under: Income Tax |

Income tax Slab Rate For Financial Year 2020-21

Article compiles Income Tax Slab Rate For Financial Year 2020-21 ( A.Y.- 2021-22) for Individual and HUF as per Old Regime and as per new Regime. It further compiles Tax Rates for Co-Operative Society, Co-Operative Society, Domestic Company, Foreign Company, AOP/BOI or Every Artificial Judicial Person for Financial Year 2020-21. Income Ta...

Read More
Posted Under: Income Tax |

Dividend Taxability under Income Tax Act, 1961

From 1 April 2020, Dividend Income will be taxable in the hands recipient shareholders as per the slab rate applicable on them. Earlier Dividend Income was exempt in the hands of Shareholders under Section 10(34) and tax on such dividend was payable by the Company under section 115-O. In which Year Dividend is Taxable when […]...

Read More
Posted Under: Income Tax |

Changes in Charitable Trust, NGO, Society or Institutions from 01.04.2021

All Trust, Society, NGO’s Do before 30.06.2021  This article focus on major changes brought in by Finance Act 2020 replace section 12AA into 12AB and consequential change sin Section in section 10(23C) as well as 80G. Due to Covid-19 pandemic CBDT has decided to defer the implementation of new procedure for approval/registration from 1...

Read More
Posted Under: Income Tax |

In absence of any accrual of income TDS is not deductible

Toyota Kirloskar Motor (P) Ltd. Vs Income Tax Officer (Karnataka High Court)

Toyota Kirloskar Motor (P) Ltd. Vs ITO (Karnataka High Court) The Supreme Court in SHOORJI VALLABH DAS supra has held that income tax is a levy on income and the Act takes into account two points of time at which the liability to tax is attracted i.e., accrual of income or its receipt but substance […]...

Read More

ITAT deletes addition made for non-production of audited books

ITO Vs Richmond Vivek Laboratories P Ltd (ITAT Hyderabad)

ITO Vs Richmond Vivek Laboratories P Ltd (ITAT Hyderabad) Learned CIT (DR) vehemently contended during the course of hearing that the CIT (A) has erred in law and on facts in deleting the impugned misc. expenditure disallowance of Rs.1,92,38,312/- despite the fact that the assessee had failed to prove the same by way of filing […]...

Read More

CIT can invoke Revisional Jurisdiction only if Assessment is erroneous & causing prejudice to interest of revenue

Shri Subbaraya Annamalai Siva Kumar Vs ITO (ITAT Hyderbad)

Shri Subbaraya Annamalai Siva Kumar Vs ITO (ITAT Hyderbad) Ld.DR fails to dispute the clinching fact that the Pr. CIT’s impugned order has nowhere held the assessment in question dated 06.01.2015 as an erroneous one so far as it causes prejudice to the interest of Revenue as per Sec.263 of the Act. Ld.Pr.CIT has rather […]...

Read More

Penalty cannot be imposed merely because assessee had made a new claim

PCIT Vs Taneja Developers and Infrastructure Ltd. (Delhi High Court)

PCIT Vs Taneja Developers and Infrastructure Ltd. (Delhi High Court) Tribunal was required to consider, was: whether penalty could be imposed on the assessee only because it had made a new claim [in line with the change in its accounting policy] in its fresh return? Admittedly, [and there is no dispute about it] AS-7 permitted […]...

Read More

How to pay your Taxes under Income Tax Act, 1961

How to pay your taxes  Pay Direct taxes to the Government through the following two options 1. Online at NSDL e-Gov portal – mandatory for following categories a. Corporate assesses.  b. All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act, 1961 are applicable.  2. Offline – payment in ...

Read More
Posted Under: Income Tax |

Section 68 Addition for share capital/premium invalid if opportunity of cross-examination of witness not given

ACIT Vs El Dorado Biotech Pvt. Ltd. (ITAT Ahmedabad)

AO was duty bound to provide opportunity of cross-examination of witness, if he relied on statement of such witness to decide against assessee, particularly when it was demanded by assessee. Illegality crept in, the moment request for cross-examination was denied....

Read More

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.

Search Posts by Date

April 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930