Income Tax - Page 5

No section 68 addition for amount explained by assessee as derived from sale of agricultural produce

No addition under section 68 for cash amount explained by assessee as derived from sale of agricultural produce (Assessment Year: 2009-10) – [Naresh Kumar v. ITO Date of Judgement : 08.03.2019 (ITAT Delhi)] Assessee has explained source of the cash deposit in the bank account. Copies of the bills of sale of agricultural produce are [&he...

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Section 44A – Documents to maintain for maintenance of books of accounts

What documents should be maintained by the taxpayers to comply with the requirement of maintenance of books of accounts as per Section 44AA? The following documents should be maintained by the taxpayers to comply with the requirement of maintenance of books of accounts: Nature of Business or Profession Threshold Limits Books of Accounts t...

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Extension of Due Dates: An Unpopular Opinion!!

After getting much awaited extension on the eve of 11th January, for filing of tax audit reports and ITR, consultants and taxpayers are now relieved for a while. In fact, many of us are already busy in making plans for long weekend of Makararsankarti, Lohri etc festivals holidays. Whenever such extension of time limit is […]...

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Annual Information Statement – Income distributed by investment fund

As intimated during the Union Budget, the income tax department has launched the ‘Annual Information Statement’ on 1st November 2021. Basically, the ‘Annual Information Statement’ is an All-in-one statement that comprehensively covers all the details of the financial transactions undertaken by the taxpayer in a particular Financia...

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Advisory on Form 10CCB to avoid errors in filing & verification

Clarification on Form 10CCB To avoid errors in form filing and verification, kindly ensure that following points are considered: 1. Please assign Form 10CCB to respective Chartered Accountant(CA) from ‘My CA‘ functionality. 2. Once CA successfully submits the form, taxpayer can accept/reject the Form 10CCB under ‘Worklis...

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Taxation of Intellectual Property Rights

Intellectual property involves the creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. As a form of property right, intellectual property can be considered as assets that can be bought, sold, mortgaged, exchanged, and licensed like physical property....

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AOTAA files PIL before Orissa HC on the issue of late fee, interest & penalty under Income Tax

All Odisha Tax Advocates Association has filed an PIl before Orissa High Court with following Prayers- (i) Admit the Writ Petition; (ii) Issue notice to the opposite parties as to why writ in the nature of certiorari shall not be issued quashing/striking down “Clarification 1” given in Circular dated 09.09.2021 in respect of Section 2...

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Take practical view of problems faced by assessees for technical glitches on new Income Tax portal: HC

Southern Gujarat Income Tax Bar Association Vs Union of India (Gujarat High Court)

We request the authority concerned to take a practical view of the problems which the assessees are facing as on date on account of the technical glitches in the portal. The authority should not overlook this fact and try to solve the problems or rather ease the difficulties which the assessees are facing....

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Section 10(46) exemption to Assam Electricity Regulatory Commission

Notification No. 5/2022-Income Tax [S.O. 193(E)] 13/01/2022

Vide Notification No. 5/2022 – Income Tax | Dated:  13th January, 2022 CBDT notifies Tax Exemption to Assam Electricity Regulatory Commission, constituted by the Government of Assam, in respect of the specified income under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIREC...

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CIT justified in charging excess GP disclosed by Assessee claiming section 80IC deduction as Income from Other Sources

Sheo Shakti Coke Industries Vs ACIT (ITAT Kolkata)

Sheo Shakti Coke Industries Vs ACIT (ITAT Kolkata) From the perusal of above finding of the Ld. CIT(A), we find that he has lucidly dealt with all the facts pertaining to discrepancies noticed in the financials of the assessee-firm and has also referred to various charts depicting the profitability of the assessee-firm in preceding years ...

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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.

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January 2022