Income Tax - Page 5

Online Correction- Add/delete salary details in TDS/TCS Statement

Important Information on Online Correction- Add/delete salary details All type of corrections like ‘Personal information, Deductee details and Challan correction’ can be made using Online correction functionality available from FY.2007-08 onwards depending upon the type of correction. This feature is extremely useful as it is ...

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Posted Under: Income Tax |

How to add Challan to TDS / TCS statement Online

Important Information on Online Correction All type of corrections like “Personal information , Deductee details and Challan correction” can be made using Online correction functionality available from FY.2007-08 onwards depending upon the type of correction This feature is extremely useful as it is : Free of Cost :TRACES does not cha...

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Posted Under: Income Tax |

Seat of Tribunal to decide Appellate Court u/s 260A /269: Bombay HC

Pr. CIT Vs M/s. Sungard Solutions (I) Pvt Ltd (Bombay High Court)

Pr. CIT Vs M/s. Sungard Solutions (I) Pvt Ltd (Bombay High Court) Seat of the Tribunal (in which State) would decide the jurisdiction of the Court to which the appeal would lie under the Act.  In the present case, the orders were passed by the Bangalore Bench of the Tribunal (even if the assessment was […]...

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Onus to prove that transaction were benami rests on plaintiff: SC

Mangathai Ammal (Died) through LRs Vs Rajeswari & Others (Supreme Court of India)

Mangathai Ammal (Died) through LRs Vs Rajeswari & Others (Supreme Court) In the case of Jaydayal Poddar it is held that the burden of proving that a particular sale is benami and the apparent purchaser is not the real owner, always rests on the person asserting it to be sold. In P. Leelavathi it is […]...

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Dehusking of Paddy to obtain Rice is ‘Manufacture’ for sec 80IA/IB deduction

CIT Vs M/s. Muthuramalingam Modern Rice Mill (Madras High Court)

CIT Vs M/s. Muthuramalingam Modern Rice Mill (Madras High Court) Conclusion: Conversion of Paddy into Rice by the process of de-husking would amount to “maufacture” as not only the form underwent a change but also the value addition happened by such process as a different commercial article came into being and therefore, asses...

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CBDT releases draft New FORM No. 10B and rule 17B

F No 370142/6/2019-TPL (21/05/2019)

Rule 17B of the Rules provide that said report of audit of the accounts of a trust or institution shall be in Form No. 10B. The Form No 10B besides providing the Audit Report provides for filing of Statement of particulars as Annexure....

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Transfer & Posting in the grade of Chief CIT

Office Order No. 116 of 2019 (20/05/2019)

Office Order No. 116 of 2019 – Transfer & Posting in the grade of Chief Commissioner of Income Tax – reg. F.No.A.22011/5/2019-Ad.VI Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Dated 20.05.2019 Office Order No. 116 of 2019 The following officers, who were promoted to...

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Profit / losses of all undertakings are to be treated separately while calculating deduction u/s 80IC

Milestone Gears Private Limited Vs ACIT (ITAT Chandigarh)

Milestone Gears Private Limited Vs ACIT (ITAT Chandigarh) For the purpose of calculating deduction u/s 80IC, profit of each undertaking should be treated separately and losses from other eligible undertaking should be ignored. Profit and losses of all the eligible undertaking couldn’t be netted off. Facts –- Assessee is engaged in the...

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No TDS u/s 194H on bank charges for credit card payments

Airport Retail P. Ltd. Vs DCIT (ITAT Mumbai)

Airport Retail P. Ltd. Vs DCIT (ITAT Mumbai) Conclusion: Payments towards bank charges for credit card payments were not liable for TDS under section 194H as the same was not a commission. Held:  Assessee had made payments towards bank charges for credit card payments . AO made the additions as assessee made payment  without deduction [...

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No addition u/s 68 merely on information from investigation wing

Diwali Capital & Finance Private Ltd. Vs DCIT (ITAT Mumbai)

Addition under section 68 on basis of information received from investigation wing as to assessee having received share application money from alleged entry operator was not justified as assessee had filed sufficient evidences and details to prove identity and creditworthiness of share application and genuineness of transaction of receipt...

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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.