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 : Understand the legal framework and tax implications of political donations in India, including key sections like 80GGB, 80GGC, and...
Income Tax : Explore the Income Tax Calculator for the Financial Year 2024-25, offering insights on tax planning, deductions, and regime sugges...
Income Tax : Learn the importance of show-cause notices, their legal implications, and how to respond effectively to protect your rights. Explo...
Income Tax : Delhi HC quashes reopening of tax assessment, ruling that technical delay in e-filing Form 10 before assessment completion is unju...
Income Tax : Learn about income tax deductions on home loans, including benefits under Sections 24, 80C, 80EE, and 80EEA. Understand eligibilit...
Income Tax : As of August 11, 2024, net direct tax collections for FY 2024-25 stand at Rs. 6.93 lakh crores, marking a 22.48% growth compared t...
Income Tax : Learn to handle faceless income tax assessments using AI tools like ChatGPT in a 2-hour live course on Sept 1, 2024. Enhance effic...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : Understand PFA and defective return queries for ITR 1-6 for AY 24-25, including MAT applicability, TDS/TCS claims, and income disc...
Income Tax : Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from p...
Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : ITAT Pune restored the assessment order as assessee neither filed any evidence nor provided material in an attempt to discharge th...
Income Tax : Rajasthan HC upholds penalty under Section 271(1)(c) of the Income Tax Act, 1961 for unexplained cash deposits after withdrawals. ...
Income Tax : ITAT Delhi held that the condition of make available was not satisfied for services when provided by assessee did not enabled the ...
Income Tax : Insight Instruction No. 79 details procedures for managing high-risk PAN cases in the Insight portal, guiding tax officers through...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Income Tax : UIDAI's specified income receives tax exemption for AY 2024-2025 to 2028-2029 under Income-tax Act, 1961, as per the latest CBDT n...
Income Tax : West Bengal Transport Workers' Social Security Scheme receives tax exemption for specified income under Income-tax Act for AY 2021...
Income Tax : CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 ...
It has been represented to the Board that in view of the difficulties faced by persons migrating from Burma to India, it may not be possible for a migrant from that country to lead the evidence necessary to prove his claim that a particular sum of money has been brought over by him from that country. 2. The Board consider that the case of bona fide migrants from Burma should be dealt with in a sympathetic manner. In their cases production of direct or documentary evidence in the shape of transfer through banks, hundies, etc., in support of remittance from Burma need not be insisted upon. However, with a view to ensure that unscrupulous persons do not abuse the concessions, the ITOs should ensure the satisfaction of the following conditions before accepting a claim of remittance from
On a representation made by the Gujarat Chamber of Commerce, the matter has been reconsidered by the Board in consultation with the Ministry of Law. Under section 271(1)(i) the penalty is to be 2 per cent of the tax, if any, payable by the assessee
On a representation made by the Gujarat Chamber of Commerce, the matter has been reconsidered by the Board in consultation with the Ministry of Law. Under s. 271(l)(a) of the IT Act, 1961, the penalty is to be 2 per cent of the tax, if any, payable by the assessee.
The decision of the Supreme Court was that where the sale was of the concern as a whole and a slump price was paid, no portion of this price was attributable to the stock-in-trade and, therefore, it was not possible to hold that there was a profit other than what resulted from the appreciation of capital. It follows, therefore, that where a business is sold as a going concern, the excess may not be a business profit, but will be capital gain chargeable to tax
All salaried persons having taxable income as per annual returns under section 206 should be taken on the G.I.R. However notices under section 139(2) or 147 are to be issued only to those persons who have not paid the tax correctly or who are believed to be having some source of income besides salary
In Board Circular No. 55 of 1941, it was stated that interest charged to a partner on his overdrawn account should not be included in the total income of the firm. It was further stated that where it appears that the capital borrowed for the purpose of business was partly diverted towards over-drawn account, the correct procedure would be to disallow the proportionate share of the interest payable on this capital in computing the income of the firm.
The decision of the Supreme Court was that where the sale was of the concern as a whole and a lump price was paid, no portion of this price was attributable to the stock-in-trade and therefore it was not possible to hold that there was a profit other than what resulted from the appreciation of capital.
In exercise of the powers conferred by sub-section (6) of section 38 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies St. Andrew’s Church, Calcutta, to
In pursuance of clause (i) of the proviso to sub-section (2) of section 280ZB and of clause (i) of the proviso to sub-section (5) of section 280ZD of the Income-tax Act, 1961 (43 of 1961), the C
In exercise of the powers conferred by sub-section (6) of section 88 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies St. Paul’s Cathedral, Ambala (Punjab),