Income Tax

Section 132(13) & 131(1)(a) of Income Tax– Unexplored Provisions

Search and Seizure under CRPC  and it’s reference under Section 132(13) Section 132 (13) of Income Tax Act 1961 make a reference of provisions on Search and Seizure contained under Criminal Procedure Code 1973. Importance of these provisions can be appreciated from the fact that even though the Law complying authority is Quasi Judicial...

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SC ruling: No TDS on payment of Royalty to Non resident

The Hon’ble Supreme Court on 2nd March 2021 in the case of Engineering Analysis Centre of Excellence Private Limited Vs CIT, put a rest to the contentious issue of tax on Payment by end users or tech companies in India to suppliers abroad on import of software as ‘Royalty’. Let’s understand what was the issue […]...

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Remittance Abroad – Form No. 15CA & Form 15CB – Lucidly Explained 18 FAQs

Q 1. Who has to submit Form 15CA and 15CB? Ans. Any Person, responsible for paying any sum to a Non Resident, not being a Company, or to a Foreign Company, shall furnish Form 15CA and 15CB. Such sums sought to be remitted outside India may be chargeable or may not chargeable to tax in […]...

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Due Date Compliance Calendar March 2021

Article compiles due dates of compliance related to GST, Income Tax, ESI, PF Acts which includes compliance related to GSTR-1, GSTR-3B, ITC-04, GSTR-5 & 5A, GSTR-6, GSTR-7, GSTR-8,  RFD-10, Due dates for payment of TDS/TCS, Dues date for Payment of Advance Tax, Due date for Issue of TDS/ TCS Certificates, Due date for linking of [&he...

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LTC (Leave Travel Concession) Cash Voucer Scheme

Government in Budget 2021 notified Leave Travel Concession (LTC) cash Voucher scheme. In view of the situation arising out of outbreak of COVID pandemic, it is proposed to provide tax exemption to cash allowance in lieu of LTC. Initially, the scheme was announced in October 2020 for Central Government Employees and later via a press [&hel...

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Representation with respect to ‘Faceless Appeal Scheme’

Representation with respect to 'Faceless Appeal Scheme' proposed to be introduced in the functioning of Income Tax Appellate Tribunal (ITAT), by the Finance Bill 2021...

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Income Tax raids Film Actress, production & Talent Management companies

The Income Tax Department is carrying out search and survey operations which started on 03.03.2021 on two leading film production companies, a leading actress and two Talent Management companies in Mumbai. Search operation is being carried out at Mumbai, Pune, Delhi and Hyderabad....

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Income Tax searches at 2 civil contractors groups of Tamil Nadu

The Income Tax Department carried out search and seizure operations on 03-03-2021on two groups of civil contractors in Southern Tamil Nadu. Searches and surveys were conducted in 18 premises mainly in Madurai and Ramnad districts....

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Income Tax Dept searches major Pharma group of Hyderabad

The Income Tax Department carried out search & seizure operations on 24.02.2021 on a major Pharmaceutical group based out of Hyderabad.  This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations. ...

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I-T Dept searches leading Tiles business group of South India

Income Tax Department conducted searches on a prominent business group located in Chennai on 26.02.2021. Search was conducted at 11 premises and surveys in 9 premises of the group in Tamil Nadu, Gujarat and Kolkata. This business group is engaged in the business of manufacture and sale of Tiles and Sanitary-ware and are leaders in Tiles b...

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Section 271(1)(b) penalty not imposable when assessee finally complied with notice(s)

Gyan Mata Radha Satyam Kriyayog Ashram Research Institute Vs ITO (ITAT Allahabad) - Gyan Mata Radha Satyam Kriyayog Ashram Research Institute Vs ITO (ITAT Allahabad) On the one hand, the Assessing Officer has given the date of compliances in the above table whereas the penalty was imposed on the ground that the above notices were not complied by the assessee. Further, the Assessing...

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Memory Loss is not valid explanation for not explaining Cash Deposit Source

Smt. Anasuya Basi Reddy Vs ITO (ITAT Bangalore) - Smt. Anasuya Basi Reddy Vs ITO (ITAT Bangalore) The Assessing Officer in the impugned assessment order had made addition of Rs.50,000 as unexplained cash credits in the bank account of the assessee. The said amount has been deposited in Karnataka Bank saving bank account on 07.04.2007 (cash deposit)...

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TDS not deductible by Uber India on Payments to Driver Partners

Uber India Systems Private Limited Vs JCIT (ITAT Mumbai)  - Uber India Systems Private Limited Vs Jt. CIT (ITAT Mumbai) Uber B.V. is involved in rendering lead generation service to the Driver-Partner and transportation service is not provided by Uber B.V. or UISPL. The transportation service is provided by the Driver- Partner to the User for which the car i...

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Taxes paid abroad allowable as deduction in computation of income: ITAT Mumbai

Bank of India Vs ACIT (ITAT Mumbai) - Bank of India Vs ACIT (ITAT Mumbai) To sum up, the assessee is declined the foreign tax credits for Rs 182,64,22,948, and, accordingly, we hold that the assessee is not entitled to seek a refund of that money from the Indian tax exchequer. As we hold so, we may add that in the present case, [&hellip...

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No tax on Rental Compensation for Alternate Accommodation from Developer

Smt. Delilah Raj Mansukhani Vs ITO (ITAT Mumbai) - we find that compensation received by the assessee towards displacement in terms of Development Agreement is not a revenue receipt and constitute capital receipt as the property has gone into re­development. In such scenario , the compensation is normally paid by the builder on account of hardship ...

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CBDT prescribes rules for determination of Annual accretion

Notification No. 11/2021-Income Tax/G.S.R. 155(E). - (05/03/2021) - CBDT prescribes rules for determination of Annual accretion for the purposes of section 17(2)(viia) of Income Tax Act, 1961 vide Notification No. 11/2021-Income Tax dated 5th March, 2021. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 11/2021-Income Tax ...

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Corrigendum to Income Tax Jurisdiction Order

F. No. Pr. CCIT(IT)/Delhi/Juris./ Eq. Levy /2020-21/1414 - (03/03/2021) - The Principal Chief Commissioner of Income-tax (International Taxation), hereby makes the following amendments in the Jurisdiction Order No.3/2020 vide F.No. Pr. CCIT(IT)/Delhi/Juris./ Eq. Levy /2020-21/789 dated 22.12.2020, namely:-...

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Instructions for issue of Section 148 notice for Reassessment/Reopening

F. No.225/40/2021/ITA-II - (04/03/2021) - CBDT directs that following categories of cases be considered as 'potential cases' for taking action u/s 148 of Act by 31.03.2021 for the A.Y 2013-14 to A.Y 2017-18 by Jurisdictional Assessing Officer ...

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AO can pass consequential orders under Vivad se Vishwas: CBDT

Circular No. 03 of 2021-Income Tax - (04/03/2021) - Under section 10 of Vivad se Vishwas, it is hereby clarified that where designated authority has passed orders under section 5(1) & (2) of Vivad se Vishwas, the Assessing Officer shall pass consequential order....

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Civil Services Examination Rules-2021

F. No. 13018/05/2020-AIS(I) - (04/03/2021) - The Rules for Civil Services Examination (CSE)-2021 to be held by the Union Public Service Commission (UPSC) for the purpose of filling vacancies in the following Services are, with the concurrence of the Ministries concerned and the Comptroller and Auditor General of India in respect of the Indian ...

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Recent Posts in "Income Tax"

Section 132(13) & 131(1)(a) of Income Tax– Unexplored Provisions

Search and Seizure under CRPC  and it’s reference under Section 132(13) Section 132 (13) of Income Tax Act 1961 make a reference of provisions on Search and Seizure contained under Criminal Procedure Code 1973. Importance of these provisions can be appreciated from the fact that even though the Law complying authority is Quasi Judicial...

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Posted Under: Income Tax |

Section 271(1)(b) penalty not imposable when assessee finally complied with notice(s)

Gyan Mata Radha Satyam Kriyayog Ashram Research Institute Vs ITO (ITAT Allahabad)

Gyan Mata Radha Satyam Kriyayog Ashram Research Institute Vs ITO (ITAT Allahabad) On the one hand, the Assessing Officer has given the date of compliances in the above table whereas the penalty was imposed on the ground that the above notices were not complied by the assessee. Further, the Assessing Officer has also stated that […]...

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Memory Loss is not valid explanation for not explaining Cash Deposit Source

Smt. Anasuya Basi Reddy Vs ITO (ITAT Bangalore)

Smt. Anasuya Basi Reddy Vs ITO (ITAT Bangalore) The Assessing Officer in the impugned assessment order had made addition of Rs.50,000 as unexplained cash credits in the bank account of the assessee. The said amount has been deposited in Karnataka Bank saving bank account on 07.04.2007 (cash deposit). Before the Assessing Officer, the asse...

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TDS not deductible by Uber India on Payments to Driver Partners

Uber India Systems Private Limited Vs JCIT (ITAT Mumbai) 

Uber India Systems Private Limited Vs Jt. CIT (ITAT Mumbai) Uber B.V. is involved in rendering lead generation service to the Driver-Partner and transportation service is not provided by Uber B.V. or UISPL. The transportation service is provided by the Driver- Partner to the User for which the car is arranged by the Driver-Partner, all [&...

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Taxes paid abroad allowable as deduction in computation of income: ITAT Mumbai

Bank of India Vs ACIT (ITAT Mumbai)

Bank of India Vs ACIT (ITAT Mumbai) To sum up, the assessee is declined the foreign tax credits for Rs 182,64,22,948, and, accordingly, we hold that the assessee is not entitled to seek a refund of that money from the Indian tax exchequer. As we hold so, we may add that in the present case, […]...

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No tax on Rental Compensation for Alternate Accommodation from Developer

Smt. Delilah Raj Mansukhani Vs ITO (ITAT Mumbai)

we find that compensation received by the assessee towards displacement in terms of Development Agreement is not a revenue receipt and constitute capital receipt as the property has gone into re­development. In such scenario , the compensation is normally paid by the builder on account of hardship faced by owner of the flat due to displa...

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No Section 68 addition merely for Common Address & Directors

Society For Institute For Professional Studies Vs JCIT (ITAT Delhi)

The A.O. entirely on different reasons that there is a common Director in 03 companies and common address disbelieved the explanation of assessee. It may not be relevant criteria to decide the issue under section 68 of the I.T. Act, 1961....

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Medical Insurance Premium for Family Members of Employees allowable

Loesche India Pvt. Ltd Vs ACIT (ITAT Delhi)

Loesche India Pvt. Ltd Vs ACIT (ITAT Delhi) The record reveals that the assessee had paid the insurance premiums of the employees’ family members in terms of employment Rules framed by the assessee-company there for. Therefore, it can hardly be said that the impugned expenditure were not incurred wholly and exclusively for the purpose o...

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No TDS on refundable Security Deposits given to Landowners

Prestige Estates Projects Ltd Vs ACIT (ITAT Banglore)

Prestige Estates Projects Ltd Vs ACIT (ITAT Banglore)  Now the issue before us is with regard to whether the amount paid by the assessee towards interest free security deposit to various land owners whether it constitutes as “Consideration” in terms of Transfer of Immovable Property. In the present case, as per JDA cum General Power ...

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Section 50C cannot be applied in the year in which Transfer not taken palce

Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore)

Armatic Engineering (P) Ltd. Vs DCIT (ITAT Bangalore) Regarding the issue of applicability of section 50C of the Act, the assessee objected for adopting value of 50C as per guidance value, at the time of assessment, a letter requesting for reference to the valuation itself was also made by letter dated 19.03.2015 addressed to the [&hellip...

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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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