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 : Advance tax is a system under which taxpayers are required to pay their taxes in installments throughout the financial year instea...
Income Tax : Learn the differences between TDS and Advance Tax, their applicability, payment schedules, penalties, and tax planning tips to ens...
Income Tax : Article explains provisions related to income from house property, calculation of such income, exemptions available, and applicabl...
Income Tax : Learn the key differences between tax avoidance and tax evasion in India, legal provisions, real-world cases, and government measu...
Income Tax : Understand the concept of an assessee under the Income Tax Act, its classifications, roles, responsibilities, and available tax be...
Income Tax : Learn about advance tax, who needs to pay it, due dates, payment methods, penalties, and exceptions. Understand advance tax instal...
Income Tax : The Institute of Cost Accountants of India seeks inclusion of Cost Accountants in the definition of "Accountant" under Section 515...
Income Tax : Explore the Finance Bill 2025 highlights, including revised tax rates, TDS/TCS amendments, ULIP taxation, and updated rules for sa...
Income Tax : ICMAI addresses the non-inclusion of 'Cost Accountant' in the Income Tax Bill 2025. The Council is engaging with policymakers to e...
Income Tax : Lok Sabha issues corrigenda for the Income-tax Bill, 2025, correcting references, formatting, and legal citations. Read the key am...
Income Tax : ITAT Pune allows Karad Urban Co-Op Bank to claim depreciation on AFS investments as per RBI guidelines, following judicial precede...
Income Tax : Gujarat HC orders 6% interest on delayed tax refunds under DTVSV Act, citing principles of natural justice. Refund delays due to a...
Income Tax : ITAT Chennai held that when cash is sourced out of recorded debtors, provisions of section 69A of the Income Tax Act could not be ...
Income Tax : Guwahati High Court's landmark judgment on the tax rate for carbonated beverages containing fruit juice as per FSSAI Regulation 2....
Income Tax : Interest income earned from staff loans and advances was incidental to the business of power generation and qualifies as “busine...
Income Tax : Details of the Lok Sabha Select Committee's sittings on March 6-7, 2025, to examine the Income-Tax Bill, 2025, with oral evidence ...
Income Tax : CBDT updates income tax rules and forms for business and securitization trusts. Notification 17/2025 amends Rules 12CA & 12CC, imp...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This comprehensive...
In this case CIT(E),held that the trust was a Members’ association and all the activities were limited to its members and not to general public at large so as to fall within the clause “advancement of any other object of general public utility”. He, therefore, refused the registration against which the assessee has come up in appeal before the Tribunal.
Harbux Singh Sidhu Vs Department of Income Tax (Delhi High Court) Learned Counsel for the Petitioner states that the Respondent had vide 19th April, 2016 requested the Bank officials to verify the transaction of the Petitioner by which it had made a payment of Rs. 6,50,000/- towards payment of Advance Tax for FY 2000-01. He […]
CIT Vs P. Sumathi (Madras High Court) On facts, the Court found that the assessee therein had entered into a contract to supply vehicles to M/s. Mahindra and many other companies under written contract on various dates and only to perform the obligation under the said contracts, he had hired vehicles from the sub-contractors under […]
CIT Vs Jannani Holdings (Madras High Court) The Madras High Court held that conversion of limestone and marble into lime and limedust constitute the activity of manufacturing or production, entitled for deduction. The assessee, M/s. Jannani Holdings is engaged in the granite business and for the Assessment Year under consideration, AY 2005-06, they filed their […]
How to calculate the gross receipt or turnover? ‘Turnover’, ‘Gross Receipts’ and ‘Sales’ are the buzzwords during this Tax Audit season. Incidentally, they are the very starting point of a Tax Audit. They form the qualifying criteria, determine whether a taxpayer is liable to tax audit during a given year. Sec. 44AB of the Income […]
माननीय उच्च न्यायालय की न्यायमूर्ति संजय कौल और न्यायमूर्ति ऋषिकेश राय की पीठ ने 09/09/2021 को एक अहम फैसले में यह बात कही जो सरकार को सोचने पर विवश करती है कि कराधान प्रणाली में व्याप्त खामियों को दूर करना क्यों जरुरी है. सिविल अपील क्र 9606 आफ 2011 और इससे संबंधित 32761 आफ 2018 […]
As both the financial statement of Shri. Virendra Tandon (Father) for the Assessment Year 2014-15, as well as his admission in the ‘gift deed’, dated July 21, 2013 along with a mention of the source of the gift transaction in question, that is, accumulated savings of the past, as were filed by the assesse with the A.O in the course of the assessment proceedings, therein, clearly sufficed to discharge the primary onus that was cast upon him to prove the ‘nature’ and ‘source’ of the cash credit in his books of accounts. Hence, the ITAT deletes addition of Rupees. 30 Lacs received by Actor Kushal Tandon as a gift from his Father.
Examining the present case on the anvil of aforesaid case law, we find that the notice in this also is an omnibus show-cause notice as it does not strike off/delete the inappropriate/irrelevant/not applicable portion. Such a generic notice betrays a non-application of mind. Hence, the penalty levied pursuant to such a notice is not legally sustainable in law.
Erroneous Adjustments Notices under section 143(1)(a) of Income Tax Act, 1961 and Best Possible Remedy in Some Cases. Many assessees have received erroneous adjustment notices u/s. 143(1)(a). Surprisingly, the issuer of such notices should have concluded that the above mentioned other income or capital receipts should always be the receipts in the nature of business […]
Yashovardhan Birla Vs CIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai bench, in its order has examined the definition of ‘undisclosed asset’ in the Black Money (Undisclosed Foreign Income and Assets) and Impositions of Tax Act (BML Act) and held that the assets which constitute part of income tax proceedings and have been […]
