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 : Explore India's digital taxation measures like Equalization Levy, Significant Economic Presence, and GST on online services. Learn...
Income Tax : Learn about ITR-U, a form for updating income tax returns. Understand eligibility, filing process, deadlines, and additional tax i...
Income Tax : This article explores the evolution of digital taxation, its implications for businesses and economies, the challenges associated ...
Income Tax : In this blog post here, we would like to address the impact of progressive taxation on income inequality in India with regard to t...
Income Tax : This blog compares the Old Tax Regime and New Tax Regime in detail, highlighting their key features and helping taxpayers make an...
Income Tax : Comprehensive list of 30 banks available at the e-Filing Portal's e-Pay Tax service. Find out the new and migrated banks, along wi...
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 : ITAT Surat remands penalty case under Section 271B to AO, ruling that bank transactions alone cannot determine turnover. Fresh con...
Income Tax : ITAT Mumbai restores MITC Metals case for fresh adjudication, ruling that assessment order was not void ab-initio despite ongoing ...
Income Tax : Explanation to Section 14A has only a prospective effect from April 1, 2022, and cannot be retrospectively applied to earlier asse...
Income Tax : ITAT Ahmedabad dismisses Somnath Kelavni Mandal's income tax appeal due to continuous absence in proceedings. Case pertains to une...
Income Tax : ITAT Delhi held that provision of section 43A of the Income Tax Act not invocable when there is only reinstatement of fluctuation ...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Income Tax : Learn about suspected benami, undisclosed foreign assets, and TDS compliance cases assigned under Risk Management Strategy via the...
Income Tax : The IT Dept. has flagged high-risk non-filers for AY 2019-22 on the Insight Portal under RMS Cycle 5. Assessing Officers can revie...
Income Tax : Delhi Building and Other Construction Workers Welfare Board receives tax exemption on cess, fees, and interest income under Sectio...
The Finance Bill 2021 has introduced following new sections in relation to Tax Deducted at source (TDS) and Tax Collected at source (TCS): i) Section 194Q- TDS on purchase of goods ii) Section 206AB: Higher rate of TDS for non filers of Income tax return iii) Section 206CCA: Higher rate of TCS for non filers of Income tax return iv) Section 194P: TDS in case of specified senior citizen
CIT Vs M/s. Bannari Amman Sugars Ltd. (Madras High Court) Whether on the facts and In the circumstances of the case, the Income-Tax Appellate Tribunal was right in law in holding that the assessee is entitled deduction under section 80IA of the Act, even though where a company apart from his regular business and in […]
CIT Vs Ramananda Adigalar Foundation (Madras High Court) Issue Raised Whether on the facts and in the circumstances of the case, the Tribunal was right In holding ¢hat the assessee is entitled to claim depreciation on the assets jn the form of application of income, even though cost of purchase of asset was treated as […]
Understanding the applicability of Section 206AB and 206CCA under the Income Tax Act,1961. Get insights on the higher TDS/TCS rates for non-filers of ITR.
Q.1 What is the Aim and Object of Black Money Act ? Ans. Aim is to tax undisclosed foreign income and foreign asset acquired from such undisclosed foreign income and to punish the person indulging in illegitimate means of generating money and causing loss to the revenue. Object is to prevent such illegitimate income and […]
Finance Act 2021 has introduced a new section on TDS – Section 194Q (TDS on purchase of goods), which will be coming in effect from 1st July 2021. In October 2020 the new provision on TCS (Section 206C 1H-TDS on sale of goods) was introduced, now a similar provision (sec. 194Q) is introduced to cover […]
Section 206AB and Section 206CCA of the Income Tax Act, 1961: Deduction of TDS/TCS for Non- Filers of Income Tax Return The Hon’ble Finance Minister had proposed various amendments to the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’ ) in her budget speech on 1st February, 2021, in order to rationalize various […]
New Developments in T.D.S. Compliances Some very interesting developments have taken in place in T.D.S. compliance procedures having far reaching effects. Now the Compliance procedures have gone a step further from deductee ‘PAN‘ to ‘Return Filing Compliances by the Deductee’ .In the Part-A we will discuss this new development and try to familiarise and inculcate […]
Due Date for furnishing Statement under ‘Equalisation Levy’ (EL) for FY 2020-21 is 30.06.2021 || Compilation of Complete Provisions For Your Easy Understanding A. Brief Background The Organisation for Economic Co-operation and Development (OECD) through the Base Erosion and Profit Shifting (BEPS) project under Action Plan 1 recommended a final withholding tax on certain payments […]
Section 6 of Income Tax Act, 1961 contains provision relating to Residence in India. The taxability of an assessee is dependent on the Residential status during any Previous Year. INDIVIDUAL Income tax Act classifies Individual into 3 categories for the purpose of taxation in any Previous Year which are as follows: Resident and Ordinarily Resident (“ROR”) Resident […]
