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Income Tax - Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...
Read MoreIncome Tax - Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are Notified by CBDT every year and till date CBDT has notified Cost Inflation Index for the Financial Year 1981-82 to Financial year 2020-21. Cost Inflation index are used for computing indexed cost of [...
Read MoreIncome Tax - TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...
Read MoreIncome Tax - Having profit and loss in the business are two sides of a coin. Of course, losses are hard to digest. However, the Income Tax law in India does provide taxpayers with some sort of benefits of incurring losses too. Under the Income-tax Act, the Income is taxable under the five different heads: -Income from salaries […]...
Read MoreIncome Tax - The provisions of section 10(35) of the Income Tax Act exempts income received from the specified units. The exemption provisions of section 10(35) are taken up and explained in the current article. Exemption provisions of section 10(35) of Income Tax Act– The provisions of section 10(35) offer exemption towards the following- 1. An...
Read MoreIncome Tax - TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces its Online GST Course Covering whole Gamut of GST and also covering GST Audit & Reconciliation Statements, Filing of Annual GST Returns, Handling GST Assessments and Comprehensive analysis of GST Amendment Acts with recent case laws and Relevant Advance Ruli...
Read MoreIncome Tax - We at Taxguru Wishes all our Readers, Staff, Panel Authors, Freelancers, Technical Support Team, Sales team, Editorial Team and Their Family a Very Happy Diwali and Prosperous New Year and wish that New Year shall bring more peace and renewed energy and fulfill your cherished dreams. Regards, Team Taxguru...
Read MoreIncome Tax - In a series of attacks on Chartered Accountants latest is been alleged by A CA from Pune that he has been slapped by a Service Tax Official when he visited his office with his Assistant and client in respect of reset of password of his clients Service Tax Account on online portal of Service Tax Registration....
Read MoreIncome Tax - CA Sandeep Kanoi After protest from all over India partial extension by CBDT, Dr. Hasmukh Adhia who took over as Revenue Secretary, Ministry of Finance, Government of India on 01.09.2015 has tweeted on his twitter handle that Because of so many legal verdicts by different courts, we have extended time of filing of audited tax […]...
Read MoreIncome Tax - In this article we have compiled the details of release of Schema of ITR Forms for AY 2015-16 , Schema of Forms (Other than ITR), Schema of Form BB (Return of Net Wealth) for AY 2015-16 and ITR Validation Rules for AY 2015-16 from the details we can make out that department has updated the […]...
Read MoreCommissioner Of Income Tax Vs Amitabh Bachchan (Supreme Court of India) - Hon'ble SC held that Making a claim which would prima facie disclose that the expenses in respect of which deduction has been claimed has been incurred and thereafter abandoning/withdrawing the same gives rise to the necessity of further enquiry in the interest of the Revenue....
Read MoreVLS Finance Ltd. & Anr. Vs Commissioner of Income Tax & Anr. (Supreme Court of India) - It is not in dispute that the period during which interim stay of the order passed by the court is in operation has to be excluded while computing the period of two years as limitation period prescribed for completing the block assessment. ...
Read MoreM/s. Hindustan Petroleum Corporation Ltd. Vs Union of India (Karnataka High Court) - Section 35F of the Act has retrospective operation and is not restricted to only prospective It applies to all lis which have commenced prior to or after the enforcement of the amendment, except to cases covered under the second proviso thereof....
Read MoreSh. Sumit Kumar Vs ITO (ITAT Chandigarh) - The initial assessment year has been defined and the expression or' has been used in respect of new units by stating commences operation' or complete substantial expansion'. Here the expression or' is to be read as a mutually exclusive expression which refers to a particular situation by excluding ...
Read MoreDCIT Vs Shri Rajiv Chopra (ITAT Chandigarh) - Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA...
Read MoreF.No.225/207/2016/ITA.II - (30/09/2015) - The Karnataka State Chartered Accountants Association ('KSCAA') has Fled a representation dated 15.09.2015 in Central board of Direct Taxes (CBDT) seeking extension of date for filing returns from 30th, September. 2015. Subsequently KSCAA flied a PIL In Honble Karnataka High Court seeking interventi...
Read MoreF.No.225/207/2016/ITA.II - (29/09/2015) - Vide its order dated 30.09.2015 CBDT has extended due date only for the state of Haryana, Punjab , Union Territory of Chandigarh and Gujarat. Download Official Copy of the orders in PDF Format F.No.225/207/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Dir...
Read MoreNA - (28/09/2015) - It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income-tax Act 1961 under the signature of one Upmanyu Reddy, Under Secretary to the Government of India is in circulation. The fake order extends the due date for fili...
Read MoreNotification No. 32/2014-Income Tax - (23/06/2014) - Notification No. 32/2014-Income Tax Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall— (a) in respect of assessment year 2013‐14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall b...
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