Income Tax : Learn about key income tax benefits, exemptions, and filing relaxations available to senior and very senior citizens under the Inc...
Income Tax : This guide explains the concept, calculation formula, and notified values of CII from 2001-02 to 2025-26, as per CBDT. A must-read...
Income Tax : Discover the evolution of income tax in India, from ancient texts like Manusmriti to modern reforms, including changes in tax slab...
Income Tax : Explore the intricacies of capital gains on Joint Development Agreements (JDAs) and the exemption under Section 54 of the Income T...
Income Tax : Provisions of section 28 of Income Tax Act, 1961 specify income chargeable to income tax under ‘Profits and gains of business or...
Goods and Services Tax : TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces its Online GST Course Covering whole Gamut of GST an...
CA, CS, CMA : We at Taxguru Wishes all our Readers, Staff, Panel Authors, Freelancers, Technical Support Team, Sales team, Editorial Team and Th...
CA, CS, CMA : 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...
Income Tax : CA Sandeep Kanoi After protest from all over India partial extension by CBDT, Dr. Hasmukh Adhia who took over as Revenue Secretary...
Income 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), ...
Income Tax : Hon'ble SC held that Making a claim which would prima facie disclose that the expenses in respect of which deduction has been clai...
Income Tax : 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...
Income Tax : The initial assessment year has been defined and the expression or' has been used in respect of new units by stating commences op...
Income Tax : Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, as...
Income Tax : We understand that in case of search, assessee is to comply with law and various declaration and formalities which certainly take ...
Income Tax : The Karnataka State Chartered Accountants Association ('KSCAA') has Fled a representation dated 15.09.2015 in Central board of Dir...
Income Tax : Vide its order dated 30.09.2015 CBDT has extended due date only for the state of Haryana, Punjab , Union Territory of Chandigarh a...
Income Tax : It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of th...
Income Tax : Notification No. 32/2014-Income Tax Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall...
It is not disputed that tax was deducted at source by the tenant Union Motors Services Limited and they have issued some Certificates which has been given credit to by the Department. The present dispute relates to the failure of non issuance of TDS certificates by the tenant.
Introduction- Sections 35D, 35DD and 35DDA of the Act provides for amortisation on preliminary expenses, expenditure in case of amalgamation or demerger and expenditure incurred under voluntary retirement scheme respectively. Present chapter deals with cases relating to amortisation where AOs did not apply relevant provisions correctly.
In further held that Once the assessee has been found to have made a business investment by way, of shares in related line of business, the said investment though held by way of shares in the said company cannot be subjected to disallowance under section 14A of the Act
All the auditors cannot be placed on an equal footing and an assumption cannot be made that an auditor would be able to fulfil his obligations only up to 30 tax audit assignments under section 44AB of the Income-tax Act, per financial year.
It is settled principle of law that seizure can not be made merely on presumption. There must be a material to show that the Section 52 Rule 58 or the procedure prescribed in the circular issued by the Commissioner has been violated.
CA Sandeep Kanoi After introduction of self-assessment, the return filed by a taxpayer is the only instrument to check the correctness of central excise duty paid to the government. Graph below indicates that more than fifty per cent of registered taxpayers are not filing returns. Government need to build a strong mechanism to ensure filing […]
CA Sandeep Kanoi In the period from Financial year 2006-2007 to Financial Year 2011-12, Total Income Tax Returns filed by Corporate Taxpayers was 25.55 Lakh against the Required 46.24 Lakh Returns. During the period in financial year 2006-07, 56.19% of Corporate Assessees has not filed Income tax Return required to be filed by them, while […]
CA Sandeep Kanoi As per Information available with us only 33 per cent of registered persons filed Service Tax returns in 2013. Table below depicts data on the number of persons registered with the Service Tax Department for the period FY 2008-09 to 2012-13. The number of registered persons increased by about 50 per cent […]
The Madras high court has granted an interim stay on imposing interest under section 234A of the Income Tax Act,1961 on taxpayers who are required to file their income tax (I-T) returns by the extended due date of November 30. The CBDT had issued the notification no. F.No.153/53/2014-TPL (Pt.I) dated 26.09.2014 extending the due date […]
CBDT is directed to modify the notification dated 20th August, 2014 issued in exercise of powers under section 119 of the Act by extending the due date for furnishing the return of income to 30th November, 2014.
