income tax act 1961

23 CBDT Circulars to Reduce Litigation 

Income Tax - CBDT Circulars CBDT Circulars to Reduce Litigation  S.No. Section of Income Tax Act Circular No. & Date Summary of Circular 1 2(22)(e) Circular No.19/2017 [F.No.279/ Misc./140/2015/ITJ], Dated 12-6-2017 Trade advances, which are in the nature of commercial transactions, would not fall within the ambit of the word ‘advance’ in Sec...

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Retrospective Law: Global and Indian Instances

Income Tax - From the ancient time, retrospective law or ex post facto law has been a part of standard jurisprudence. It is neither an Indian creation, nor it is being used exclusively in India. Instances of its application to the International law as well as to the domestic laws of many countries have been cited in the article....

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Exemption – Whether all Adventures (Transactions) are Covered in Business Definition for Levy of Income Tax

Income Tax - Exemption – Whether all Adventures (Transactions) are Covered in Business Definition for Levy of Income Tax PRELUDE: The general rule under the Income-tax Act is that all revenue receipts are taxable unless a receipt is specifically exempt and equally well, all capital receipts are exempt from taxation unless an item falls within th...

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Changes related to Pass through Income in Income Tax Returns of AY 2020-21

Income Tax - Changes Related To Pass Through Income In Income Tax Returns of Assessment Year (AY) 2020-21 Pass through income-> Any income accruing or arising to, or received by, a person, being a unit holder of an investment fund, out of investments made in the investment fund, shall be chargeable to income-tax in the same manner as […]...

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Key notes on Implementation of Right Claim under Income Tax Act 1961

Income Tax - Key notes under Implementation of Right Claim under Income Tax Act, 1961 in respect of Association under THE CONSTITUTION OF INDIA An Assessee has not claimed and /or overlooked some deductions / exemptions in return of Income before the authority, subsequently the Assessee awarded that additional claim for deductions /exemptions could ha...

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वित्त वर्ष 2018-19 के लिए आयकर के स्वैच्छिक अनुपालन पर ई-अभियान

Income Tax - वित्त वर्ष 2018-19 के लिए आयकर के स्वैच्छिक अनुपालन पर ई-अभियान शुरू करने के लिए सीबीडीटी 20 जुलाई, 2020 से आयकर विभाग की नई पहल 20 जुलाई, 2020 से ...

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Draft Guidance Note on Report U/s. 92E of Income Tax Act, 1961

Income Tax - Following is the Exposure Draft of the Guidance Note on Report under section 92E of the Income-tax Act, 1961 (Transfer Pricing), issued by the Committee on International Taxation of ICAI for comments. Changes have been made to the extent of amendments made by the Finance Act, 2017....

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Register for online Crash course on GST & Income Tax

Income Tax - Now-a-days, all the practitioners are tied up with so many tax compliances in every month and hence they are not able to allocate major time on learning new things. Hence we TaxGuru Edu, an educational wing of Taxguru now bring you the Crash Courses on GST and Income Tax. The motive will be to give maximum coverage in optimum time utilisa...

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CBDT release Time-series and income-distribution data

Income Tax - Central Board of Direct Taxes has further released Time-series data updated up to F.Y. 2018-19 and income-distribution data for A.Y. 2018-19 (F.Y. 2017-18). ...

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Extend Tax Audit due date to 31 October 2018: BJP Economic Cell (Rajasthan)

Income Tax - BJP economic Cell (Rajasthan), State Co-Convener CA R P Vijay & CA Sachin Kumar Jain have requested Honble FM to extend due date for submission of Tax Audit Reports and Income Tax Returns from 30 September, 2018 to 31 October, 2018 in the case of corporate assesses and where tax audit is applicable so that […]...

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PIL in Kerala HC for 3 Month extension of Tax Audit Due Date

Plywood and Allied Products Dealers Association Of India Vs. UOI & Ors (Kerala High Court) - Plywood and Allied Products Dealers Association of India Vs. UOI & Ors (Kerala High Court) The Petitioner is an association of plywood and allied product dealers and the 2nd petitioner is a member of that  association, they have filing  Public Interest Litgation praying for a general Order...

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Interest u/s 234A despite due date extension: HC issue Notice to CBDT

Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) - Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) As far as prayer no.1 of the petitioner-association for issuance of a mandamus to the respondents to extend the “Due Date” of filing of Income Tax Return of Tax Audit Cases from 15.10.2018 to at least up to 31.10.201...

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Tax Audit Due Date Extension: FTAPs withdraws writ filed in Delhi HC

Foundation of Tax and Accounting Professionals Vs. CBDT (Delhi High Court) - Appellant Foundation of Tax and Accounting Professionals (FTAPs) has withdrawn the writ in view of Further extension of Tax Audit Due Date by CBDT to 31.10.2018. ...

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Consider Extending Tax Audit Due Date to 31.12.2018: Gauhati HC

Tax Bar Association And Anr. Vs. Union of India And Anr. (Gauhati High Court) - Gauhati High Court has instructed CBDT to Consider Representation filed by Tax Bar Association on or before 25.10.2018 by which they requested to extend the Tax Audit Due Date to 31.12.2018. ...

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Tax Audit Due Date Extension: Gujarat HC disposes writ as not pressed

All Gujarat federation of tax Consultants Vs Union of India (Gujarat High Court) - All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) 11.10.2018–  It is an agreed position that subsequent to filing of these petitions, CBDT has granted extension for filing returns and accompanying documents. In that view of the matter, learned counsel for the pe...

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Fall in collection of direct taxes is on expected lines: CBDT

NA - (07/06/2020) - There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection as compared to the GDP growth has reached negative. These reports do not portray the correct picture regarding the growth of ...

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Section 9A Remuneration to be paid to an eligible Fund Manager

Notification No. 29/2020-Income Tax [G.S.R. 315(E)] - (27/05/2020) - CBDT has vide notification dated 27th may 2020 amended Guidelines for application of section 9A. Section 9A  contains provisions related to Certain activities not to constitute business connection in India. CBDT has also notified Following new forms and Annexures- -FORM No. 3CEJA- Report from an ac...

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Section 10(46) exemption to Cochin Special Economic Zone Authority

Notification No. 27/2020-Income Tax [S.O. 1659(E)] - (27/05/2020) - Notification No. 27/2020- Central Government notifies ‘Cochin Special Economic Zone Authority’, Kochi (PAN AAAGC0659L), a authority constituted by the Government of India, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (...

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FM Releases Ordinance on relaxation Provided on 24th March 2020

(Release ID: 1609734) - (31/03/2020) - Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory complia...

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CBDT notifies Revised Form No. 10DA – Section 80JJAA Report

Notification No. 104/2019-Income Tax [G.S.R. 937(E)] - (18/12/2019) - CBDT has notified revised FORM NO. 10DA (Report under section 80JJAA of the Income-tax Act, 1961) under rule 19AB of Income Tax Rules vide Notification No. 104/2019 dated 18th December, 2019....

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Recent Posts in "income tax act 1961"

23 CBDT Circulars to Reduce Litigation 

CBDT Circulars CBDT Circulars to Reduce Litigation  S.No. Section of Income Tax Act Circular No. & Date Summary of Circular 1 2(22)(e) Circular No.19/2017 [F.No.279/ Misc./140/2015/ITJ], Dated 12-6-2017 Trade advances, which are in the nature of commercial transactions, would not fall within the ambit of the word ‘advance’ in Sec...

Read More
Posted Under: Income Tax |

Retrospective Law: Global and Indian Instances

From the ancient time, retrospective law or ex post facto law has been a part of standard jurisprudence. It is neither an Indian creation, nor it is being used exclusively in India. Instances of its application to the International law as well as to the domestic laws of many countries have been cited in the article....

Read More
Posted Under: Income Tax |

Exemption – Whether all Adventures (Transactions) are Covered in Business Definition for Levy of Income Tax

Exemption – Whether all Adventures (Transactions) are Covered in Business Definition for Levy of Income Tax PRELUDE: The general rule under the Income-tax Act is that all revenue receipts are taxable unless a receipt is specifically exempt and equally well, all capital receipts are exempt from taxation unless an item falls within th...

Read More
Posted Under: Income Tax |

Changes related to Pass through Income in Income Tax Returns of AY 2020-21

Changes Related To Pass Through Income In Income Tax Returns of Assessment Year (AY) 2020-21 Pass through income-> Any income accruing or arising to, or received by, a person, being a unit holder of an investment fund, out of investments made in the investment fund, shall be chargeable to income-tax in the same manner as […]...

Read More
Posted Under: Income Tax |

Key notes on Implementation of Right Claim under Income Tax Act 1961

Key notes under Implementation of Right Claim under Income Tax Act, 1961 in respect of Association under THE CONSTITUTION OF INDIA An Assessee has not claimed and /or overlooked some deductions / exemptions in return of Income before the authority, subsequently the Assessee awarded that additional claim for deductions /exemptions could ha...

Read More
Posted Under: Income Tax |

High Value Transactions under Income Tax Act 1961

1. Introduction High Value transactions are transactions which are incurred in high denominations. From last few years income tax department is shaking hands with all the other related Govt. departments from which it can procure financial information and trace all the persons who are spending high amount but are not filing income tax retu...

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Posted Under: Income Tax | ,

20 Recent Income Tax amendments Applicable for AY 20-21 & AY 21-22

So, let’s take a look to 20 RECENT Amendments that has changed Income Tax in a big way. Majorly applicable from AY 21-22 & SOME APPLCIABLE FROM AY 20-21. Some changes are so drastic steps that this will change the Income tax completely like option for New vs. old in personal taxation and same way new rates for Corporate....

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Taxation of Business Process Outsourcing Units in India

The provisions containing taxation of IT-enabled business process outsourcing units are not contained in the Income-tax Act, 1961 but are given in Circular No. 5/2004 dated 28.9.2004 issued by CBDT. The provisions are briefed hereunder – ♣  A non-resident entity may outsource certain services to a resident Indian entity. If there is ...

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Posted Under: Income Tax |

e-Campaign for High Value Transactions in Compliance Portal

Introduction The income-tax department has started to reach out to certain taxpayers who have either not filed income-tax returns (ITR) or failed to accurately report high-value transactions in their returns. On 18/07/2020, CBDT said that the objective of the e-campaign is to facilitate taxpayers to validate their financial transaction in...

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Posted Under: Income Tax |

वित्त वर्ष 2018-19 के लिए आयकर के स्वैच्छिक अनुपालन पर ई-अभियान

वित्त वर्ष 2018-19 के लिए आयकर के स्वैच्छिक अनुपालन पर ई-अभियान शुरू करने के लिए सीबीडीटी 20 जुलाई, 2020 से आयकर विभाग की नई पहल 20 जुलाई, 2020 से ...

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Posted Under: Income Tax |

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