income tax act 1961

A Brief Note on Slump Sale

Income Tax - As per section 2(42C) of the Income-tax Act 1961, ‘Slump Sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. For understanding the term ‘Slump Sale’, it is significant to delve into […]...

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Section 194J TDS on Fees for Professional or Technical Services

Income Tax - The present article features the TDS provisions contained under section 194J of the Income Tax Act, 1961 relating to the TDS deduction on fees for professional or technical services. Coverage of Section 194J of the Income Tax Act Categories of the person covered under section 194J Every person, except an individual or a HUF, making payme...

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Implications under section 79 of Income Tax in case of no change in beneficial ownership

Income Tax - Section 79 stipulates that in case of a Company, not being a company in which the public are substantially interested, shall not be allowed to carry forward and set-off the losses against the income of previous year, unless on the last day of the previous year, the shares of the company carrying not less than […]...

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Clubbing of Your Income with Income of your Spouse

Income Tax - There are certain occasions when the income of your spouse gets clubbed with your income. So, if you are planning to transfer any of your income or any asset to your spouse to avoid the associate tax on such income, hold on.  There are certain specified situations when the income of both the husband as […]...

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Meaning, Formation, Taxation, Membership & Partition of HUF

Income Tax - The Hindu Undivided Family can best be defined as a family that consists of a common ancestor and all his lineal male descendants and their wives and unmarried daughters. The Hindu Undivided Family (HUF) cannot be created by acts of any party. The only exceptions are in the case of an adoption or a marriage when a stranger may become a HU...

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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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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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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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Extend Tax Audit Report Filing Due Date: SGTTA

Income Tax - South Gujarat textile traders association is the leading trade organization of south Gujarat. It is representing more than 40000 traders of surat and entire south Gujarat. The association has played vital role in disseminating awareness about GST and has held hundreds of meetings to clarify the doubts of the trade and industry....

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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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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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Tax Audit Due Date: CBDT rejects request for Further extension

F.No. 225/358/2018/ITA.II - (25/10/2018) - As concerns of the assessees have been suitably redressed with extension of due date by one month (i.e. till 31.10.18), representation of the Tax Bar Association, Guwahati dated 20.09.18, requesting for further extension of due date for filing ITR/TAR beyond 31.10.18 is hereby rejected....

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CBDT extends Tax Audit Due Date to 31st Oct, 2018

F.No. 225/358/2018/ITA.II - (08/10/2018) - CBDT further extends due date for filing of Income Tax Returns & Tax audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s 234A of IT Act will remai...

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CBDT extends Tax audit due date to 15th October 2018

F.No. 225/358/2018/ITA.II - (24/09/2018) - CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept, 2018 to 15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations  from stakeholders. Liability to pay interest u/s. 234A of IT Act will remain. F.No. ...

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Recent Posts in "income tax act 1961"

A Brief Note on Slump Sale

As per section 2(42C) of the Income-tax Act 1961, ‘Slump Sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. For understanding the term ‘Slump Sale’, it is significant to delve into […]...

Read More
Posted Under: Income Tax |

Section 194J TDS on Fees for Professional or Technical Services

The present article features the TDS provisions contained under section 194J of the Income Tax Act, 1961 relating to the TDS deduction on fees for professional or technical services. Coverage of Section 194J of the Income Tax Act Categories of the person covered under section 194J Every person, except an individual or a HUF, making payme...

Read More
Posted Under: Income Tax | ,

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 compliance matters across sectors in view of CO...

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Implications under section 79 of Income Tax in case of no change in beneficial ownership

Section 79 stipulates that in case of a Company, not being a company in which the public are substantially interested, shall not be allowed to carry forward and set-off the losses against the income of previous year, unless on the last day of the previous year, the shares of the company carrying not less than […]...

Read More
Posted Under: Income Tax |

Clubbing of Your Income with Income of your Spouse

There are certain occasions when the income of your spouse gets clubbed with your income. So, if you are planning to transfer any of your income or any asset to your spouse to avoid the associate tax on such income, hold on.  There are certain specified situations when the income of both the husband as […]...

Read More
Posted Under: Income Tax |

Meaning, Formation, Taxation, Membership & Partition of HUF

The Hindu Undivided Family can best be defined as a family that consists of a common ancestor and all his lineal male descendants and their wives and unmarried daughters. The Hindu Undivided Family (HUF) cannot be created by acts of any party. The only exceptions are in the case of an adoption or a marriage when a stranger may become a HU...

Read More
Posted Under: Income Tax |

TDS on exempt incomes (especially agricultural income)

It is obvious that the TDS provisions are going to be expanded day by day even in the direct Tax Code era. In the process to recover more and more tax through this mode of recovery, in many cases tax is also deducted from incomes which are expressly exempt. Many cases are wandering the corridors of various courts of law on this ground. Th...

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Posted Under: Income Tax | ,

Taxation of Pensioners, Senior Citizen & Super Senior Citizen

Pension received from a former employer is taxable as ‘Salary’. Hence, the various deductions available on salary income, including relief u/s 89(1) for the arrears of pension received would be granted to pensioners who received their pension from, a nationalised bank and in other cases their present Drawing & Disbursing Officers. Sim...

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Posted Under: Income Tax | ,

Importance of 31st March 2020 in our lives!

In India, the Financial Year (F.Y.) runs from 1st April to 31st March. We have to perform certain important tasks before the end of the F.Y. to plan our present and future. Although we have a full year to complete these tasks in advance but we Indians are adventure loving people and we wait for the […]...

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Posted Under: Income Tax |

Register for online Crash course on GST & 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...

Read More
Posted Under: Income Tax |

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