income tax act 1961

The Union Finance Minister of India, Nirmala Sitharaman presented the Finance (No. 2) Bill, 2019 in the Lok Sabha proposing several amendments and insertions in the Income Tax Act, 1961. The Bill received the President’s assent and has come into force from 1st September, 2019. This amendment provides for some major changes in the ongoin...

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...

i) While re-adjudicating on the directions of the ITAT, the DRP has exceeded the directions. ii) In framing the final assessment order, the Assessing Officer has put the assessee in a more worse position than it was before filing appeal....

Residential status will be determined as per section 2(30) and test of resident in India u/s 6(1). Section 6(6) does not have any role once the status has been determined as non-resident and no conditions given under 6(6) needs to be checked further....

In the Article earlier displayed @ Income Tax- Machinery Provision vs. Substantive Provision- Analytical Study an attempt has been made to clinically examine and closely understand the recently reported Order of the itat (Ahm.) in the case of Doshi Accounting Services Pvt. Ltd. Vs DCIT (Ahm.) (the Order) This Supplement is intended to ad...

The Income Tax Act (the Act) has to be read as an integrated whole. Further, any section / enactment laying down the machinery for computing ‘chargeable- income’ from a transaction (SOURCE OF INCOME) rather ought not but to, - be read and given effect de-hors the ‘charging’ section....

Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under Income Tax Act’ 1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....

Following are the details which is required to be updated: New Registration process to facilitate effective communication between the taxpayer and department is enabled. The existing e-Filing users are required to update their profile by logging into e-Filing account....

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. ...

Income on which tax not applicable 1. Agricultural Income 2. Receipts from Hindu Undivided Family 3. Share from a Partnership Firm or LLP 4. NRI Tax Free Incomes 5. Income Earned by Foreigners 6. Allowance for Foreign Service 7. Gratuities...