income tax act 1961

Tax Free Income in India

Income Tax - 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...

Read More

Deduction u/s. 80C for tuition / school / education fees

Income Tax - 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. ...

Read More

Income Tax Department ask assessee to update their information

Income Tax - 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....

Read More

A radical approach towards Indian Taxation System

Income Tax - Being a Chartered Accountant, many people (especially people from business fraternity) usually asks me how to save tax. But I always ask them to focus on increasing their revenues and consequently their income net of taxes....

Read More

Tonnage Tax Scheme (A simplified approach) (Sec 115 V to Sec 115VZC)

Income Tax - Qualifying Company - Section 115 VC: (a) it is a Indian company; (b) the place of effective management of the company is in India; (c) its own at least one qualifying ship; and (d) the main object of the company is to carry on the business of operating ships....

Read More

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....

Read More

Deduction U/S 80CCF for investment in Long term Infrastructure Bonds Allowed

Income Tax - The Finance Act, 2010 has inserted a new section 80CCF in the Income Tax Act, 1961, which provides that an amount upto the extent of Rs. 20,000/- paid or deposited during the financial years 2010-11 as subscription to long-term infrastructure bonds shall be allowed as deduction in computing the income of an individual or a Hindu Undivided...

Read More

Adjustment of Advance FBT with Advance Tax for A.Y. 2010-11

Income Tax - The Central Board of Direct Taxes have decided that any instalment of advance tax paid in respect of fringe benefits for assessment year (AY) 2010-11 shall be treated as advance income tax paid by assessee for AY 2010-11. The assessee can adjust such sum against its advance tax obligation in respect of income for Financial Year (FY) 2009-...

Read More

FM likely to keep the corporate tax rate unchanged at 30%

Income Tax - The finance ministry is likely to keep the corporate tax rate unchanged at 30%, as it faces stiff resistance from companies to the draft direct tax code's proposal to cut the rate to 25% and remove all exemptions. "Corporates are resisting the phasing out of exemptions even with a lower tax rate," said a senior government official. ...

Read More

Bonus stripping under the Income tax lens

Income Tax - After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax....

Read More

Mere non-allowability of claim not sufficient to impose penalty U/s. 271(1)(c)

DCIT Vs. Parinay Organizers Pvt. Ltd. (ITAT Ahemdabad) - In an appeal before Ahmedabad ITAT, DCIT vs. Parinay Organizers Pvt. Ltd., one of the grounds raised was that whether on the facts of the circumstances of the case, the CIT(A) was justified in deleting the penalty levied by the AO on account of dis allowances of interest expenses of Rs. 44,19,194/-...

Read More

Registration U/s. 12AA cannot be denied for mere non filing of Return

CIT (Exemptions) Vs. M/s Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) (Punjab & Haryana High Court) - Advocate Akhilesh Kumar Sah Just because the assessee has not filed income tax returns in earlier years, it can not be said that the activities of the assessee of the charitable trust / society were not genuine and grant of the registration under section 12AA cannot be denied...

Read More

Notice under section 143(2) has to be served within stipulated time

According to section 143(2) of the Income Tax Act, 1961(for short the Act), where a return has been furnished under section 139 of the Act, or in response to a notice under section 142(1) of the Act, the Assessing Officer(AO) or the prescribed income-tax authority, as the case may be, if, considers ...

Read More

TDS is not required to be deducted from royalty payment made for distribution and marketing of cinematographic films on DVD and VCD

Asiavision Home Entertainment Pvt. Ltd. Vs. ACIT (ITAT Mumbai) - In this view of the matter, we hold that the payment of royalty made by the assessee is out side the purview of section 40(a) of the Income-tax Act, 1961, and therefore, no TDS is required to be made from such royalty payment. Accordingly, we set aside the order of the CIT(A) and direct the Assessin...

Read More

Tribunal got the power to rectify mistake apparent from the record but not empowered to rectify its own under u/s. 254(2)

Kailashnath Malhotra Vs JCIT (ITAT Mumbai) - Tribunal has got the power of rectifying a mistake which is apparent from the record itself and even an error of judgment is outside the ambit of section 254(2) of the Act. The oft-quoted judgment of the Hon'ble Rajasthan High court in CIT v. Ramesh Chand Modi [2001] 249 ITR 323[2] distinguishing th...

Read More

Due date to file ITR & Income Tax Audit Reports extended to 31.10.2017

No. 225/270/2017/ITA.II - (31/08/2017) - CBDT hereby extends the 'due-date' prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by the said 'due date' from 30th September, 2017 to 31st October, 2017....

Read More

Due date to link Aadhar with PAN extended till 31.12.2017

No. 225/270/2017/ITA.II - (31/08/2017) - CBDT, in exercise of powers conferred under section 119 of the Act, modifies para 3 of its earlier order dated 31.07.2017 and further extends the time for linking Aadhar with PAN till 31.12.2017....

Read More

Aadhar can be linked after Return filing but to be done on or before 31st August 2017

F.No. 225/270/2017/ITA.II - (31/07/2017) - For the purpose of filing return, it shall be sufficient as of now to quote Aadhar or Aadhar Enrolment Number. The actual linking of PAN with Aadhar can be done subsequently, but any time before 31st August, 2017. However, these returns shall not be processed u/s 143(1) until the linkage of Aadhar w...

Read More

Notification No. 83/2010-Income Tax Dated 1-11-2010

Notification No. 83/2010-Income Tax - (01/11/2010) - Notification No. 83/2010-Income Tax It is hereby notified for general information that the organization Raman Centre for Applied and Interdisciplinary Sciences, Kolkata has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, ...

Read More

Notification No. 82/2010-Income Tax Dated 28/10/2010

Notification No. 82/2010-Income Tax - (28/10/2010) - Notification No. 82/2010-Income Tax It is hereby notified for general information that the organization Centre for the Study of Developing Societies, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (sa...

Read More

Recent Posts in "income tax act 1961"

Tax Free Income in India

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...

Read More
Posted Under: Income Tax |

Deduction u/s. 80C for tuition / school / education fees

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. ...

Read More
Posted Under: Income Tax | ,

Mere non-allowability of claim not sufficient to impose penalty U/s. 271(1)(c)

DCIT Vs. Parinay Organizers Pvt. Ltd. (ITAT Ahemdabad)

In an appeal before Ahmedabad ITAT, DCIT vs. Parinay Organizers Pvt. Ltd., one of the grounds raised was that whether on the facts of the circumstances of the case, the CIT(A) was justified in deleting the penalty levied by the AO on account of dis allowances of interest expenses of Rs. 44,19,194/- without considering the merits of the c...

Read More

Income Tax Department ask assessee to update their information

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....

Read More
Posted Under: Income Tax |

Registration U/s. 12AA cannot be denied for mere non filing of Return

CIT (Exemptions) Vs. M/s Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) (Punjab & Haryana High Court)

Advocate Akhilesh Kumar Sah Just because the assessee has not filed income tax returns in earlier years, it can not be said that the activities of the assessee of the charitable trust / society were not genuine and grant of the registration under section 12AA cannot be denied...

Read More

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

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....

Read More
Posted Under: Income Tax |

Notice under section 143(2) has to be served within stipulated time

According to section 143(2) of the Income Tax Act, 1961(for short the Act), where a return has been furnished under section 139 of the Act, or in response to a notice under section 142(1) of the Act, the Assessing Officer(AO) or the prescribed income-tax authority, as the case may be, if, considers it necessary or expedient to ensure that...

Read More

Due date to file ITR & Income Tax Audit Reports extended to 31.10.2017

No. 225/270/2017/ITA.II (31/08/2017)

CBDT hereby extends the 'due-date' prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by the said 'due date' from 30th September, 2017 to 31st October, 2017....

Read More

Due date to link Aadhar with PAN extended till 31.12.2017

No. 225/270/2017/ITA.II (31/08/2017)

CBDT, in exercise of powers conferred under section 119 of the Act, modifies para 3 of its earlier order dated 31.07.2017 and further extends the time for linking Aadhar with PAN till 31.12.2017....

Read More

Aadhar can be linked after Return filing but to be done on or before 31st August 2017

F.No. 225/270/2017/ITA.II (31/07/2017)

For the purpose of filing return, it shall be sufficient as of now to quote Aadhar or Aadhar Enrolment Number. The actual linking of PAN with Aadhar can be done subsequently, but any time before 31st August, 2017. However, these returns shall not be processed u/s 143(1) until the linkage of Aadhar with PAN is completed....

Read More
Page 1 of 2612345...1020...Last »

Browse All Categories

CA, CS, CMA (3,520)
Company Law (3,466)
Custom Duty (6,668)
DGFT (3,498)
Excise Duty (4,051)
Fema / RBI (3,292)
Finance (3,496)
Income Tax (25,322)
SEBI (2,757)
Service Tax (3,288)

Search Posts by Date

November 2017
M T W T F S S
« Oct    
 12345
6789101112
13141516171819
20212223242526
27282930