2 income tax act 1961

income tax act 1961

What A Common Man Should Know About Budget 2023

Income Tax - BUdget 2023: Article explains consequences & implications of New Income Tax slabs and what are its direct effect on a common man....

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Importance of Understanding Tax Laws and Regulations

Income Tax - In today’s fast-paced and complex world, it is increasingly important for individuals and businesses to have a solid understanding of tax laws and regulations. Tax laws and regulations have a significant impact on our daily lives and financial well-being, and it is essential to have a good grasp of these laws to make informed decisi...

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GST, Income Tax, FCRA & Other Compliances of Charitable Entities

Income Tax - 1. Income Tax Related Compliances a. Registration under Section 12AB The trust can carry on the charitable or religious activities as per the objects for which it was formed. However, in order to claim tax exemption of its receipts and income, it needs to get registered under the Income Tax Act, 1961. Section 12AB registration […]...

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Draft submission when AO not complies with section 147 to 151 of Income Tax

Income Tax - Ground of Appeal and Arguments in writing before ITAT, when the Assessing Officer has not complied with statutory provisions of section 147 to 151 of the Income Tax Act 1961 On the facts and in the circumstances of the case and in law the Ld. Commissioner of Income tax (Appeals), XXXXXXX is not justified who […]...

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Union Budget 2023-24- Proposed Changes relating to Income Tax Search & Seizure Provisions 

Income Tax - In Finance Bill 2023 Finance Minister recommended significant though few changes relating to Income Tax Search & Seizure ...

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Representation on delay in processing of Section 119(2)(b) applications

Income Tax - Representation on delay in processing of applications filed under Section 119(2)(b) of the Income-tax Act, 1961 and recommendation to introduce online measures...

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DTPA Pre-Budget Memorandum 2023-24 on Direct Taxes and GST

Income Tax - s agricultural land is not covered under the definition of Capital asset, capital gains on transfer of the same is not taxed. Suitable provisions may be introduced to exclude this Capital gain while calculating Book Profit for the purpose of MAT....

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Late Fees, Interest, threat to levy penalty or to initiate prosecution – Tax Terrorism

Income Tax - People are held hostage in a cyber-world with ransom in the form of Late Fees and Interest and a threat to levy penalty or to initiate prosecution. No other words better describe the situation than the term Tax Terrorism....

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FM urged Income Tax Department to focus on 3 R’s

Income Tax - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 27th September, 2022 PRESS RELEASE The Finance Minister’s Award 2022 presentation ceremony held by the Income Tax Department at Delhi The Finance Minister’s Award 2022 presentation ceremony was held by the Income Tax Department today...

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Representation to extend due date of filing of Income Tax Audit reports

Income Tax - Representation to extend the due date of filing of Audit reports under Income Tax Act, 1961, from 30th September, 2022 to 31st October, 2022. Please Read: CBDT extends due date for filing various Income Tax Audit reports  ALL INDIA FEDERATION OF TAX PRACTITIONERS Dated: September 19,2022 To, 1. Smt. Nirmala Sitharaman Ji, The Honorable U...

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Capital loss on sale of STT paid shares/mutual fund cannot be set off against LTCG on sale of land

JCIT (OSD) Vs Shri Sujan Azad Parikh (ITAT Mumbai) - ITAT Mumbai held that long term capital loss arising out of the sale of shares and units of mutual funds on which STT was paid and covered under section 10(38) could not be set off against long-term capital gain arising out of the sale of land as per section 70(3) of the Act....

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Assessee can raise additional claims before appellate authority

Unifrax India Ltd. Vs JCIT (ITAT Mumbai) - ITAT Mumbai held that assessee is entitled to raise the additional legal submissions and also additional claims before the appellate authorities. Accordingly, appellate authorities have jurisdiction to entertain the new claim....

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Reassessment only on account of ‘change of opinion’ is liable to be struck down

Rampal Samdani Vs Union of India (Rajasthan High Court) - Rajasthan High Court held that reassessment resorted only on account of ‘Change of opinion’ of AO and without there being any fresh tangible evidence for reopening the assessment proceedings is liable to be struck down....

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Re-opening of assessment unjustified as complete disclosure of primary material facts already submitted

Asian Paints Ltd. Vs ACIT (Bombay High Court) - Bombay High Court held that re-opening of assessment under section 147 of the Income Tax Act is unjustified as the assessee provided complete disclosure of all the primary material facts during the scrutiny assessment....

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Lack of supplying supporting documents for ‘reason to believe’ is a flagrant violation of principles of natural justice

Micro Marbles Private Limited Vs ITO (Rajasthan High Court) - Held that, non-supply of documents referred in the ‘reason to believe’ notice along with the notice to the assessee deems the reassessment proceeding and any consequential proceedings illegal and is a flagrant violation of the principles of natural justice....

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CBDT approves Indian Institute of Science Education & Research under Section 35(1)(ii)

Notification No. S.O. 270(E) - (16/01/2023) - CBDT approves ‘Indian Institute of Science Education and Research, Tirupati (PAN: AAAAI9820P)’under the category of ‘University, College or Other Institution’ for ‘Scientific Research’ for the purposes of clause (ii) of sub- Section (1) of Section 35 of the Income-tax Act, 1961 read with...

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Addendum to Notification: Format, Procedure & Guidelines for submission of SFT for Interest income

Notification No. 1 of 2023 - (05/01/2023) - Addendum to Notification 2 of 2021: Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income (Abolishing of limit of Rs 5,000/-)....

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SOP on filing of Appeals/SLPs by Income Tax Department in SC

Instruction No. 2/2022-Income Tax - (15/12/2022) - CBDT Instruction No. 2/2022 – Standard operating procedure (SCOP) on filing of Appeals/Special leave petition (SLPs) by the Income Tax Department in the Supreme Court (SC) and related matters. Instruction No. 2/2022 F.No.279/Misc./M-72/2022-ITJ Government of India Ministry of Finance Departm...

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Time limit reduced to 21 days for submitting response to intimation u/s 245 by AO

Instruction No. 06 of 2022 - (28/11/2022) - It is observed that, in certain cases, consequent to the issue of intimation u/s 245, the assessees had responded on the demand portal that the demands are incorrect, in as much as that the demands are stayed by Assessing Officer/ITAT/High Court....

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AO allowed to survey u/s 133A with prior approval of concerned Principal CCIT/DG

F.No. 282/15/2022-IT (Inv.V)/267 - (22/11/2022) - Now AO can also do survey u/s 133A of the Income Tax with the prior approval of concerned Principal CCIT/ DG F.No. 282/15/2022-IT (Inv.V)/267 Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) **** Civic Centre, New Delhi- 110002 Dated 22nd Nov, 2022 ORDER ...

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Recent Posts in "income tax act 1961"

What A Common Man Should Know About Budget 2023

BUdget 2023: Article explains consequences & implications of New Income Tax slabs and what are its direct effect on a common man....

Read More
Posted Under: Income Tax |

Importance of Understanding Tax Laws and Regulations

In today’s fast-paced and complex world, it is increasingly important for individuals and businesses to have a solid understanding of tax laws and regulations. Tax laws and regulations have a significant impact on our daily lives and financial well-being, and it is essential to have a good grasp of these laws to make informed decisi...

Read More
Posted Under: Income Tax |

GST, Income Tax, FCRA & Other Compliances of Charitable Entities

1. Income Tax Related Compliances a. Registration under Section 12AB The trust can carry on the charitable or religious activities as per the objects for which it was formed. However, in order to claim tax exemption of its receipts and income, it needs to get registered under the Income Tax Act, 1961. Section 12AB registration […]...

Read More
Posted Under: Income Tax |

Draft submission when AO not complies with section 147 to 151 of Income Tax

Ground of Appeal and Arguments in writing before ITAT, when the Assessing Officer has not complied with statutory provisions of section 147 to 151 of the Income Tax Act 1961 On the facts and in the circumstances of the case and in law the Ld. Commissioner of Income tax (Appeals), XXXXXXX is not justified who […]...

Read More
Posted Under: Income Tax |

Union Budget 2023-24- Proposed Changes relating to Income Tax Search & Seizure Provisions 

In Finance Bill 2023 Finance Minister recommended significant though few changes relating to Income Tax Search & Seizure ...

Read More
Posted Under: Income Tax |

Highlights of Union Budget 2023 related to Income Tax

On February 1, 2023, the Union Budget 2023 was presented by Finance Minister in the Parliament, these Budget proposals will become law, once the Finance Bill, 2023 is passed by both Houses of the Indian Parliament and the Bill receives President’s assent. The key income tax proposals are as follows: Corporate tax rates: No changes [&hel...

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Posted Under: Income Tax |

Direct Tax Amendments proposed by Finance Bill 2023

√ No change in Minimum threshold limits of Income Tax Exemptions prescribed under old Income Tax Regime; √ No change in surcharge slabs as compared to earlier previous year except where taxable income exceeds Rs.5 crores & assessee has opted for new tax regime (no benefits of interest on housing loan, HRA, Chapter VIA benefits [&h...

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Budget 2023-What’s new in the new Income Tax Regime

Today, i.e. 01st February, 2023, Honorable Finance Minister, Smt. Nirmala Sitharaman Ji has presented finance budget for financial year 2023-2024. During her budget speech she has proposed numerous changes so far as direct tax is concerned. Some of them has been enlisted here in a very concise manner: 1. Filing of Income Tax Return will [...

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Income Tax and GST on Online Gaming

Winnings from lottery, card games, crossword puzzles or any sort of games are taxable at flat rate of 30% as income from other sources....

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Posted Under: Income Tax |

Section 80QQB of the Income Tax Act 1961

Section 80QQB of the Income Tax Act 1961 is an important beneficial provision designed to incentivize the authors and composers of certain literary and musical work by allowing them to claim a tax deduction on certain royalties earned from their work. The deduction is available to authors, composers, photographers, and film producers, who...

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Posted Under: Income Tax |

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