Income Tax - The present article highlights provisions of section 80CCD of the Income Tax Act, which provides a deduction of the amount paid or deposited towards the notified pension scheme. Deduction under section 80CCD is divided into three parts which are defined as under – 1. Section 80CCD (1) – Employee’s contribution to the notified pens...
Read MoreIncome Tax - Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are Notified by CBDT every year and till date CBDT has notified Cost Inflation Index for the Financial Year 1981-82 to Financial year 2019-20. Cost Inflation index are used for computing indexed cost of [...
Read MoreIncome Tax - The recent decision of the apex court in the case of CIT v. Laxman Das Khandelwal [2019] 108 taxmann.com 183 (SC) has once again brought to fore the debate on validity of jurisdiction acquired by the income tax department to a proceedings under the Act due to express or implied consent of the assessee to such […]...
Read MoreIncome Tax - Article discusses about Meaning/ Structure/ Relevance of TAN, Persons liable to apply for TAN, Consequences of not quoting TAN, Procedure to obtain TAN, Places from where to obtain Form 49B, Authority empowered to allot TAN, Procedure for online TAN application....
Read MoreIncome Tax - Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes on agricultural income to the State Legislature. Howev...
Read MoreIncome Tax - TaxGuru Edu (an educational wing of Taxguru) brings you the best Online Income Tax Certification Course – Sept, 2019 Batch. Learn Income Tax in a Practical way and become an Expert in this field. The Online Income Tax Course covers detailed analysis of major aspects of Income Tax Law with special focus on Tax Planning, […]...
Read MoreIncome Tax - Task Force for drafting a New Direct Tax Legislation - Questionnaire for inviting suggestions and feedback on the Income-tax Act, 1961 from the stakeholders and general public...
Read MoreIncome Tax - As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/ Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions....
Read MoreIncome Tax - We are producing below the BJP’s announcement on tax from as made by them in their Election Manifesto for 2014 Lok Sabha Elections :- Taxation UPA Government has unleashed ‘Tax terrorism’ and ‘uncertainty’, which not only creates anxiety amongst the business class and negatively impacts the investment climate...
Read MoreIncome Tax - Calculate Long term capital gain on sale of capital Assets other then shares with the help of Indexation.- We have given below the Cost Inflation (CII) Index calculator which automatically calculates Indexed cost of your asset. In the calculator You just have to fill the Year of Sale, Year of Purchase , Cost of Purchase/Acquisition/Improv...
Read MoreCIT Vs. M/s Modipon Ltd. (Supreme Court of India) - The decision relates to deductibility of excise duty u/s 43B of the Income Tax Act, 1961. Section 43-B requires cumulative existence of following; The deduction claimed by the Assessee must be otherwise allowable under the other provisions of the Act....
Read MoreDCIT 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 MoreCIT (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 MoreCIT Vs Ramaniyam Homes (P.) Ltd. (Madras High Court) - Under one time settlement the bank waived loan amount (used by the assessee for acquiring capital assets) which includes both principal amount of loan and interest on loan. Held that Waiver of loan is taxable under section (‘u/s’) 28(iv) of the Income-tax Act, 1961 (‘the Act’)....
Read MoreThe Commissioner Of Income Tax-I Vs D. Rathinam (Madras High Court) - The assessee, hired Millers and Rollers, for the purpose of carrying out his road contract works. According to the revenue, since in the case on hand, the hire charges in respect of both the Millers and Rollers hired by the assessee contained a portion of labour charges incurred by the respective ow...
Read MoreNotification No. 60/2019-Income Tax - (05/09/2019) - Notification No. 60/2019-Income Tax- CBDT amends rules 2C and 2CA related to Application for the purpose of grant of approval for the exemption under sub-clause (iv), sub-clause (v), sub-clause (vi) and sub-clause (via) of clause (23C) of section 10 and Rule 11AA related to Requirements for approval...
Read MorePRESS RELEASE - (21/02/2014) - Government Urges all Tax Payers to Disclose Their True Income and Pay Appropriate Taxes; Income Tax Department Conducts the Second Round of Data Matching Identifying New 21.75 Lakh Potential Non-Filers and Information About Them Made Available on the ‘Compliance Module’ on E-Filing Portal of the...
Read MoreINSTRUCTION NO. 2/2011 - (09/02/2011) - INSTRUCTION NO. 2/2011 The issue of processing of returns for Asst. year 2010-11 and giving credit for TDS has been considered by the Board. In order to clear the backlog of returns, the following decisions have been taken: (i) In all returns (ITR-1 to ITR-6), where the difference between the TDS ...
Read MoreNotification No. 8/2011- Income Tax - (07/02/2011) - Notification No. 8/2011- Income Tax It is hereby notified for general information that the organization Kelkar Education Trust, Mumbai 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, 1961 (said Act), read with Rules ...
Read MoreNotification No. 1/2011 - Income Tax - (01/02/2011) - Notification No. 1/2011 - Income Tax Section 35AC of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Notified National Committee constituted for Promotion of Social and Economic Welfare - Appointment of new Chairman and members of said Committee...
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Notification No. 60/2019-Income Tax - (05/09/2019) -