income tax act

Test of residency for Individuals for taxation

Income Tax - Test of Residency for Individuals Basic Condition for a person to be Resident Under Section 6(1) of the Income-tax Act, an individual is said to be resident in India in any previous year if he: (a) is in India in the previous year for a period or periods amounting in all to one hundred and […]...

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Alternate Minimum Tax – Applicability, Provisions & Calculation

Income Tax - MEANING: Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax. BASICS: As the name suggests, Alternate Minimum Tax is a minimum tax which is imposed on alterna...

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Income Tax liability of an Individuals

Income Tax - The power to levy income tax is available with the central government vide Entry 82 of the Union list of the Seventh Schedule to the Constitution of India. Tax is nothing but money that people have to pay to the government, which is then used by the government to provide public services. Tax is not […]...

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Clubbing of Income

Income Tax - MEANING: Clubbing of Income as the term suggests it means adding the income of other person’s income in the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act. Though, there are certain restriction to specified person and to specified scenario which are mandatorily […]...

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Taxation of Shares, Futures And Options

Income Tax - In the previous financial year that is FY 2020, in India, fresh Demat accounts opening jumped to a record high, around 14.2 million fresh Demat accounts have been opened during the year.  This jump is more than three times the number of new accounts opened in FY 2019 (4.70 million accounts).  The accounts are not […]...

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Faceless Assessment Scheme working towards efficient & transparent system: CII

Income Tax - Faceless Assessment Scheme is working towards ensuring a robust, efficient and transparent system – CII Survey On the completion of one year of the Faceless Assessment Scheme, CII conducted a survey to gauge industry views on the effectiveness of the Scheme, which revealed overwhelming support for the new system. “The Transparent Taxa...

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Issues/glitches on new Income Tax Portal 2.0

Income Tax - Karnataka Taxpayers & Practitioners Association has made a written representation regarding issues/glitches on the new Income Tax Portal 2.0 to Snit. Nirmala Sitharaman, Minister of Finance. Full text of the same is as follows:- KARNATAKA TAXPAYERS & PRACTITIONERS ASSOCIATION (State body of Taxpayer & Practitioners of Karnatak...

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Memorandam to FM – आयकर की नई वेबसाईट

Income Tax - Ahilya Chamber of Commerce & Industry has made a representation to Finance minister and bring to her attention the issues in New Income Tax Portal and requested for allowing taxpayers to work on Old Portal till issues on new Portal gets rectified. Full texts of their representation are as follows:- 14.06.2021 माननीय श्...

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Issues in New Income Tax E-Filing Portal and Suggestions

Income Tax - KSCAA have worked closely with multiple stakeholders to understand the issues at hand with respect to New Income Tax E-Filing Portal and made efforts to consolidate the same and enumerating 36 issues and also made few suggestions with respect to new e-filing portal. Please read Full text of the representation to Smt. Nirmala Sitaraman Hon...

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Representation to FM on Issues in New Income Tax Portal

Income Tax - We are listing around 38 issues in portal and this is the beginning only because still we are working on preliminary aspects and further issues are bound to arise when we start working with the Portal and make Tax Compliances on behalf of our clients, the valued Tax Payers of the Nation....

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Additions Made Without Giving Copy of Statement of Witness & Cross Examination not Valid

ACIT Vs Jain Jewellery (ITAT Delhi) - ACIT Vs Jain Jewellery (ITAT Delhi) In the case of Jain Jewellery vs. ACIT,  ITA No. 4571/DEL/2017 (AY 2012-13) additions were made on the basis of statements of third parties regarding bogus purchases. Total amount of purchases was Rs. 20495150/-. Additions restricted to 25%  by CIT(A).  On appe...

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Netting off Interest Expenditure against Interest Income in absence of direct relation Not Allowed

Deena Asit Mehta Vs DCIT  (ITAT Mumbai) - The issue under consideration is whether the netting off interest expenditure against interest income is allowed u/s 56 of Income Tax Act?...

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Bar Council eligible for Registration u/s 12AA & Exemption u/s 80G

Bar Council of Delhi Vs CIT (Exemption) (ITAT Delh) - The issue under consideration is whether the CIT is correct in rejecting the application filed by Bar Council of Delhi seeking registration u/s 12A (a) of the Income Tax Act?...

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Subscription fees received from subscribers on sale of online product assessable as ‘Royalty’ 

Gartner Ireland Limited Vs DCIT (ITAT Mumbai) - The issue under consideration is whether it is correct to treat the Subscription fees received from subscribers on sale of online product as Royalty income under Income Tax Act?...

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No Deemed Dividend on Business transactions via current A/c

Exotica Housing & Infrastructure Company Pvt. Ltd. Vs ITO (ITAT Delhi) - Transactions carried out through current account for business purposes would not fall within the definition of Deemed Dividend.  Therefore provisions of Section 2(22)(e) of the I.T. Act, 1961, would not apply....

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Work Allocation of the Chairman & Members of CBDT

Office Order No. 252 of 2021 - (22/09/2021) - Office Order No. 252 of 2021 With the approval of the Competent Authority, the following officers shall hold the charge along with zonal charges mentioned against their name with immediate effect, until further orders:...

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Section 206AB & 206CCA Compliance Check Functionality procedure

Notification No. 01 of 2021-Income Tax- DGIT - (22/06/2021) - Income Tax Department has released a new functionality Compliance Check for Section 206AB & 206CCA to facilitate tax deductors/collectors to verify if a person is a Specified Person as per section 206AB & 206CCA....

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I-T E-filing portal to close for 6 days- New Portal from 7th June

D.O. F. No. Pr. DGIT(S)/486-2020-21 - (19/05/2021) - The Income Tax Department is going to launch its new E-filing portal www.incometax.gov.in on June 7th, 2021. In preparation for this launch and for migration activities, the existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available for a brief period of 6 days from...

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Govt notifies ‘CDPQ Fixed Income XI Inc.’ as pension fund | Section 10(23EE)

Notification No. 46/2021- Income Tax [S.O. 1735(E)] - (04/05/2021) - CBDT notifies pension fund, namely, ‘Ivanhoe Logistics India Inc.’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961  in respect of the eligible investment made by it in India on or after 4th May 2021 but on or before the...

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CBDT revises Form No. 12BA, Part B to Form 16, Annexure II to Form No. 24Q

Notification No. 15/2021-Income Tax [G .S. R. 170(E)] - (11/03/2021) - CBDT revises Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof), Part B to Form 16 (Details of Salary Paid and any other income and tax deducted) and Annexure II to Form No. 24Q vide Notification No. 15/20...

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Recent Posts in "income tax act"

Test of residency for Individuals for taxation

Test of Residency for Individuals Basic Condition for a person to be Resident Under Section 6(1) of the Income-tax Act, an individual is said to be resident in India in any previous year if he: (a) is in India in the previous year for a period or periods amounting in all to one hundred and […]...

Read More
Posted Under: Income Tax |

Alternate Minimum Tax – Applicability, Provisions & Calculation

MEANING: Alternate Minimum Tax or AMT was came into existence for non-corporate taxpayers who works on same principles. Though, applicability, exemption, way of adjusting income and reporting requirement etc. differ from Minimum Alternate Tax. BASICS: As the name suggests, Alternate Minimum Tax is a minimum tax which is imposed on alterna...

Read More
Posted Under: Income Tax |

Income Tax liability of an Individuals

The power to levy income tax is available with the central government vide Entry 82 of the Union list of the Seventh Schedule to the Constitution of India. Tax is nothing but money that people have to pay to the government, which is then used by the government to provide public services. Tax is not […]...

Read More
Posted Under: Income Tax |

Clubbing of Income

MEANING: Clubbing of Income as the term suggests it means adding the income of other person’s income in the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act. Though, there are certain restriction to specified person and to specified scenario which are mandatorily […]...

Read More
Posted Under: Income Tax |

Taxation of Shares, Futures And Options

In the previous financial year that is FY 2020, in India, fresh Demat accounts opening jumped to a record high, around 14.2 million fresh Demat accounts have been opened during the year.  This jump is more than three times the number of new accounts opened in FY 2019 (4.70 million accounts).  The accounts are not […]...

Read More
Posted Under: Income Tax |

What is Income Tax Audit & what does different section indicates

What is Income Tax Audit & what does different section indicates under Income Tax Audit (Section like 44AB OR 44AD OR 44ADA) WHAT IS TAX AUDIT? There are different types of audit under different laws such as company audit, statutory audit, cost audit conducted under Companies Act, 2013, Income Tax Act etc. In Income Tax […]...

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Posted Under: Income Tax |

Transfer Pricing as a means to minimize Tax

Transfer pricing refer to the strategies which determine the trading price for goods or services between the related parties which is defined under  Section 2(76) of Companies act 2016 and covered in AS 18 and IND AS 24. Transfer pricing empowers changes in pricing. Transactions under Transfer pricing between related entities in differen...

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Posted Under: Income Tax |

Taxation of transfer of capital asset/money/stock in trade at the time of dissolution or reconstitution of partnership firm

Taxation of transfer of capital asset/money/stock in trade at the time of dissolution or reconstitution of partnership firm 1. INTRODUCTION 1.1. The income tax implications of transfer of capital asset or the money or stock in trade to the partners of the partnership firm at the time of dissolution or reconstitution of the partnership fir...

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Posted Under: Income Tax |

How to determine residential status & different residential statuses

The tax structure of India is very complex in nature. It depends upon the nature of persons, age, residential status, nature of income etc. The taxability of an assessee in India depends upon his residential status in India for any particular financial year. An individual may be a citizen of India but may end up […]...

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Posted Under: Income Tax |

Understanding Different Deposits & Applicable Tax Benefits

Firstly if we talk about banks, we all are about the banks and the scheme they provide if you have visited or opened an account in bank. Bank and money are the words we use normally for our day to day life, if we put our money in the bank we considers it to be […]...

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Posted Under: Income Tax |

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