income tax act

Direct and Indirect Tax updates for October 2019

CA, CS, CMA - DIRECT TAXES UPDATES FOR OCTOBER 2019 Recent CBDT circulars/ notifications/ rules/ clarifications/News/Order ♦ Clarifications in respect of option exercised under section 115BAA (related to lower rate of 22%) inserted through The Taxation Laws (Amendment) Ordinance, 2019- related to allowability of brought forward loss on account of add...

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Rates of Depreciation as Per Income Tax Act,1961

CA, CS, CMA - Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being buildings, machinery, plant or furniture;Intangible Assets being knowhow, patents, copyrights, trademarks, licences, franchises or any other business or commercial ...

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Tax Benefits Available to Senior Citizens

CA, CS, CMA - A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

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Deduction under section 80TTA of Income Tax Act

CA, CS, CMA - Any interest income earned by an individual or a Hindu Undivided Family on savings accounts held with banks or co-operative society or post office is allowed as a deduction under section 80TTA of the Income Tax Act. The provisions relating to the same are explained in the current article. Provisions of section 80TTA – The […]...

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Deduction under section 80E of Income Tax Act

CA, CS, CMA - Education plays an essential role in the overall development of any country. In order to promote education, interest paid on an educational loan is allowed as a deduction under section 80E of the Income Tax Act. Provisions of section 80E are explained in the present article, along with the Frequently Asked Question. Deduction under sect...

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Join Online Income Tax Certification Course by TaxGuru Edu

CA, CS, CMA - TaxGuru Edu (an educational wing of Taxguru) brings you the best Online Income Tax Certification Course – Oct, 2019 Batch. Learn Income Tax in a Practical way and become an Expert in this field. Batch Starts on 13th Oct, 2019 (Sunday). The Online Income Tax Course covers detailed analysis of major aspects of Income Tax […]...

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Task Force for drafting a New Direct Tax Legislation

CA, CS, CMA - 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...

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Leave Travel Concession -Replace Calendar year by Financial year- ICAI

CA, CS, CMA - 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....

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BJP's Announcements on Tax Front in Election Manifesto 2014

CA, CS, CMA - 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...

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Cost Inflation Indexed Cost Calculator

CA, CS, CMA - 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...

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Tax planning opportunity by SC?

CIT 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....

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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/-...

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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...

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Waiver of loan is taxable u/s 28(iv) : Madras HC

CIT 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’)....

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Hire charges paid for Millers and Rollers-Tax deductible under section 194-I

The 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...

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CBDT revise forms and rules of Approval of Application U/s. 80G & 10(23C)

Notification 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...

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CBDT identifies Income Tax Return non-filers

PRESS 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...

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Guideline for issue of credit of TDS claimed when TDS not Matching with 26AS for returns of A.Y. 2010-11

INSTRUCTION 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 ...

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Notification No. 8/2011- Income Tax Dated 7/2/2011

Notification 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 ...

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Notification No. 1/2011 – Income Tax Dated 1/2/2011

Notification 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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Recent Posts in "income tax act"

Direct and Indirect Tax updates for October 2019

DIRECT TAXES UPDATES FOR OCTOBER 2019 Recent CBDT circulars/ notifications/ rules/ clarifications/News/Order ♦ Clarifications in respect of option exercised under section 115BAA (related to lower rate of 22%) inserted through The Taxation Laws (Amendment) Ordinance, 2019- related to allowability of brought forward loss on account of add...

Read More
Posted Under: Income Tax | ,

Join Online Income Tax Certification Course by TaxGuru Edu

TaxGuru Edu (an educational wing of Taxguru) brings you the best Online Income Tax Certification Course – Oct, 2019 Batch. Learn Income Tax in a Practical way and become an Expert in this field. Batch Starts on 13th Oct, 2019 (Sunday). The Online Income Tax Course covers detailed analysis of major aspects of Income Tax […]...

Read More

Rates of Depreciation as Per Income Tax Act,1961

Block of Assets :-The expressions Assets and Blocks of Assets w.e.f. 1-4-1999 shall mean a group of assets falling within a class of assets comprising:–Tangible Assets being buildings, machinery, plant or furniture;Intangible Assets being knowhow, patents, copyrights, trademarks, licences, franchises or any other business or commercial ...

Read More
Posted Under: Income Tax |

Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

Read More
Posted Under: Income Tax | ,

Deduction under section 80TTA of Income Tax Act

Any interest income earned by an individual or a Hindu Undivided Family on savings accounts held with banks or co-operative society or post office is allowed as a deduction under section 80TTA of the Income Tax Act. The provisions relating to the same are explained in the current article. Provisions of section 80TTA – The […]...

Read More
Posted Under: Income Tax |

Deduction under section 80E of Income Tax Act

Education plays an essential role in the overall development of any country. In order to promote education, interest paid on an educational loan is allowed as a deduction under section 80E of the Income Tax Act. Provisions of section 80E are explained in the present article, along with the Frequently Asked Question. Deduction under sect...

Read More
Posted Under: Income Tax |

Tax Deduction/Collection Account Number (TAN)

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....

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Posted Under: Income Tax | ,

Deduction under section 80CCD of Income Tax Act

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...

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Posted Under: Income Tax |

Cost Inflation Index – Meaning & Index from 1981-82 to 2019-20

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 [...

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Posted Under: Income Tax | ,

CBDT revise forms and rules of Approval of Application U/s. 80G & 10(23C)

Notification 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 of an institution or fund under section...

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