income tax act

TDS Deposit and Filing TDS Statement – Do’s & Don’Ts

Income Tax - DOs FOR TDS DEPOSIT AND TDS STATEMENT FILING: 1. Deposit TDS and file statement before due dates to avoid last moment hustle and late payment of Interest and Late Filing Fee Respectively. Note, the due date for filing Form 24Q for Q4 of FY 2019-20 is 31st July, 2020 2. Always double check TAN and […]...

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VRS- A Complete Guide for Tax Planning

Income Tax - A Salaried man can receive VRS more than once in his lifetime. But he can plan his tax liability only once. VRS (Voluntary Retirement Scheme) – VRS is often offered by the corporates for retrenchment of its surplus work force and directly to cut short it’s one of the major operating expense in form of […]...

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Section 112A- LTCG on Sale of Certain Assets

Income Tax - SEC 112A- LTCG ON SALE OF CERTAIN ASSETS  (Inserted by Finance Act 2018, w.e.f. 01.04.2019) Concessional rate of tax on transfer of Certain assets: (A) The above section 112A is applicable on the following circumstances (a) Long term capital gain arising from transfer of the following assets (i) an equity share in a company (ii) a [&hel...

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Section 12AB of Income Tax Act, 1961- Provisions & registration procedure

Income Tax - Union Budget 2020 proposed significant changes in compliance and registration procedure of Religious or Charitable Trusts/ Institutions etc. which are registered under section 12AA of the Income Tax Act. Accordingly, the following amendment was made in the Finance Act, 2020 which reads as:- Under Section 11:- In section 11 of the Income-t...

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TDS under Section 194N on Cash Withdrawals

Income Tax - SEC-194N- TDS ON CASH WITHDRAWAL (inserted w.e.f. 01.09.2019) Section 194N provides that any person being (Payer)  (i) a banking company  (ii) a cooperative society carrying on business of banking (iii) a post office who is responsible to pay, in cash, any sum or aggregate of sums exceeding 1 crore rupees during the previous year, to...

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Due Date extended by CBDT on 24th June 2020

Income Tax - Due Dates Extended by the CBDT (CENTRAL BOARD OF DIRECT TAXES) on 24th June 2020 vide notification No. 35/2020-Income Tax 1. ITR Filing for Financial Year 2018-19: Belated or Revised ITR for Financial Year 2018-19 can be filed by 31st July 2020. The earlier date was 30th June 2020. 2. TDS Return Due Date for […]...

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What if PAN not linked with Aadhar ?

Income Tax - Consequences of  Non-Linking of PAN with Aadhar 1) PAN will become inoperative. 2)Where a PAN has become inoperative, it will be assumed that PAN has not been furnished/ quoted as required by the law and a penalty of Rs.10,000 may apply as per section 272B of the Income Tax Act. 3) An individual having an […]...

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Delhi income tax Inspector found suspected of corona virus infection

Income Tax - In this regard, 1 am directed to request you to take necessary steps to avoid further contamination of the officers and officials working at 10th floor as an inspector working in Circle-29(1) under your charge has been suspected of corona virus infection. Hence l am directed to request you to take precautionary steps so as to stop further...

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Join Online Income Tax Certification Course by TaxGuru Edu

Income Tax - 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

Income 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...

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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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Waiver of Working Capital Loan Taxable u/s 28(iv) and not u/s 41(1)

ITO Vs M/s Sri Vasavi Polymers P. Ltd. (ITAT Visakhapatnam) - The issue under consideration is whether CIT(A) is correct in deleting the addition made by AO u/s 41(1) for waiver of working capital loan and charge it u/s 28 of the Act?...

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Section 115BBE not applies if no Section 69 addition for undisclosed investments during Assessment

ACIT Vs Sudesh Kumar Gupta (ITAT Jaipur) - whether CIT(A) is justified in quashing the action of the AO u/s 154 in applying provision of section 115BBE on undisclosed investment surrendered during the course of survey proceedings?...

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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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On failure to prove agriculture activity, Income can be treated as non-agricultural

Shri Subramanian Sivaraj Vs ITO (ITAT Chennai) - Whether the AO is correct in making addition in the return by considering the income as not from agriculture on the failure of Assessee to prove agriculture activity?...

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Infrastructure sub-sectors business – section 10(23FE) exemption

[Notification No. 44/2020-Income Tax/F. No. 370142/24/2020-TPL]/S.O. 2227(E) - (06/07/2020) - CBDT specifies business, for the purposes of section 10(23FE)(iii)(b), to be the business which is engaged in the infrastructure sub-sectors mentioned in Updated Harmonised Master List of Infrastructure Sub-sectors vide Notification No. 44/2020- Income Tax dated 6th July, 2020. Section 10 (23FE) pro...

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

Notification No. 60/2019-Income Tax [S.O. 3215(E).] - (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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Recent Posts in "income tax act"

TDS Deposit and Filing TDS Statement – Do’s & Don’Ts

DOs FOR TDS DEPOSIT AND TDS STATEMENT FILING: 1. Deposit TDS and file statement before due dates to avoid last moment hustle and late payment of Interest and Late Filing Fee Respectively. Note, the due date for filing Form 24Q for Q4 of FY 2019-20 is 31st July, 2020 2. Always double check TAN and […]...

Read More
Posted Under: Income Tax |

VRS- A Complete Guide for Tax Planning

A Salaried man can receive VRS more than once in his lifetime. But he can plan his tax liability only once. VRS (Voluntary Retirement Scheme) – VRS is often offered by the corporates for retrenchment of its surplus work force and directly to cut short it’s one of the major operating expense in form of […]...

Read More
Posted Under: Income Tax |

Section 112A- LTCG on Sale of Certain Assets

SEC 112A- LTCG ON SALE OF CERTAIN ASSETS  (Inserted by Finance Act 2018, w.e.f. 01.04.2019) Concessional rate of tax on transfer of Certain assets: (A) The above section 112A is applicable on the following circumstances (a) Long term capital gain arising from transfer of the following assets (i) an equity share in a company (ii) a [&hel...

Read More
Posted Under: Income Tax |

Section 12AB of Income Tax Act, 1961- Provisions & registration procedure

Union Budget 2020 proposed significant changes in compliance and registration procedure of Religious or Charitable Trusts/ Institutions etc. which are registered under section 12AA of the Income Tax Act. Accordingly, the following amendment was made in the Finance Act, 2020 which reads as:- Under Section 11:- In section 11 of the Income-t...

Read More
Posted Under: Income Tax |

TDS under Section 194N on Cash Withdrawals

SEC-194N- TDS ON CASH WITHDRAWAL (inserted w.e.f. 01.09.2019) Section 194N provides that any person being (Payer)  (i) a banking company  (ii) a cooperative society carrying on business of banking (iii) a post office who is responsible to pay, in cash, any sum or aggregate of sums exceeding 1 crore rupees during the previous year, to...

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Posted Under: Income Tax |

Depreciation on Goodwill arising out of Amalgamation: Tax Impact

The concept of merger and acquisition was not popular until the year 1988 in India. However, in the last five years merger and acquisition has emerged as a very important tool for growth of Indian corporates. Today, many companies are merging with each other in order to generate more revenues that the companies could have earned individua...

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Posted Under: Income Tax |

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?...

Read More

Waiver of Working Capital Loan Taxable u/s 28(iv) and not u/s 41(1)

ITO Vs M/s Sri Vasavi Polymers P. Ltd. (ITAT Visakhapatnam)

The issue under consideration is whether CIT(A) is correct in deleting the addition made by AO u/s 41(1) for waiver of working capital loan and charge it u/s 28 of the Act?...

Read More

Section 115BBE not applies if no Section 69 addition for undisclosed investments during Assessment

ACIT Vs Sudesh Kumar Gupta (ITAT Jaipur)

whether CIT(A) is justified in quashing the action of the AO u/s 154 in applying provision of section 115BBE on undisclosed investment surrendered during the course of survey proceedings?...

Read More

Infrastructure sub-sectors business – section 10(23FE) exemption

[Notification No. 44/2020-Income Tax/F. No. 370142/24/2020-TPL]/S.O. 2227(E) (06/07/2020)

CBDT specifies business, for the purposes of section 10(23FE)(iii)(b), to be the business which is engaged in the infrastructure sub-sectors mentioned in Updated Harmonised Master List of Infrastructure Sub-sectors vide Notification No. 44/2020- Income Tax dated 6th July, 2020. Section 10 (23FE) provides for exemption to specified income ...

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