income tax rules

Compliance under Income-tax Rule 114B to 114D, 114DB & 114E

Income Tax - Reporting requirements of transactions without PAN and for certain Financial transactions under the Income-tax Act, 1961 and Rules prescribed thereto...

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Rule 12 of Income Tax Rules wef 1st April 2018 related to ITR

Income Tax - Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rules vide Notification No. 16/2018 Dated 03/04/2018 for ready reference of our readers.  Changes are Marked in Red Coloure. Also Read- CBDT Releases ITR 1 to ITR 7 for Financial Year 2017-18 / A.Y. 2018-19 [Return of income and return […]...

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Country-by-Country Reporting & Furnishing of Master File (Transfer Pricing)- Latest Developments

Income Tax - The Central Board of Direct Taxes (CBDT), on 31st October, 2017, has notified the final set of Rules for Maintaining and Furnishing of Transfer Pricing Documentation under Income Tax Rules 1962. Objective: To introduce provisions for additional TP documentation and Country – by – Country reporting to implement the recommendatio...

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Registration of Charitable or Religious Trusts -Draft Rules

Income Tax - The Central Board of Direct Taxes (CBDT) has issued “Draft Rules” to amend Rule 17A & Form 10A of Income Tax Rules, 1961 relating to the registration of religious & charitable trusts as proposed in the Finance Act of 2017. The Department has given time up to 27th October for stakeholders to give their comments […]...

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House Rent Allowance (HRA) Taxability & calculation

Income Tax - HRA Calculation- Calculate your House Rent Allowance (HRA) exemption, know HRA exemption Calculation Formula and download HRA Calculator in excel format....

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Draft Notification of amendment of Income Tax Rule 17A and Form 10A

Income Tax - Vide Finance Act, 2017, a new clause (ab) was inserted in sub-section (1) of section 12A the Income-tax Act, 1961 (the Act) w.e.f 01.04.2018 to the effect that where a trust or an institution, which has been granted registration under sections 12A or 12AA of the Act ...

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Soon you have to submit estimated Current Income and Advance Tax Liability details

Income Tax - A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more....

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Industrial Park Scheme Eligible for Deduction Under Section 80IA of I-T ACT Extended to 31st March 2011

Income Tax - The Central Board of Direct Taxes (CBDT) has amended the Industrial Park Scheme 2008 and Rule 18C of the Income Tax Rules, 1962 to give effect to the extension of the ending date of operation of the Scheme to 31st March 2011....

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TDS on salary arrears will make government richer by Rs. 1400 Crore

Income Tax - The government will mop up Rs 1,400 crore (Rs 14 billion) this fiscal by taxing the second installment of arrears due to central government employees, who were awarded increased salaries by the Sixth Pay Commission. The first installment of arrears (representing 40 per cent of the increased pay) was disbursed during financial year 2008-09...

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Revised procedure for acceptance of address proof alongwith PAN application

Income Tax - While accepting “Application for allotment of PAN (Form 49A)” if both the addresses (residence and office) are mentioned in the application form and office address has been selected as communication address, then POA has to be collected for residence as well as office address....

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TDS can be granted only in year in which income on which such TDS is assessable to tax

ACIT Vs. M/s Rahee Jhajharia E to E JV (ITAT Kolkata) - As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax....

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TDS credited can be claimed on Unrealised Rent / Bad Debts

Shri Rangji Realties Pvt. Vs ITO (ITAT Mumbai) - TDS credit is allowed on deduction of Income under u/s 80IA, 8oIB, 80IC of the act, etc and also TDS credit is allowed on bad debts claimed u/s 36(1 )(vii) of the Act. Accordingly I am of the view that that the Unrealized rent is duly offered to tax by the assessee at first instance, and then the sa...

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Comparables should be selected after detailed analysis and any adjustment to ALP can be made only on the basis of firm calculation and back-up data

ACIT Vs. Vedaris Technologies (Pvt.) Ltd. (ITAT Delhi) - The Delhi Bench of Income Tax Appellate Tribunal ("the Tribunal") in its recent ruling in the case of ACIT v. Vedaris Technologies (Pvt.) Ltd [2010-TII-10-ITAT-DEL-TP] has held that selection of comparable uncontrolled transactions ("comparables") for determining arm's length price ("ALP") should be...

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Satisfaction of the AO and determination of Expenditure in relation to income which is not includible in total income

PTC India Ltd. Vs. DCIT (ITAT Delhi) - A perusal of section 14A (2)(supra), evinces that the amount of expenditure incurred in relation to income not includible in the total income shall be determined by the AO if the AO is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to incom...

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CBDT is duty bound to refer matter to transfer pricing officer of international transaction exceeding Rs. 5 crores

Ranbaxy Laboratories Ltd. Vs Additional Commissioner of Income-tax (ITAT Delhi 'H' Bench) - This appeal by the taxpayer for the AY 2004-05 is directed against the order of Commissioner of Income-tax (CIT) partially setting aside assessment under Section 263 of IT. Act made vide order dated 30 March, 2005 with directions to the Assessing Officer for the fresh determination of Arm's Length P...

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How to register and submit Statement of Reportable Account

Notification No. 4 of 2018-DGIT(S) - (05/04/2018) - Procedure for registration and submission of Statement of Reportable Account as per section 285BA of Income-tax Act, 1961 read with Rule 114G of Income-tax Rules, 1962. ...

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How to register and submit statement of financial transactions (SFT)

Notification No. 3 of 2018-DGIT(S) - (05/04/2018) - Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962. ...

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How to register and submit Form No. 61 under Income Tax Rule 114D

Notification No. 2 of 2018-DGIT(S) - (05/04/2018) - As per sub-rule (1)(i) and sub-rule (4) of Rule 114D, the statement in Form No. 61 shall be furnished through online transmission of electronic data to a server designated for this purpose and in accordance with the data structure specified in this regard by the Principal Director General of Income-...

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How a person not having PAN can submit Form No. 60 under Rule 114B

Notification No. 1 of 2018-DGIT(S - (05/04/2018) - Under electronic verification, the individual or a person (not being a company or firm) who does not have a permanent account number and who enters into any transaction specified in under Rule 114B of the Income-tax Rules, 1962, shall make a declaration in Form No. 60 giving therein the particulars ...

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CBDT amends rules for Service of notice, summons, requisition, order etc.

Notification No. 98/2017/ G.S.R. 1527(E) - (20/12/2017) - Where the communication cannot be delivered or transmitted to the address mentioned in item (i) to (iv) or any other address furnished by the addressee as referred to in first proviso, the communication shall be delivered or transmitted to the following address:— (i) the address of the assessee...

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Recent Posts in "income tax rules"

Compliance under Income-tax Rule 114B to 114D, 114DB & 114E

Reporting requirements of transactions without PAN and for certain Financial transactions under the Income-tax Act, 1961 and Rules prescribed thereto...

Read More
Posted Under: Income Tax |

Rule 12 of Income Tax Rules wef 1st April 2018 related to ITR

Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rules vide Notification No. 16/2018 Dated 03/04/2018 for ready reference of our readers.  Changes are Marked in Red Coloure. Also Read- CBDT Releases ITR 1 to ITR 7 for Financial Year 2017-18 / A.Y. 2018-19 [Return of income and return […]...

Read More
Posted Under: Income Tax |

How to register and submit Statement of Reportable Account

Notification No. 4 of 2018-DGIT(S) (05/04/2018)

Procedure for registration and submission of Statement of Reportable Account as per section 285BA of Income-tax Act, 1961 read with Rule 114G of Income-tax Rules, 1962. ...

Read More

How to register and submit statement of financial transactions (SFT)

Notification No. 3 of 2018-DGIT(S) (05/04/2018)

Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962. ...

Read More

How to register and submit Form No. 61 under Income Tax Rule 114D

Notification No. 2 of 2018-DGIT(S) (05/04/2018)

As per sub-rule (1)(i) and sub-rule (4) of Rule 114D, the statement in Form No. 61 shall be furnished through online transmission of electronic data to a server designated for this purpose and in accordance with the data structure specified in this regard by the Principal Director General of Income-tax (Systems)....

Read More

How a person not having PAN can submit Form No. 60 under Rule 114B

Notification No. 1 of 2018-DGIT(S (05/04/2018)

Under electronic verification, the individual or a person (not being a company or firm) who does not have a permanent account number and who enters into any transaction specified in under Rule 114B of the Income-tax Rules, 1962, shall make a declaration in Form No. 60 giving therein the particulars of such transaction electronically using...

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TDS can be granted only in year in which income on which such TDS is assessable to tax

ACIT Vs. M/s Rahee Jhajharia E to E JV (ITAT Kolkata)

As per Section 199(3) of Income Tax Act, 1961 read with Rule 37BA(3)(i) and (ii) of Income Tax Rules, 1962 TDS can be granted only in the year in which the income/receipt on which such tax deducted at source is asses sable to tax....

Read More

CBDT amends rules for Service of notice, summons, requisition, order etc.

Notification No. 98/2017/ G.S.R. 1527(E) (20/12/2017)

Where the communication cannot be delivered or transmitted to the address mentioned in item (i) to (iv) or any other address furnished by the addressee as referred to in first proviso, the communication shall be delivered or transmitted to the following address:— (i) the address of the assessee as available with a banking company or ...

Read More

Country-by-Country Reporting & Furnishing of Master File (Transfer Pricing)- Latest Developments

The Central Board of Direct Taxes (CBDT), on 31st October, 2017, has notified the final set of Rules for Maintaining and Furnishing of Transfer Pricing Documentation under Income Tax Rules 1962. Objective: To introduce provisions for additional TP documentation and Country – by – Country reporting to implement the recommendatio...

Read More
Posted Under: Income Tax |

Registration of Charitable or Religious Trusts -Draft Rules

The Central Board of Direct Taxes (CBDT) has issued “Draft Rules” to amend Rule 17A & Form 10A of Income Tax Rules, 1961 relating to the registration of religious & charitable trusts as proposed in the Finance Act of 2017. The Department has given time up to 27th October for stakeholders to give their comments […]...

Read More
Posted Under: Income Tax |
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