income tax rules

Taxpayers need not pay interest if not specified in assessment order

Income Tax - Taxpayers can take advantage of the decision of the Mumbai Bench of the Income-Tax Appellate Tribunal. The tribunal, in a recent order, held that a taxpayers need not pay interest, if the assessment order does not clearly mention the quantum of interest....

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AIR – meaning, provisions, Applicability & FAQs

Income Tax - Annual Information Return (AIR) – meaning, provisions, Applicability & FAQs Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registere...

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Rule 12 of Income Tax Rules wef 29.05.2020 | ITR | AY 2020-21

Income Tax - Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rule 12 vide Notification No. 01/2020-Income Tax dated 3rd January, 2020 and Notification No. 31/2020-Income Tax dated 29.05.2020 for ready reference of our readers. Changes are Marked in Red Coloure. Revised Rule 12 of Income Tax Rules are applicable [...

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Registration of Charitable or Religious Trusts

Income Tax - As we all are aware that, Rule 17A i.e Application Forms and rules for registration of charitable or religious trusts has been completely amended by Income-tax (First Amendment) Rules, 2018, w.e.f. 19-2-2018. Therefore the said amendments in brief are as under: Provisions  before amendment New Provisions Application for registration of c...

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Rule 12 of Income Tax Rules wef 1st April 2019 related to ITR of AY 2019-20

Income Tax - Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rule 12 vide Notification No. 32/2019-Income Tax Dated 01/04/2019 for ready reference of our readers. Changes are Marked in Red Coloure. Rule 12 of Income Tax Rules as applicable from 01st April 2019 i.e. for Income Tax Return of Assessment […]...

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ICAI gives representation to CBDT for not allowing CAs to do DCF certification

Income Tax - Notification No 23/2018, dated 20 May, 2018 amending Rule 11UA omitting reference to term accountant, thereby making Chartered Accountants ineligible to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method...

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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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TDS credit allowable in A.Y. in which corresponding income is assessable

Mahesh Software Systems Pvt. Ltd. Vs ACIT (ITAT Pune) - The AO has relied on sub-rule (1) of section 37BA for denying the benefit of TDS during the year under consideration. This part of the Rule provides that the credit for TDS shall be given to the person to whom payment has been made or credit has been given on the basis of information relating to TDS...

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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 amends Rule 67- Investment of fund moneys by Recognised Provident Funds

Notification No. 84/2020-Income Tax-G.S.R. 664(E) - (22/10/2020) - CBDT amends Income Tax Rule 67 related to Investment of fund moneys by Recognised Provident Funds and allowed investment of Funds in Securities having Single Rate ‘A’ or above. Earlier Investment were allowed in Securities having sible Rate of ‘AA’ and above. Notification No....

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Rule 114AAB: Class or classes of person to whom provisions of section 139A shall not apply

Notification No. 58/2020-Income Tax [G.S.R. 499(E)] - (10/08/2020) - Class or classes of person to whom provisions of section 139A shall not apply. 114AAB. (1) The provisions of section 139A shall not apply to a non-resident, not being a company, or a foreign company, (hereinafter referred to as the non-resident) who has, during a previous year, made investment in...

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CBDT amends Rule 17C to include investment made by NPCI in its subsidiary companies

Notification No. 15/2020-Income Tax [G.S.R. 159(E)] - (05/03/2020) - Investment made by a person, authorised under section 4 of the Payment and Settlement Systems Act, 2007, in the equity share capital or bonds or debentures of a company- (A) which is engaged in operations of retail payments system or digital payments settlement or similar activities in India and abr...

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CBDT Amends rule 10DA and rule 10DB of Income Tax Rules

Notification No. 03/2020-Income Tax [G.S.R. 14(E)] - (06/01/2020) - Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group – Notification No. 03/2020-Income Tax Dated: 6th January, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Noti...

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Rule 119AA Modes of payment for purpose of section 269SU

Notification No. 105/2019-Income Tax [G.S.R. 960(E)] - (30/12/2019) - Rule 119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shall provide facility for accepting payment t...

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Recent Posts in "income tax rules"

CBDT amends Rule 67- Investment of fund moneys by Recognised Provident Funds

Notification No. 84/2020-Income Tax-G.S.R. 664(E) (22/10/2020)

CBDT amends Income Tax Rule 67 related to Investment of fund moneys by Recognised Provident Funds and allowed investment of Funds in Securities having Single Rate ‘A’ or above. Earlier Investment were allowed in Securities having sible Rate of ‘AA’ and above. Notification No. 84/2020-Income Tax Dated: 22nd October,...

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Taxpayers need not pay interest if not specified in assessment order

Taxpayers can take advantage of the decision of the Mumbai Bench of the Income-Tax Appellate Tribunal. The tribunal, in a recent order, held that a taxpayers need not pay interest, if the assessment order does not clearly mention the quantum of interest....

Read More
Posted Under: Income Tax |

AIR – meaning, provisions, Applicability & FAQs

Annual Information Return (AIR) – meaning, provisions, Applicability & FAQs Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registere...

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Posted Under: Income Tax |

Rule 114AAB: Class or classes of person to whom provisions of section 139A shall not apply

Notification No. 58/2020-Income Tax [G.S.R. 499(E)] (10/08/2020)

Class or classes of person to whom provisions of section 139A shall not apply. 114AAB. (1) The provisions of section 139A shall not apply to a non-resident, not being a company, or a foreign company, (hereinafter referred to as the non-resident) who has, during a previous year, made investment in a specified fund if the following condi...

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Rule 12 of Income Tax Rules wef 29.05.2020 | ITR | AY 2020-21

Taxguru Team compiled the Rule 12 of Income Tax Rules based on the RECENT amendment in rule 12 vide Notification No. 01/2020-Income Tax dated 3rd January, 2020 and Notification No. 31/2020-Income Tax dated 29.05.2020 for ready reference of our readers. Changes are Marked in Red Coloure. Revised Rule 12 of Income Tax Rules are applicable [...

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Posted Under: Income Tax | ,

CBDT amends Rule 17C to include investment made by NPCI in its subsidiary companies

Notification No. 15/2020-Income Tax [G.S.R. 159(E)] (05/03/2020)

Investment made by a person, authorised under section 4 of the Payment and Settlement Systems Act, 2007, in the equity share capital or bonds or debentures of a company- (A) which is engaged in operations of retail payments system or digital payments settlement or similar activities in India and abroad and is approved by the Reserve Bank ...

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TDS credit allowable in A.Y. in which corresponding income is assessable

Mahesh Software Systems Pvt. Ltd. Vs ACIT (ITAT Pune)

The AO has relied on sub-rule (1) of section 37BA for denying the benefit of TDS during the year under consideration. This part of the Rule provides that the credit for TDS shall be given to the person to whom payment has been made or credit has been given on the basis of information relating to TDS furnished by the deductor. What is mate...

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Registration of Charitable or Religious Trusts

As we all are aware that, Rule 17A i.e Application Forms and rules for registration of charitable or religious trusts has been completely amended by Income-tax (First Amendment) Rules, 2018, w.e.f. 19-2-2018. Therefore the said amendments in brief are as under: Provisions  before amendment New Provisions Application for registration of c...

Read More
Posted Under: Income Tax |

CBDT Amends rule 10DA and rule 10DB of Income Tax Rules

Notification No. 03/2020-Income Tax [G.S.R. 14(E)] (06/01/2020)

Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group – Notification No. 03/2020-Income Tax Dated: 6th January, 2020. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 03/2020-Income Tax New Delh...

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Rule 119AA Modes of payment for purpose of section 269SU

Notification No. 105/2019-Income Tax [G.S.R. 960(E)] (30/12/2019)

Rule 119AA. Modes of payment for the purpose of section 269SU.- Every person, carrying on business, if his total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year shall provide facility for accepting payment through following electronic modes...

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