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Income Tax - Reporting requirements of transactions without PAN and for certain Financial transactions under the Income-tax Act, 1961 and Rules prescribed thereto...
Read MoreIncome 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 […]...
Read MoreIncome 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...
Read MoreIncome 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 […]...
Read MoreIncome Tax - HRA Calculation- Calculate your House Rent Allowance (HRA) exemption, know HRA exemption Calculation Formula and download HRA Calculator in excel format....
Read MoreIncome 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 ...
Read MoreIncome 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....
Read MoreIncome 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....
Read MoreIncome 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...
Read MoreIncome 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....
Read MoreACIT 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 MoreShri 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...
Read MoreACIT 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...
Read MorePTC 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...
Read MoreRanbaxy 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...
Read MoreNotification 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 MoreNotification 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 MoreNotification 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-...
Read MoreNotification 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 ...
Read MoreNotification 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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Notification No. 4 of 2018-DGIT(S) - (05/04/2018) -
Notification No. 3 of 2018-DGIT(S) - (05/04/2018) -
Notification No. 2 of 2018-DGIT(S) - (05/04/2018) -
Notification No. 1 of 2018-DGIT(S - (05/04/2018) -
ACIT Vs. M/s Rahee Jhajharia E to E JV (ITAT Kolkata) -
Notification No. 98/2017/ G.S.R. 1527(E) - (20/12/2017) -
