income tax

IND AS and Income Tax Act – a complex interplay

Income Tax - The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent ...

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Income Computation and Disclosure Standard- II Valuation of Inventories

Income Tax - ICDS does not specifically provide for the exclusion of WIP arising in the ordinary course of service provider. However it is also not specified any provision for the valuation of inventories....

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Disclose The Undisclosed Under ICDS

Income Tax - The Income Computation and Disclosure Standards (for short the ICDSs) undoubtedly is a beginning of a new epoch in the method of computation of income under the head of Profits and Gains of Business or Profession and Income from Other Sources. ...

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U S Taxation Vs Canadian Income Tax for individual- a Study

Income Tax - During my recent visit to Southern India, particularly, Tamil Nadu, my family doctor having many covenanted degrees in Medicine from Canada, mentioned about the high income/other tax rates in Canada and also their social commitments to take extra care of the welfare of their citizen. ...

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Advance tax under Income Tax Act, 1961 (Pay as you earn scheme)

Income Tax - As per the provisions of the Section 207 of the Income Tax Act,1961, Every Assessee shall estimate his Income and Tax Liability for any previous year and Income Tax So Estimated shall be paid in advance in accordance with the manner given u/s 211 of the Income Tax Act,1961....

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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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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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Conversion of jumbo rolls of photographic films into small rolls of various sizes is manufacture or not?

M/s India Cine Agencies Vs Commissioner of Income Tax (Supreme Court of India) - India Cine Agencies Vs CIT, Madras Income tax - Sec 32AB benefits - assessee converts jumbo rolls of photographic films into small rolls of various sizes - claims Sec 32AB, Sec 80HH and Sec 80I benefits - AO says it is neither manufacture nor production...

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CBDT sets target of 1.25 Crore new I-T return filers for 2017-18

F.No. 312/46/2017-OT - (27/09/2017) - It has now been decided by the Board that an all-India target of adding 1.25 crore new income-tax return filers may be set for FY 2016-17 to concentrate efforts of the Department to this critical key result area....

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Generation of scrutiny notices u/s 143(2) for PAN selected in CASS 2017

F.No.DGIT(S)/ADG(S)-2/CASS 2017- 18/143/2017 - (27/09/2017) - Kindly refer to letter F. No. DGIT(S)/ADG(S)-2/CASS 2017- 18/143/2016 dated 03.07 2017 and F. No. DGIT(S)/ADG(S)-2/CASS 2017-18/143/2016 dated 18.09.2017 requiring Assessing officers to generate scrutiny notices u/s 143(2) (or PANs selected in cycle 1 and cycle 2 of CASS- 2017. ...

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TDS on interest under Capital Gains Accounts Scheme of deceased depositor

Notification No. 08/2017- Income Tax - (13/09/2017) - It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of th...

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Due date to file ITR & Income Tax Audit Reports extended to 31.10.2017

No. 225/270/2017/ITA.II - (31/08/2017) - CBDT hereby extends the 'due-date' prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by the said 'due date' from 30th September, 2017 to 31st October, 2017....

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Due date to link Aadhar with PAN extended till 31.12.2017

No. 225/270/2017/ITA.II - (31/08/2017) - CBDT, in exercise of powers conferred under section 119 of the Act, modifies para 3 of its earlier order dated 31.07.2017 and further extends the time for linking Aadhar with PAN till 31.12.2017....

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Recent Posts in "income tax"

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

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 More
Posted Under: Income Tax |

CBDT sets target of 1.25 Crore new I-T return filers for 2017-18

F.No. 312/46/2017-OT (27/09/2017)

It has now been decided by the Board that an all-India target of adding 1.25 crore new income-tax return filers may be set for FY 2016-17 to concentrate efforts of the Department to this critical key result area....

Read More

Generation of scrutiny notices u/s 143(2) for PAN selected in CASS 2017

F.No.DGIT(S)/ADG(S)-2/CASS 2017- 18/143/2017 (27/09/2017)

Kindly refer to letter F. No. DGIT(S)/ADG(S)-2/CASS 2017- 18/143/2016 dated 03.07 2017 and F. No. DGIT(S)/ADG(S)-2/CASS 2017-18/143/2016 dated 18.09.2017 requiring Assessing officers to generate scrutiny notices u/s 143(2) (or PANs selected in cycle 1 and cycle 2 of CASS- 2017. ...

Read More

IND AS and Income Tax Act – a complex interplay

The world is soon going to become a village; therefore, it is time to standardize business practices all over the world, and global uniform accounting standards and practices are the need of the hour. The Indian Accounting Standards or IND AS have also been designed accordingly. Transactions would be perceived differently with the advent ...

Read More
Posted Under: Income Tax |

Income Computation and Disclosure Standard- II Valuation of Inventories

ICDS does not specifically provide for the exclusion of WIP arising in the ordinary course of service provider. However it is also not specified any provision for the valuation of inventories....

Read More
Posted Under: Income Tax |

TDS on interest under Capital Gains Accounts Scheme of deceased depositor

Notification No. 08/2017- Income Tax (13/09/2017)

It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of the deceased depositor, which is not in ac...

Read More

Disclose The Undisclosed Under ICDS

The Income Computation and Disclosure Standards (for short the ICDSs) undoubtedly is a beginning of a new epoch in the method of computation of income under the head of Profits and Gains of Business or Profession and Income from Other Sources. ...

Read More
Posted Under: Income Tax |

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...

Read More

Due date to file ITR & Income Tax Audit Reports extended to 31.10.2017

No. 225/270/2017/ITA.II (31/08/2017)

CBDT hereby extends the 'due-date' prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by the said 'due date' from 30th September, 2017 to 31st October, 2017....

Read More

Due date to link Aadhar with PAN extended till 31.12.2017

No. 225/270/2017/ITA.II (31/08/2017)

CBDT, in exercise of powers conferred under section 119 of the Act, modifies para 3 of its earlier order dated 31.07.2017 and further extends the time for linking Aadhar with PAN till 31.12.2017....

Read More
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