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Recent Posts in "Income Tax" | Total 38620 Posts

Two pillar solution to tax challenges for digital economy – Part 2

Implementation plan for the two-pillar solution to address tax challenges of a digital
economy Background In my earlier article dated July 19, 2021, I have given a brief
overview of the Statement on a two‑pillar solution to address the tax challenges arising
from the digitalisation of the economy (the Statement) that was agreed by 130 [...

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Posted Under: Income Tax | Articles

Onus to Prove Deficiency in Service is on Complainant: SC

SGS India Ltd. Vs Dolphin International Ltd. (Supreme Court) -

SGS India Ltd. Vs Dolphin International Ltd. (Supreme Court) The onus of proof of
deficiency in service is on the complainant in the complaints under the Consumer
Protection Act, 1986. It is the complainant who had approached the Commission,
therefore, without any proof of deficiency, the opposite party cannot be held responsible
for defi...

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Posted Under: Income Tax | Judiciary | Supreme Court of India

An Assessment attracts Section 263 revision if AO has not taken one of two
possible views

Sanctuary Television Pvt. Limited Vs DCIT (ITAT Hyderabad) -

Sanctuary Television Pvt. Limited Vs DCIT (ITAT Hyderabad) The PCIT holds that in this
case administrative expenses were in the nature of pre-operative expenditure which could
not be set-off against the assessee’s foregoing interest income. And that the Assessing
Officer’s action allowing the assessee’s claim in a very casual and me...

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Posted Under: Income Tax | Judiciary | All ITAT, ITAT Hyderabad

Faceless Assessment order quashed as password for VC not provided

editor2
12 Oct 2021
0 comment

Neeraja Rateria Vs National Faceless Appeal Centre Delhi (Calcutta High Court) -

Neeraja Rateria Vs National Faceless Appeal Centre Delhi (Calcutta High Court) The
Court: Heard learned advocates appearing for the parties. In this matter the petitioner has
challenged the impugned assessment order dated 26th August, 2021 passed under
section 143(3) read with section 144B of the Income Tax Act relating to assessment
year...

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Posted Under: Income Tax | Judiciary, Trending | All High Courts, Calcutta High Court

Project specific Consultancy & Architect Fees not amount to FTS

editor2
11 Oct 2021
0 comment

DCIT Vs Forum Homes Pvt Ltd. (ITAT Mumbai) -

DCIT Vs Forum Homes Pvt Ltd. (ITAT Mumbai) A reading of Article 12(4) of the tax treaty
would make it clear that payment made to a resident of one of the contracting state can
be regarded as FTS, if, in course of providing managerial/technical or consultancy
services, technical knowledge, experience, skill, know-how or processes is [&hell...

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Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

Income Tax Dept searches in Kanchipuram, Chennai & Vellore

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 TG Team
11 Oct 2021
0 comment

Income Tax Department conducts searches in Kanchipuram, Chennai and Vellore The
Income Tax Department conducted searches on 05/10/2021 in two cases of
Kanchipuram, one being a Chit Fund and Financing Group and the other a retailer of Silk
Sarees and other garments. The search operations were carried out at 34 premises
located in Kanchipur...

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Posted Under: Income Tax | News

No Disallowance u/s 14A for interest if non-interest-bearing funds exceeds

divyarathi
11 Oct 2021
0 comment

ACIT Vs Bajaj Resources Ltd (ITAT Delhi) -

Disallowance could not be made on interest for earning exempt income under section
14A as assessee had available, non-interest-bearing funds larger than the investments
made in tax- free securities....

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Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi

CBDT exempts certain class of persons from furnishing return of income

Notification No. 119/2021-Income Tax [S.O. 4207(E)] - 11/10/2021

Central Government, hereby exempts the following class of persons mentioned in column
(2) of the Table below, subject to the conditions specified in column (3) of the said Table ,
from the requirement of furnishing a return of income under sub-section (1) of section 139
of the said Act from assessment year 2021-2022 onward...

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Posted Under: Income Tax | Notifications, Notifications/Circulars

Extended due dates of Income Tax Return and Tax Audit

The government of India has extended the deadline for submitting the Annual Income Tax
Return (ITR) for Fiscal Year 2020-21 for India citizens from the previous period of
September 30, 2021 to December 31, 2021. The extension applies to those whose
accounts do not require an audit and who usually file a tax return. income […]...

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Posted Under: Income Tax | Articles

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Tax Treatment on Conversion of a Self Acquired Property to Joint Family Property

TREATMENT OF SELF ACQUIRED PROPERTY CONVERTED TO JOINT FAMILY

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Posted Under: Income Tax | Articles
Income tax is the part of your income which you are required to pay to the Indian
government for funding various infrastructural developments, pay salaries to those who
are employed by the central or the state governments, etc. All the taxes which are
imposed are based on law, and the law which governs provisions about taxes on income
is the Income Tax Act, 1961. Income tax needs to be paid by each and every individual,
Hindu Undivided Family, Association of Persons, Body of Individuals, companies,
corporate firms, local authorities and every artificial juridical person generating any
income based on the income tax slab rates. Income tax might seem to be a tedious tax
for most us, and it has a lot to do with the fact it involves a lot of nitty-gritty and details
while calculating and in paying income tax. However, if you need a clear picture about
income tax which is simple and easy to understand then you are at the right place. Get all
the latest news on income tax with Taxguru. We will offer you all the insight and details
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of income tax-related news and regular updates on income tax circulars. At Taxguru, we
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the circulars as and when issued by the income tax department. You could view online or
you can download all the latest news on Income Tax and circulars free of cost. Find all the
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