Latest Income Tax News, Circular, Act, Slab, Articles, Notification

1. Latest Income Tax News taxguru.in/category/income-tax/ R MOHAN 1. 2. Category 3. Income Tax Income Tax | Get all latest income tax news, act, article, notification, circulars, instructions, slab on Taxguru.in. Check out excel calculators budget 2017 ITR, black money, tax saving tips, deductions, tax audit on income tax. Articles News Judiciary Notifications View More Income Tax Articles 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 [... Read More 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... Read More 1/4

2. 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... Read More 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... Read More 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... Read More Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai Income Tax Dept searches in Kanchipuram, Chennai & Vellore 2/4

3. 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... Read More Posted Under: Income Tax | News No Disallowance u/s 14A for interest if non-interest-bearing funds exceeds investments in tax-free securities 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.... Read More 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... Read More 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 […]... Read More Posted Under: Income Tax | Articles 3/4

4. Tax Treatment on Conversion of a Self Acquired Property to Joint Family Property TREATMENT OF SELF ACQUIRED PROPERTY CONVERTED TO JOINT FAMILY PROPERTY UNDER IT ACT, 1961 It is our duty to pay our taxes to the government for development of country and the society. A person is required to file return if his income from all sources increase threshold limit as prescribed during preceding financial year. In […]... Read More 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 about all the updates and trending news on income tax. Get a comprehensive coverage of income tax-related news and regular updates on income tax circulars. At Taxguru, we give a cohesive understanding off all income tax related circulars. We keep updating all 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 latest developments and amendments to the Income Tax Act. Get to know all the tips and tricks on how to save income tax and develop your own income tax planning work plan. We keep updating our portal regularly so that you don’t miss out on anything. 4/4