Category Archives: Income Tax

No sec 14A Disallowance if no exempt income was earned during the year: Madras HC

HIGH COURT OF MADRAS Commisioner of Income-tax, Central 1, Chennai v. Chettinad Logistics (P.) Ltd. RAJIV SHAKDHER AND R. SURESH KUMAR, JJ. T.C.A. NO. 24 OF 2017 MARCH  13, 2017 T.R. Senthil Kumar for the Appellant. S. Sridhar for the Respondent. JUDGMENT Rajiv Shakdher, J. – This is an appeal filed under Section 260 A… Read More »

Sale proceeds of land appurtenant to residential house is entitled to section 54 relief: ITAT

IN THE ITAT DELHI BENCH ‘SMC’ Adarsh Kumar Swarup v. Deputy Commissioner of Income-tax, Circle-1, Muzafarnagar H.S. SIDHU, JUDICIAL MEMBER IT APPEAL NO.1228 (DELHI) OF 2016 [ASSESSMENT YEAR 2011-12] MARCH  28, 2017 M.P. Rastogi, Adv. for the Appellant. Ms. Bedobina Chaudhuri, Sr. DR for the Respondent. ORDER 1. The Assessee has filed this Appeal against… Read More »

Rs 837 Cr Tax Demand of Vodafone India Stayed by ITAT – Judgment

Held The assessed income in this case is more than seventy times the returned income, and the impugned additions are in respect of contentious points. In our considered view, and on a perusal of material on record and on consideration of rival contentions, the balance of convenience is in favour of partial stay on collection/… Read More »

Removal of Cyprus from list of notified jurisdictional area u/s 94A of Income Tax Act – Circular No. 15 of 2017

Circular No. 15 of 2017 F. No. 500/002/201 S-FT&TR’lll(1 ) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, dated 21st April, 2017 Subject: Clarification on removal of Cyprus from the list of notified jurisdictional areas under   section 94A of the lncome tax Act, 1961 Cyprus was… Read More »

Taxmann Deduction of Tax at Source with Advance Tax and Refunds – 30th Edition 2017- As Amended by Finance Act 2017)

Deduction of Tax at Source with Advance Tax and Refunds (30th Edition 2017-As Amended by Finance Act 2017) by Dr. Vinod K. Singhania (Author) Price Rs 1775. Click to buy Books online Paperback: 1216 pages Publisher: Taxmann Publications Pvt. Ltd.; 30th Edition edition (2017) View Contents of this Book  – Deduction of Tax at Source with Advance… Read More »

PMGKY Declaration Date Extended -Circular No.14 of 2017 – 21.04.2017

Circular No.14 of 2017 F.No.370142/33/2016-TPL(Part) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated: 21st April, 2017 Extension of time for filing declaration under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana,… Read More »

PMGKY – Date for deposit in Bonds Ledger Account extended

Press Information Bureau Government of India Ministry of Finance 19-April-2017 19:48 IST Central Government amends Pradhan Mantri Garib Kalyan Deposit Scheme through a Notification. In exercise of the powers conferred by clause (c) of Section 199B of the Finance Act, 2016 (28 of 2016), the Central Government has amended through a Notification the conditions specified… Read More »

Guide to ICDS- Income Computation & Disclosure Standards A.Y 2017-18- 2nd Edition- Srinivasan Anand G

Guide to Income Computation & Disclosure Standards (2nd Edition A.Y 2017-18) Paperback – 2017 by CA Srinivasan Anand G Also Covering: CBDT Circular No. 10/2017, dated 23-3-2017 Price Rs 525. Click to buy online Paperback: 256 pages Publisher: Taxmann Publications Pvt. Ltd.; 2nd Edition A.Y 2017-18 edition (2017) View Contents of this Book Related Books on… Read More »

Employers required to collect PAN of lender banks from employees to claim Interest in House Property in the salary return.

Employers required to collect PAN of the lender banks from the employees to claim Interest in House Property in the salary return.   CBDT had in its Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the person responsible for making payment of salary (employer) was obliged… Read More »

Income tax withheld outside India disallowed as deduction u/s 37(1)

Income tax withheld outside India disallowed as deduction under section 37(1) The Ahmedabad Bench of the Income-tax Appellate Tribunal held that income tax that is withheld (“deducted”) outside India is not allowed as a deduction under section 37(1) of the Income-tax Act, 1961 because the amount is covered under the “disabling provisions” of section 40(a)(ii).… Read More »

Chaturvedi and Pithisaria’s Income Tax Act after Finance Act 2017

Chaturvedi and Pithisaria’s Income Tax Act (with Relevant Texts of Allied Acts) Paperback – 1 Apr 2017 by Chaturvedi & Pithisaria (Author) Salient Features: Provides comprehensive Legislative History since 1961 upto the Finance Act, 2017 Incorporates updated section wise Quick Reference Guide for Important case law, circulars, notifications and press releases All terms and expressions as… Read More »

Capital Gains Tax – Law and Practice – after Finance Act 2017- T G Suresh -3rd Edition 2017

Capital Gains Tax – Law and Practice (As amended by the Finance Act, 2017) T G Suresh (Author) Capital Gains Tax — Law and Practice comprehensively covers legal and practical aspects governing taxation of short term and long term capital gains as provided under Chapter IV(E) of the Income-tax Act, 1961. The third edition has been… Read More »

ITR-7 Filing Instructions AY 2017-18

Instructions for filling out Form ITR-7 Download ITR-7 -AY 2017-18  PDF English These instructions are guidelines for filling the particulars in this Return Form. In case of any doubt, please refer to relevant provisions of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 1. Assessment Year for which this Return Form is applicable This… Read More »

Taxation of Real Estate Developers & Joint Development Arrangements with Accounting – Finance Act 2017 – Taxmann

Taxation of Real Estate Developers & Joint Development Arrangements with Accounting Aspects (2017 Edition-As Amended by Finance 2017) by De. Raj K. Agarwal & Dr. Rakesh. Gupta -As Amended by Finance 2017 Price Rs 875 . Click to buy Online   Paperback: 472 pages Publisher: Taxmann Publications Pvt. Ltd.; 2017 Edition edition (2017) Edition : 3rd… Read More »

Taxation of Cash Transactions -2017 Edition Book – Taxmann

Taxation of Cash Transactions (2017 Edition) Price Rs 195 Click to buy online Paperback: 104 pages Publisher: Taxmann Publications Pvt. Ltd.; 2017 Edition edition (2017) View Contents of Taxation of Cash Transactions -2017 Subjects Books     Direct Taxes Ready Reckoner Income Tax Mini Ready Reckoner AY 2017-18 & 2018-19 -Monica Singhania -Taxmann   Direct Taxes… Read More »

Taxmann Master Guide to Income Tax Rules – After FA 2017 – 24th Edition 2017

Master Guide to Income Tax Rules -A Rule-wise Commentary on Income-tax Rules (24th Edition 2017-As Amended by Finance Act 2017) Also Incorporating Comprehensive Commentary on Determination of Disallowance unde section 14A TDS Rules Valuation of Perquisites Transfer Pricing Provisions Depreciation Provisions Price Rs 1344. Click to buy online Paperback: 1780 pages Publisher: Taxmann; 24th Edition… Read More »

Taxmann Master Guide to Income Tax Act ( Finance Act 2017) -27th Edition 2017

MASTER GUIDE TO INCOME TAX ACT – Taxmann’s – on Finance Act 2017 With Commentary on Finance Act 2017 Also Incorporating: Landmark Rulings Since 1922 Circulars & Notifications Since 1961 Income Tax Practice Manual Price Rs 1274. Click to buy online Paperback: 1872 pages Publisher: Taxmann; 27th Edition edition (2017) View Contents of this Book… Read More »

Law Relating to Benami Properties – April 2017 Edition- Taxmann

Law Relating to Benami Properties (April 2017 Edition) Paperback – 2017 by Taxmann (Author) Key contents of Law Relating to Benami Properties What is Benami Transaction Property purchased in the name of spouse or child – Whether benami property Property purchased by individual in brother’s or sister’s name – Whether and when benami Property purchased by individual… Read More »

PINCODE for sending ITR V etc to CPC Bengaluru

A unique PINCODE 560500 has been allotted to Centralized Processing Centre (CPC), Income Tax Department located in Bengaluru by the Department of Post. Taxpayers can henceforth address their mails to “Centralized Processing Center, Income Tax Department, Bengaluru 560500” for the purpose of submission of ITR-V forms and other documents which require physical mode of transmission.

Income Tax Dept to verify cash deposits by Govt. employees & businessmen during Demonetization

CBDT to verify large cash deposits by Govt. employees and businessmen during demonetization period Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 14th April, 2017. PRESS RELEASE CBDT’s Operation Clean Money Reins in the Black Economy The Income Tax Department (ITD) launched “Operation Clean Money” (OCM) on… Read More »

Master Guide to Corporate Taxation -Finance Act 2017- OP Yadav Book 2nd edition

Master Guide to Corporate Taxation – As amended by the Finance Act, 2017 Paperback – 2017 by O P Yadav (Author) This book is a complete treatise on the provisions of Income-tax Act, 1961 connected to computation of total income of Indian companies and companies which are treated as Resident in India for the assessment years 2017-18… Read More »

Chaturvedi and Pithisaria’s Income Tax Rules -April 2017 Edition Book

Chaturvedi and Pithisaria’s Income Tax Rules (with Allied Rules and Relevant Schemes) Paperback – 1 Apr 2017 by Chaturvedi & Pithisaria (Author) Salient Features: New Return Forms with Instructions for A.Y 2017-2018 57 Allied Rules and Relevant Schemes Includes Revised Income Computation and Disclosure Standards Comprehensive Legislative History since 1961 Rules, Forms and Related Terms have… Read More »

Handbook to Income Tax Rules -26th edition 2017 – Madhusudan Agarwal – Bharat Publication

Handbook to Income Tax Rules  Paperback – 2017 by Madhusudan Agarwal (Author) Contents of this book -Handbook to Income Tax Rules -26th edition 2017 Division 1 Checklists & Tables 1 Prescribed Authorities under the Income Tax Rules/Act 2 Prescribed Audit Reports under the Income Tax Rules/Act 3 Prescribed Reports/Certificates from an Accountant under section 288(2), Explanation… Read More »

ICDS -4th Edition 2017 Book- Kamal Garg -Income Computation & Disclosure Standards – Bharat Publication

Income Computation & Disclosure Standards [ICDS] Paperback – 2017 by Kamal Garg (Author) With CBDT Circular No. 10/2017, dated 23-3-2017 Contents of this Book  – Income Computation & Disclosure Standards [ICDS] -2017 DIVISION I Financial Reporting Framework & ICDS Chapter 1      Financial Reporting Framework — An Introduction Chapter 2      Income Computation and Disclosure Standards — An Introduction… Read More »

TAX AUDIT and e-FILING – Book -5th Edition 2017 -Kamal Garg -Bharat Publication

TAX AUDIT and e-FILING Paperback – 2017 by CA Kamal Garg (Author) Contents of this Book -TAX AUDIT and e-FILING – Book  Chapter 1        Tax Audit under section 44AB of the Income Tax Act, 1961 Chapter 2        Clauses 1 to 8 Chapter 3        Clause 9: Details of Firms, LLPs, AOPs Chapter 4        Clause 10: Nature of… Read More »

Guide to International Taxation Book-5th edition 2017 – CA Kamal Garg -Bharat Publication

Guide to International Taxation  Paperback – 2017 by CA Kamal Garg (Author) Contents of this book – Guide to International Taxation  Chapter 1        Residence and Scope of Total Income Chapter 2        Special Provisions Relating to Foreign Company Said to be Resident In India Chapter 3        Income not to be included in the Total Income Chapter 4        Presumptive… Read More »

Tax on NPS

Tax on NPS The provision that the withdrawal from National Pension Scheme is taxed to the extent of 60 per cent has been introduced into the Income Tax Act, 1961 (‘Act’) vide Finance Act, 2016 by inserting clause (12A) in Section 10 of the Act. Prior to Finance Act, 2016, National Pension Scheme (NPS), referred… Read More »

FATCA- Timelines for Closure of financial accounts under Rule 114H (8) of Income-tax Rules, 1962

Timelines for Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962 under alternative procedure of FATCA The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August 2015. Under the alternative procedure provided in Rule 114H(8) of the Income-tax Rules, 1962, the financial institutions need to… Read More »

Income Tax Act -As Amended by Finance Act 2017- Pocket Edition – Taxmann

Income Tax Act (Pocket Edition) (2017 Edition-As Amended by Finance Act 2017) Paperback – 2017 by Taxmann (Author) As Amended by Finance Act 2017 Price Rs 795. Click to buy online Paperback: 1344 pages Publisher: Taxmann Publications Pvt. Ltd.; 2017 Edition edition (2017) Related Books on Income Tax Subjects Books Transfer Pricing Information Exchange and Tax… Read More »

CBDT introduced digitally signed E-PAN card

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 11th April, 2017. CBDT issues PAN and TAN within 1 day to improve Ease of Doing Business In order to improve the Ease of Doing Business for newly incorporated corporates, CBDT has tied up with Ministry of… Read More »

Guide to Presumptive Taxation u/s 44AD 44ADA & 44AE – 2017 Edition Book – Finance Act 2017- CA Srinivasan Anand G.

Guide to Presumptive Taxation Under Sections 44AD,44ADA & 44AE (2017 Edition-As Amended by Finance Act 2017)  CA Srinivasan Anand G. As Amended by Finance Act 2017 Price Rs 295. Click to buy online Paperback: 176 pages Publisher: Taxmann Publications Pvt. Ltd.; 2017 Edition edition (2017) View Contents of this Book Related Books of Income Tax… Read More »

More Than Rs. 1.37 lakh crore of Tax Evasion Detected by Govt of India

Department of Revenue, Ministry of Finance achieves phenomenal success towards eliminating Domestic Black Money in last three years; 23064 searches/surveys have been conducted (Income Tax 17525; Customs 2509; Central Excise 1913; Service Tax 1120); More than Rs. 1.37 Lakh Crore of tax evasion has been detected (Income Tax 69434; Customs 11405; Central Excise 13952; Service… Read More »

Guide To Transfer Pricing With Transfer Pricing Audit – 7th Edition 2017 Book -Taxmann- After Finance Act 2017

Guide To Transfer Pricing With Transfer Pricing Audit As Amended by Finance Act 2017 Price Rs 1775. Click to buy Online Paperback: 1208 pages Publisher: Taxmann Publications Pvt. Ltd.; 7th Edition edition (2017) View Contents of this Book – Guide To Transfer Pricing With Transfer Pricing Audit Related Books of Income Tax Subjects Books Transfer… Read More »

Cash Withdrawal from Bank not covered in Section 269ST- Notification

( Read 269ST- Cash Receipt Rs 2 Lakh or more Banned w.e.f 01.04.2017] MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 5th April, 2017 S.O. 1057(E).—In exercise of the powers conferred by clause (iii) of the proviso to section 269ST of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that… Read More »

Director- Vigilance & Anti-Corruption, Govt of Tamilnadu -specified u/s 138 of Income Tax Act

MINISTRY OF FINANCE (Department of Revenue) [CENTRAL BOARD OF DIRECT TAXES] NOTIFICATION New Delhi, the 30th of March, 2017 S.O. 1056(E).—In pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961, the Central Government hereby specifies Director, Vigilance and Anti-Corruption, Government of Tamilnadu for purposes of the… Read More »

Bharat’s Direct Taxes Ready Reckoner-5th Edition 2017 Book- BHARAT

Bharat’s Direct Taxes Ready Reckoner Paperback – 2017 by BHARAT (Author)  Price Rs 896 . Click to buy Online Related Books of Income Tax Subjects Books Transfer Pricing Information Exchange and Tax Transparency – Book on Global Tax Evasion and Avoidance by Commissioner of Income Tax (Transfer Pricing-I)     Direct Taxes Ready Reckoner Income… Read More »

Nitin Vaid’s Tax Deduction at Source Simplified – Amended by Finance Act 2017-Book

Nitin Vaid’s Tax Deduction at Source Simplified – As amended by the Finance Act, 2017 Paperback – 1 Apr 2017 by Nitin Vaid (Author), Anuj Mahajan (Editor)  Salient Features: • A unique book that contain commentary in FAQ form as updated by the Finance Act,2017 • Referencer’s are provided in the beginning for daily reference… Read More »

Guide to Section 14A Disallowance -2017 Edition Book-Taxmann

Guide to Section 14A Disallowance (2017 Edition) Price Rs 175. Click to buy Online Paperback: 104 pages Publisher: Taxmann Publications Pvt. Ltd.; Taxmann edition (2017) View Contents of this Book Related Books of Income Tax   Subjects Books Transfer Pricing Information Exchange and Tax Transparency – Book on Global Tax Evasion and Avoidance by Commissioner… Read More »

CBDT extends due date of furnishing of PAN to Banks till June 30, 2017

CBDT extends due date of furnishing of PAN to Banks till June 30, 2017 by Following Notification[  Read Also –Give PAN to Bank before 28.02.2017 , if not given till date : Govt Notification ] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th April, 2017 G.S.R. 331(E).—In exercise… Read More »