Category: Income Tax

Company under corporate insolvency resolution process given relied under MAT – Total loss brought forward shall be allowed to be reduced from book profit  Government  has granted relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for …

Deduction of Tax at Source from Salaries u/s 192 of the Income Tax Act, 1961 for FY 2017-18-CBDT Circular Under section 192 of the Income Tax Act, 1961, every person responsible for paying any income chargeable under the head “Salaries” is liable to deduct income-tax on the estimated …

Share application money circular transaction addition u/s 68 deleted where loan creditors had subscribed out of the loans repaid by the company-ITAT upholds findings of CIT(A) as identity, genuineness of transaction and creditworthiness of subscribers were not doubted Prelude: Section 68 of the Income Tax Act, 1961 (Act) contains provisions …

Change in head of income not permissible u/s 153A if no incriminating material is found during the search-ITAT Prelude: Section 153A of the Income Tax Act, 1961 contains provisions governing assessment of cases where a search action has taken place u/s 132 or books of account/other documents have …

Income Tax to file request for restoration of struck off companies name where assessment, penalty, appellate, or prosecution proceedings are pending-CBDT In order to curb the paper/shell companies, during the current financial more than 2 lacs companies have been struck  off from the register of companies under section 248(5) …

Reimbursement of expenses not income though TDS was deducted on such payments u/s 194C or 194H as contract/commission payments -High Court  Prelude: Under Section 194C of the Income Tax Act, 1961 every person making payment under contractual obligation for carrying out any work is required to deduct tax …

Income of SEEPZ Special Economic Zone Authority notified as exempt  Under section 10(46) of the Income Tax Act, 1961, the Central Government may notify any specific income of a Body, Authority, Board, Trust or Commission etc. as exempt. The twin conditions for  qualifying for the notification are that; …

Condonation of delay in submission of ITR-V or EVC within 120 days by providing reason for delay at income tax efiling website-Steps required As of now for e-filed return which is not digitally signed, the taxpayer is required to either send a signed copy of Income Tax Return …

How to change wrong personal details filled in income tax return. For wrong personal details (i.e. Bank Account, Address, Mobile number and e-mail id) filled inadvertently in the ITR, there is no need to revised the return. Income Tax E-filing website has added a new feature to correct such wrong …

Approval by CIT even before recording reasons by AO for reopening u/s 147 may reflect premature approval but need not render initiation of proceedings as non-est or void -High Court Prelude: Section 147 of the Income Tax Act, 1961 contains enabling provisions for re-assessment of income escaping assessment. …