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S. 56 not applicable in the absence of any Disproportionate Allotment of Shares to Existing Shareholders: ITAT [Read Order]

Taxscan Team

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has recently held that a shareholder cannot be taxed under Section 56(2)(vii) of the...

Silver Articles given to Bride can’t be seized: ITAT Liberally Interprets CBDT Instruction [Read...

CBI Arrests Three Income Tax Officials in Separate Cases of Bribery

Income Tax Dept to proceed against Bogus Refund Claims

Govt constitutes Special Courts under Income Tax and Black Money Acts in West Bengal [Read...

28.4% Growth in E-Returns by Income Tax Payers: Minister Shiv Pratap Shukla

The Minister of State for Finance, Shri Shiv Pratap Shukla has said that there is 28.4% growth in the number of e-returns filed by the income tax payers. There has been a growth in the number of...

Income Tax Dept asks Taxpayers to Beware of Phishing and Fake Refund Messages

The Income Tax department has recently asked the taxpayers to beware of the fake refund messages sent in the name of the department. In a recent advisory, the department said that the taxpayers...

Surplus earned by Trust while imparting Education not Business Income: ITAT [Read Order]

The Lucknow bench of the Income Tax Appellate Tribunal (ITAT) has held that the surplus earned by the Trust by imparting education cannot be treated as business income under the Income Tax Act, 1961. ...

CBDT asks to Pay Third Installment of Advance Tax by Dec 15

The Central Board of Direct Taxes ( CBDT ) has recently issued an advisory asking the taxpayers to remit the third installment of advance tax on or before December 15th, 2018. Advance tax means...

Senior Citizen not required to pay TDS u/s 194A for amount up to Rs. 50,000: CBDT

The Central Board of Direct Taxes (CBDT) has clarified that the senior citizen does not require to pay ‘deducted at source’ under section 194A of the Income Tax Act where the amount of such income...

Income Tax Dept may soon Launch Pre-filled IT Return Forms: CBDT

The Central Board of Direct Taxes (CBDT) may likely to launch a new Pre-filled Income Tax Return Forms for taxpayers, the CBDT Chief Sushil Chandra said. The new move aims to ease the compliance...

Income Tax Dept to proceed against 80,000 People for not Filing Returns Post- Demonetisation

The Income Tax department will start proceeding against people who have not filed their returns post-demonetisation even after receiving notices from the department, a senior official said on...

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