Deposit of cash in the bank is out of the cash withdrawals from Bank...
Deposit of cash in the bank is out of the cash withdrawals from Bank Account earlier and validity of addition during income tax assessment
There...
CBDT Says TDS Applicable on EDC Paid To HUDA In Haryana – Big Impact...
CBDT Says TDS Applicable on EDC Paid To HUDA In Haryana - Big Impact On Haryana Developers & Builders
In its Official Memorandum No. F.No.370133/37/2017-TPL dated...
Step by Step Guide on How to Submit Response to Scrutiny Notice on Income...
Step by Step Guide on How to Submit Response to Scrutiny Notice on Income Tax Portal under New Faceless Assessment Scheme, 2019 (With Screenshots)
Step...
Have a Tax query?? This is how you can get answered straight from Income...
If you have any query related to ITR filing, processing, etc., you can directly approach the income tax department by filling up a simple...
Did You Received Notice / SMS from Compliance Portal of Income Tax ? –...
The SMS has caused panic among taxpayers as the deadline to reply is very shorthand as 31st March is the last date to file...
6 Income Tax Provisions Applicable on Limited Liability Partnership (LLP)
6 Income Tax Provisions Applicable on Limited Liability Partnership (LLP)
The Limited Liability Partnership (LLP) is governed by Limited Liability Partnership (LLP) Act, 2008 and...
Cost Shared by Group Companies on Cost to Cost Basis is Not Liable to...
Cost Shared by Group Companies on Cost to Cost Basis is Not Liable to TDS
2017 (11) TMI 1139 - ITAT MUMBAI
Dy. CIT, Cir. 6...
How Long Books of Accounts Must be Preserved In India
Books of Accounts are required to be maintained mandatorily in several cases viz, if you a company registered under companies act or you are...
All Budget 2022 Changes – At One Place
The provisions of Finance Bill, 2022 (hereafter referred to as "the Bill"), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter...
Income Tax Planning for Derivatives Losses (F&O)
Derivatives are the financial product whose value is derived from the real asset. The value of the derivative would replicate the value of the...
Inheritance Tax Set to Comeback after 35 Years
A tax on properties, jewellery, shares, fixed deposits (FDs), cash in bank inherited is likely in the upcoming Union Budget, official sources here said...
Benami Transactions – Meaning, Law, Penalties & Prosecutions
Section 3 of the Prohibition of Benami Property Transactions Act, 1988 states that “no person shall enter into any benami transaction.”
2. What is a...
5 Things You Need To Know About ICDS (Income Computation and Disclosure Standards)
By Mohit Jain | mohitjain.8829@gmail.com |
The CBDT had constituted an Accounting Standards Committee in 2010. The committee has submitted its final report in August,...
CBDT goes for SOP for Prosecution in cases of TDS/TCS Default
STANDARD OPERATING PROCEDURE FOR PROSECUTION IN CASES
OF TDS/TCS DEFAULT
Introduction:
1.1 As per the Income Tax Act, all cases where TDS/TCS is deducted but not deposited...
E-Assessment Under Income Tax – How it will Work Procedural Analysis
As you would be aware that GOI vide Notification
61/2019 dated 12th September, 2019 has effectuated E-Assessment scheme
for Income Tax Assessments. Now, it is imperative...
ITAT: Deletion of Penalty against ICICI Bank approved
In the case of ICICI Bank confirmation was provided by the Income Tax Appellate Tribunal (ITAT), Mumbai Bench about the deletion of penalty against...
How DDT Scrapping will Heavily Benefit Foreign MNC Parent Companies – A Legal Perspective
Dividend Tax Scrappage to Heavily Benefit Foreign MNC Parent Companies – An In-depth Income Tax Law Analysis on Changes by Budget 2020
Applicable Income...
TDS Under Section 194R on Dealer Conferences – All Queries Answered
Section 194R was inserted in the Income Tax Act, 1961 vide the Finance Act, 2022 and was made applicable w.e.f. 1st July, 2022. There were a lot of practical difficulties which...
76 Amendments in Income Tax by Budget 2021 – Compilation of Full Details
Summary of 76 Amendments in Income Tax by Budget 2021
The provisions of Finance Bill, 2021 (hereafter referred to as "the Bill"), relating to direct...
Due Date of ITR Extended from 31st July’19 to 31st August’19 (Download Order)
225.157.2019-Order-119Download
The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019....
Vivad Se Vishwas Scheme – 55 FAQ’s by CBDT
Recently CBDT Issued 55 FAQ's on Vivad Se Vishwas Scheme on various queries of trade including Eligibility, Computation, Withdrawal of appeal etc.
Question No.
Question
Answer
1
Which...
Income Tax on Land Purchased from Director at Higher Cost and Sold at Lower...
Madras High Court in Case of COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, CHENNAI. VERSUS M/S. ADITYARAM PROPERTIES (P) LTD vide Order Dated 18th August,...
No TDS for Long-Term Property Lease Premium – Mum ITAT
Ruling in BoI case to benefit several BKC lessees
In a huge relief to corporates in Mumbai’s Bandra Kurla Complex (BKC), Mumbai’s Income-tax Appellate Tribunal...
How To file an appeal before CIT (A)–Revised Procedure, Time Limits and Fees
How To file an appeal before CIT (A) - Revised Procedure, Time Limits and Fees
by CA Ankit Gulgulia (Jain)
ankitgulgulia@gmail.com
This article will explain everything about...
CBDT Issues 19 FAQ’s for ITR Filing of AY 2019-20
Clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20 The Income-tax return (ITR) forms for the Assessment Year (AY)...
Are you are claiming 80G Deduction under Income Tax Act, 1961 on CSR Expenditure...
Section 135 of the Companies Act, 2013, inter alia, provides for companies having-
1) net worth of Rs. 500 crore or more, or
2) turnover of Rs....
Can A Small TDS Default Lead to Income Tax Prosecution?
A slew of prosecution notices have been issued to small taxpayers by the Income-Tax department for what are seen to be very minor defaults...
Changes in Income Tax Form For AY 2019-20
Several Changes have been made in Income Tax Forms for AY 2019-20 including seperate returns for directors, additional details for Agricultural Income, interest income,...
Aadhaar Must for Cash Transactions Soon – PAN Not Enough
Aadhaar-based authentications would be soon made compulsory for all large cash based transactions.Till now, participants had to quote PAN Card for these transactions, but...
Short deduction of TDS – Then the payment cannot be disallowed
However, if there is short deduction of TDS then the payment cannot be disallowed as short deduction is different from no deduction of TDS. Accordingly,...