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Articles Category : Income Tax
ANALYSIS OF THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020
Posted Date : 01-Apr-2020 , 02:38:17 pm | Posted By ATUL KHURANA

Dear Readers, You might have heard/read about the Vivad Se Vishwas Scheme in the Budget 2020 which is intended to reduce or simplify the litigations under which an assessee is not required to pay heavy penalties and interests in case of any pending dispute with the department. Only pending tax amou...

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Category : Income Tax | Comments : 0 | Hits : 218

Non Residents taxation on shipping business read with section 172 of the income tax act, 1961
Posted Date : 10-Mar-2020 , 09:09:27 pm | Posted By Akash Dhanuka

Presumptive taxation scheme for shipping business   1) " Presumptive" means to presume the income... it means even if the actual income earned is differ , in that case also the income shall be calculated on the presumptive basis provided the conditions specified therein are satisfied.. ...

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Category : Income Tax | Comments : 0 | Hits : 848

TCS ON FOREIGN TRAVEL, TOURS PACKAGES, REMITTANCE RULES 2020
Posted Date : 24-Feb-2020 , 11:48:18 am | Posted By CA. PIYUSH KAPOOR

INTRODUCTION   The government imposed a tax collection at source akin to TDS on remittances — after an internal survey by the income tax department, showed that a large number of those sending out money had not filed income tax returns. The finance bill 2020 has proposed an amendment to ...

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Category : Income Tax | Comments : 0 | Hits : 1312

How to apply for instant PAN card online
Posted Date : 22-Feb-2020 , 09:39:06 am | Posted By May I Help You.

1) Visit the income tax department's e-filing portal and click on "Instant PAN through Aadhaar" section under "Quick Links" on the left side. 2) Click on "Get New PAN" on the new page. 3) Enter your Aadhaar number for allotment of new PAN card and the Captcha ...

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Category : Income Tax | Comments : 0 | Hits : 1201

Summary of Direct Tax Proposals in Union Budget 2020
Posted Date : 02-Feb-2020 , 07:09:49 pm | Posted By ATUL KHURANA

Dear Readers, Here I am presenting the simplified and summarized version of Direct Tax Proposals in Union Budget 2020 presented by Honorable Finance Minister of India on Feb 1, 2020. This article will help you to grasp the new insertions/amendments without going into the depth of each and every se...

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Category : Income Tax | Comments : 0 | Hits : 1774

Section 270 A Penalty for underreporting or misreporting of income
Posted Date : 08-Jan-2020 , 07:22:29 pm | Posted By Akash Dhanuka

Section - 270AA, Income-tax Act, 1961 Immunity from imposition of penalty, etc. 270AA.    (1) An assessee may make an application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C&n...

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Category : Income Tax | Comments : 0 | Hits : 2113

Policy of Empanelment of CA Firms/LLPs and Selection of Auditors
Posted Date : 06-Jan-2020 , 10:03:26 am | Posted By May I Help You.

A.         Empanelment of CA firms/LLPs Chartered Accountant firms (firms) and Limited Liability Partnerships (LLPs) in India with at least one full time [1] FCA (Partner/Sole Proprietor) can apply for empanelment with this office for the pur...

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Category : Income Tax | Comments : 0 | Hits : 4498

Taxation of land or building or both certain issues.
Posted Date : 06-Jan-2020 , 12:06:40 am | Posted By Akash Dhanuka

Taxation of land or building or both under income tax act, 1961 certain issues..   1) Normally, there are two types of transaction that prevailed in the transfer of land or building or both. One is transfer made for some consideration and other is without consideration which is generally term...

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Category : Income Tax | Comments : 0 | Hits : 1487

General notes on return us 139(3)
Posted Date : 04-Jan-2020 , 10:22:16 pm | Posted By Akash Dhanuka

General notes on Return of losses us 139(3) followed by chapter VI consisting of section 70 to 80.   1) if the assessee consisting of any losses , the loss return shall be filled us 139(3).   2) for company and firm it is mandatory to filled their return even in the cases of losses. ...

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Category : Income Tax | Comments : 0 | Hits : 1412

Problems if ITR not filed with in Due Date (31.08.2019)
Posted Date : 30-Jul-2019 , 09:02:46 am | Posted By Lalit Rajput

 Disadvantage/Problems of Not Filing ITR with in Due Date WHAT HAPPENED IF ITR (INCOME TAX RETURN) NOT FILED ON OR BEFORE DUE DATE Due date extended from 31.07.2019 to 31.08.2019 ITR Filing   After the end of a financial year, earning individual and entities need to calculate total...

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Category : Income Tax | Comments : 1 | Hits : 1944

New Regime of Taxation of Long Term Capital Gains on sale of equity share, unit of equity oriented funds and unit of the business trust u/s 112A of the Income Tax Act, 1961
Posted Date : 12-Jun-2019 , 10:46:03 am | Posted By Megha

The Finance Act, 2018 has withdrawn the exemption under section 10(38) of the Income-tax Act, 1961 and has introduced a new section 112A in order to levy long term capital gain tax on the transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented funds o...

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Category : Income Tax | Comments : 0 | Hits : 673

LLP Compliance Calendar
Posted Date : 15-Feb-2019 , 04:40:38 pm | Posted By Lalit Rajput

LLP Compliance Calendar This article covers the Mandatory Compliances to be followed by a LLP under Registrar of Companies, Ministry of Corporate Affairs, mentioned under LLP Act, 2008 and Income Tax Act, 1961 including Tax audit provisions.  Some key points are also given regarding LLP ...

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Category : Income Tax | Comments : 0 | Hits : 584

CA Students – Ready for upgrade in 2019?
Posted Date : 30-Dec-2018 , 04:21:58 pm | Posted By Ashutosh

Does your heart aspire to unleash the fullest potential of yourself and become one of the finest “Chartered Accountant”? I am sure it’s a thundering YES!! We keep upgrading our cell phones every year to have better camera, better speed, better memory and better experience. Anyone...

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Category : Income Tax | Comments : 1 | Hits : 698

Budget 2018: Income Tax Changes (F.Y.:2018-2019) By Vivek Mittal
Posted Date : 29-Dec-2018 , 11:50:24 am | Posted By Vivek Mittal

Dear Professional Colleagues,  This Amendment Will Apply To Assessment Year 19-20 & Subsequent Years.   1)The finance minister has proposed to increase cess on personal income tax and corporation taxto 4% from present 3%. This will increase the effective income tax an individual...

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Category : Income Tax | Comments : 0 | Hits : 169

Cash Transaction under Income Tax Law
Posted Date : 25-Oct-2018 , 12:18:53 pm | Posted By ADCA

Introduction: Many people have question about maximum cash they can give or accept without facing any problem under Income Tax Act. People have lot of doubts on one can accept cash and give cash whether in form of loan, advance, deposit or against a business transaction. How much cash sales one...

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Category : Income Tax | Comments : 0 | Hits : 1555

Income Tax on agriculture
Posted Date : 30-Jul-2018 , 06:28:44 pm | Posted By Chunauti H. Dholakia

Income Tax on Agriculture   Agriculture plays a vital role in Indian economy. Agricultural income declared by individual assessee who filed returns is over 20 times of country’s GDP. Except for two short periods of nine years in all (1860-1865 and 1869-1873) agricultural incomes have be...

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Category : Income Tax | Comments : 1 | Hits : 4147

What is NFRA and its Draft Powers
Posted Date : 16-Jul-2018 , 08:32:56 am | Posted By May I Help You.

NACAS was only advisory body until the 2013 amendment of Company Act when it was renamed NFRA, a powerful regulatory agency.  The process of implementation of NFRA was started in June 2015, when companies law committee was set up and submitted its report in February 2016 to the standing comm...

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Category : Income Tax | Comments : 0 | Hits : 1763

E-Way bill has become partially applicable in Delhi effective 16.06.2018
Posted Date : 20-Jun-2018 , 12:14:11 pm | Posted By CA Tanya Panwar

Dear Professional colleagues, Greetings for the Day! This is to notify you all that E-Way bill has become partially applicable in Delhi effective 16.06.2018, for intrastate movement of Value exceeding 1 lakh. Commissioner State GST, Delhi has come out with Notification No. 3/2018 dated 15...

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Category : Income Tax | Comments : 0 | Hits : 1145

Income Tax Due for F.Y. 2017-18 (A.Y. 2018-19)
Posted Date : 18-Jun-2018 , 06:16:28 pm | Posted By Umesh Yelnure

Income Tax Forms for e-filling and Due Dates for FY 2017-18 (AY 2018-19) There are the different category of taxpayer viz. Individual, HUF, Firm, LLP, Company, Trust and AOP/BOI. Due Date is different according to audit or non-audit case of such categories as defined in section 139(1) Last Dat...

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Category : Income Tax | Comments : 0 | Hits : 1186

CASH TRANSACTION IN INCOME TAX 40A(3) Vs 269SS/T Vs 269ST
Posted Date : 17-May-2018 , 05:21:12 pm | Posted By CA Chetan Vispute

Section 269ST: (For Detail Video Click on the above link, Video Includes Images with example) Prohibits receipt of an amount of Rs. 2 lakh or more by a person, In aggregate from a person in a day;  or In respect of a single transaction; or In respect of transactions relating to one event...

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Category : Income Tax | Comments : 0 | Hits : 2251

Thin Capitalization rules introduced under Income-tax
Posted Date : 14-Apr-2018 , 01:22:01 pm | Posted By Mohnish Wadhwa

‘Thin Capitalisation’ is a situation where an entity is financed at a relatively high level of debt compared to equity. Some multinational companies engage in aggressive tax planning techniques such as placing higher levels of third party debt in high tax countries, using intragroup loan...

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Category : Income Tax | Comments : 0 | Hits : 1650

Criteria to decide whether any service rendered will fall U/s. 194C or 194J: An Analysis
Posted Date : 11-Apr-2018 , 08:49:33 pm | Posted By Saloni Dhawan

Payment To Contractors – Section 194C ♦ As per Section 194C, Any person responsible for paying any sum to any resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract between the contractor and a specified person shall, at th...

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Category : Income Tax | Comments : 0 | Hits : 3544

Tax Planning- An unexplored friend
Posted Date : 17-Feb-2018 , 11:26:19 pm | Posted By CA Sandeep Dash

Benjamin Franklin once said- “Nothing is certain except for death and taxes”. And to add to this, arguably the smartest man to ever live- Albert Einstein said "The hardest thing in the world to understand is the income tax." Most common folks don't understand death. And ...

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Category : Income Tax | Comments : 0 | Hits : 1806

BENAMI LAW DIGEST
Posted Date : 15-Feb-2018 , 05:01:17 pm | Posted By Bhagyashree Jain

Various steps have been taken for removal of unaccounted assets by Government like The Black Money Foreign Income and Asset Act, 2015, Income Disclosure Scheme 2016, Demonetization of high denomination currency, Prime Minister Garib Kalyan Yojna, by amendments in Income Tax Act, by amendments in Mon...

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Category : Income Tax | Comments : 0 | Hits : 1849

E-Assessment under I T Act
Posted Date : 12-Feb-2018 , 12:10:42 am | Posted By Bhagyashree Jain

Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment.  Finance Minister, Arun Jaitley, also announced of such scheme in his budget speech on ...

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Category : Income Tax | Comments : 0 | Hits : 2020

Budget#2018 In shorts
Posted Date : 01-Feb-2018 , 01:54:09 pm | Posted By VIJAY SARATHI

Direct Taxes   No personal income tax changes proposed in budget.   Corporate tax of 25% extended to companies with turnover up to Rs. 250 crore in financial year 2016-17.   100% tax deduction is allowed to co-operative societies     Incentive...

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Category : Income Tax | Comments : 0 | Hits : 596

Landlord’s PAN not needed to claim HRA if annual rent is below Rs 1 lakh.
Posted Date : 16-Jan-2018 , 11:10:30 am | Posted By Atul MIshra

Landlord’s PAN not needed to claim HRA if annual rent is below Rs 1 lakh. An employee who receives HRA can claim an exemption in respect of rental payments under section 10(13A) read with rule 2A of the Income Tax Rules. For claiming an HRA exemption, the individual must be residing in a rent...

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Category : Income Tax | Comments : 0 | Hits : 477

CAPITAL GAIN TAXES IN INDIA
Posted Date : 02-Jan-2018 , 03:07:47 pm | Posted By Poojamittal

CAPITAL GAIN TAX IN INDIA CAPITAL ASSETS A capital asset is defined to include property of any kind held by an assessee, whether connected with their business or profession or not connected with their business or profession. It includes all kinds of property, movable or immovable, tangible or int...

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Category : Income Tax | Comments : 0 | Hits : 604

Section 195 - TDS on Non-resident payments
Posted Date : 20-Dec-2017 , 12:46:53 pm | Posted By Pooja Mittal

Section 195 of Income Tax Act 1961 Section 195 of the Income Tax Act is a section that covers the TDS on Non-resident payments. This section identifies the tax rates and deductions on business transaction with a non-resident from a day –to-day basis. Under Section 195, the income is cha...

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Category : Income Tax | Comments : 0 | Hits : 1193

TDS ON PAYMENT OF RENT MORE THAN RS. 50,000 PER MONTH BY INDIVIDUALs/HUFs
Posted Date : 22-Nov-2017 , 07:38:15 pm | Posted By CA. Brijesh Baranwal

TDS ON PAYMENT OF RENT MORE THAN RS. 50,000 PER MONTH BY INDIVIDUALs/HUFs   EXISTING LAW   There is an existing provision for deduction of TDS (deduction of tax at source) under section 194-I in the Income Tax Act, 1961 for individuals/HUFs, wherever tax audit is applicable.   I...

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Category : Income Tax | Comments : 0 | Hits : 1299

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