Blog

18
Jul
2020
New Form 26AS is the Faceless hand-holding of the Taxpayers
18
Jul
2020
CBDT to start e-campaign on Voluntary Compliance of Income Tax for FY 2018-19 from 20th July, 2020
03
Feb
2020
Penalty for Fake Invoices - Budget Proposal 2020

In the recent past after the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained by suppliers registered under GST to fraudulently claim ITC and reduce their GST liability. These invoices are found to be issued by racketeers who do not actually carry on any business or profession. They only issue invoices without actually supplying any goods or services. The GST shown to have been charged on such invoices is neither paid nor is intended to be paid. Such fraudulent arrangements deserve to be dealt with harsher provisions under the Act.

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03
Feb
2020
Modification of Tax Residency provisions - Budget Proposal 2020

Instances have come to notice where period of 182 days specified in respect of an Indian citizen or person of Indian origin visiting India during the year, is being misused. Individuals, who are actually carrying out substantial economic activities from India, manage their period of stay in India, so as to remain a non-resident in perpetuity and not be required to declare their global income in India.

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03
Feb
2020
Capital Gain Computation in case of Land/Building acquired before 1stApril01 - Budget Proposal 2020

The existing provisions of section 55 of the Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains in respect of an asset acquired before 1st April, 2001, the assessee has been allowed an option of either to take the fair market value of the asset as on 1st April, 2001 or the actual cost of the asset as cost of acquisition.

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03
Feb
2020
TDS on E-commerce transactions through insertion of a new section- Budget Proposal 2020
03
Feb
2020
Reducing the rate of TDS on fees for technical services (other than professional services) - Budget

Section 194J of the Act provides that any person, not being an individual or a HUF, who is responsible for paying to a resident any sum by way of fees for professional services, or fees for technical services, or any remuneration or fees or commission by whatever name called (other than those on which tax is deductible under section 192 of the Act, to a director), or royalty or any sum referred to in clause (va) of section 28, shall, at the time of payment or credit of such sum to the account of the payee, deduct an amount equal to ten per cent as income-tax. Section 194C of the Act provides that any person responsible for paying any sum to a resident for carrying out any work (including supply of labour for carrying out any work) in pursuance of a contract shall at the time of payment or credit of such sum deduct an amount equal to one per cent in case payment is made to an individual or a HUF and two per cent in other cases.

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03
Feb
2020
TCS on sale of goods over a limit
03
Feb
2020
Widening the scope of section 206C to include TCS on foreign remittance through Liberalised Remittan
02
Feb
2020
DDT Abolished - Budget Proposal 2020
02
Feb
2020
Income Tax - e-Appeal
01
Feb
2020
Tax Audit - Budget Proposal 2020

Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on profession he is required to get his accounts audited, if his gross receipt in profession exceeds, fifty lakh rupees in any previous year. In order to reduce compliance burden on small and medium enterprises, it is proposed to increase the threshold limit for a person carrying on business from one crore rupees to five crore rupees in cases where

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31
May
2019
Key Changes in New ITR Forms for Assessment Year 2019-20

The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms applicable for the Assessment Year 2019-20. These ITR Forms will be applicable for filing of income-tax return in respect of income earned during the previous year 2018-19 (between 01-04-2018 to 31-03-2019). The new forms incorporate the changes made by the Finance Act, 2018 in the Income-tax Act, 1961.

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06
Feb
2019
Sale of Shares is capital gain or business income ?
24
Jan
2019
Missed paying advance Tax ? You may get a Notice !!
05
Dec
2018
Loss from derivative is a normal business loss and not speculation loss
04
Dec
2018
It isn't mandatory for assessee to set off business loss against capital gains as per sec. 71
28
Jul
2018
Income Tax Notice in name of deceased
23
Jul
2018
GST Rate Changes
11
Jul
2018
Reduced Tax Litigations
12
Jun
2018
No sec. 54F relief if construction of new property took place prior to date of transfer of capital a

Benefit of deduction under section 54F in case of construction of residential house, is available only when construction is completed within a period of three years after date of transfer of long-term capital asset and, therefore, where construction took place prior to date of transfer, conditions of section 54F were not fulfilled and, consequently, assessee's claim for deduction was to be rejected

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30
Mar
2018
Finance Bill, 2018 assented to by President
21
Mar
2018
Revised Proforma for Income Tax Notice under the E-Assessment Regime

The concept of electronic assessment proceeding was introduced last year and its scope was gradually enlarged. The e-assessment proceeding is now facilitated through e-filing portal. The CBDT Instruction No. 01/2018, dated 12-02-2018 has mandated that except for search related assessments and exceptional circumstance mentioned therein all other pending scrutiny assessment cases shall be conducted only through the E-Proceedings functionality in ITBA/Efiling.

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17
Mar
2018
Sec 147 of Income Tax Act- Initiation of reassessment proceedings
16
Mar
2018
Levy of DDT on Deemed Dividend u/s 2(22)(e): Will it give rise to Double Taxation?

The Finance Bill 2018, has proposed to cover deemed dividend u/s 2(22)(e) of Income Tax Act, also for levy of dividend distribution tax @ 30%,in the hands of a closely held company paying such deemed dividends. As per the existing provisions in Finance Act, 2017, deemed dividends are taxable in the hands of recipient as income from other sources u/s 56 of Income Tax Act, at the applicable marginal rate of tax, and no dividend distribution tax is payable u/s 115-O, on such deemed dividends, by the payer company.

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03
Mar
2018
Useful Income Tax Case Laws / Order
13
Feb
2018
Things to Know About e-Assessments

As part of e-governance initiative to facilitate conduct of assessment proceedings electronically, Income-tax Dept. has launched 'E-Proceeding' facility. Under this initiative, CBDT has made it mandatory for the tax officers to take recourse of electronic communications for all limited and complete scrutiny. In June, 2017, CBDT had issued the formats for issuing a notice to the taxpayers for conducting the scrutiny assessments. Now, CBDT issues an instruction for conducting the scrutiny assessments electronically. As per the instruction, except search related assessments, all scrutiny assessments shall be conducted only through the 'E-Proceeding' functionality available at e-filing website of Income-tax Dept.

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