Income Tax News, Judgments, Act, Analysis, Tax Planning, Advisory, E filing of returns, CA Students

Relaxation of Prosecution Norms by CBDT for Defaults in Filing IT Returns and Delays in TDS 2 min read

• Income Tax

Relaxation of Prosecution Norms by CBDT for Defaults in Filing IT Returns and Delays in TDS

Diksha Garg 2 months ago

The legal outcome for any lag in depositing TDS, or non-filing of returns of income tax, or under-reporting of income, has been relaxed by the... Read More

Section 80CCC of The Income Tax Act and Its Deductions 3 min read

• Income Tax

Section 80CCC of The Income Tax Act and Its Deductions

Diksha Garg 2 months ago

In order to motivate the assessee to save their hard-earned money and invest it wisely, many deductions have been offered by the Government under income... Read More

Are you making Bogus Purchases? BEWARE – Supreme Court has a new ruling 2 min read

• Income Tax

Are you making Bogus Purchases? BEWARE – Supreme Court has a new ruling

Diksha Garg 2 months ago

the Assessment Officer had produced many discrepancies in the assessee's books of account inclusive of the purchases made from 22 parties, according to which, SOPs have been followed by the assessee pertaining to all the purchases, where every single identification has been done inclusive of the entry of goods, whereas, in terms of the purchases from the 22 parties, no identification has been done. The assessee and the directors have admitted this fact and its directors.... Read More

Guidelines Issued by CBDT For the Manual Selection Of Returns For Complete Scrutiny during the FY 2019-20 3 min read

• Income Tax

Guidelines Issued by CBDT For the Manual Selection Of Returns For Complete Scrutiny during the FY 2019-20

Diksha Garg 2 months ago

The parameters based on which the manual selection of returns for the complete scrutiny in the FY 2019-20 are as mentioned below: (i) Cases that... Read More

Advance Tax Calculation Process- How to Calculate Advance Tax 4 min read

• Income Tax

Advance Tax Calculation Process- How to Calculate Advance Tax

Diksha Garg 3 months ago

Advance tax indicates that income tax has to be paid in advance rather than a lump sum payment done the year-end. It is also referred... Read More

INCOME TAX INFORMANTS REWARD SCHEME 2018 5 min read

• Income Tax

INCOME TAX INFORMANTS REWARD SCHEME 2018

Diksha Garg 3 months ago

A new reward scheme has been introduced in supersession of the ‘Guidelines for grant of rewards to Informants, 2007’ and various existing guidelines on the... Read More

Gift Tax: Are Gifts to Children or Relatives Abroad Taxable? 2 min read

• Income Tax

Gift Tax: Are Gifts to Children or Relatives Abroad Taxable?

Diksha Garg 3 months ago

The gift tax had been abolished about 20 years ago in India. However, certain provisions for making gifts liable to tax for the recipient were... Read More

Income Tax Department asked by CAG to tighten the inspection of farm income tax exemption claims 2 min read

• Income Tax

Income Tax Department asked by CAG to tighten the inspection of farm income tax exemption claims

Diksha Garg 3 months ago

Tax exemption claims on farm income have caught the eye of the Comptroller and Auditor General of India (CAG) who has in turn called for... Read More

PCIT vs. Paramshakti Distributors Pvt. Ltd (Bombay High Court)-Deletion of enhanced rate of Gross Profit 2 min read

• Income Tax

PCIT vs. Paramshakti Distributors Pvt. Ltd (Bombay High Court)-Deletion of enhanced rate of Gross Profit

Diksha Garg 3 months ago

The appeal was filed by the Revenue in order to challenge the Income Tax Appellate Tribunal’s (“the Tribunal” for short) judgment. The questions presented for... Read More

Changes in the TDS provision via the Finance bill,2019 passed by the Lok Sabha and Interim Budget, 2019 3 min read

• Income Tax

Changes in the TDS provision via the Finance bill,2019 passed by the Lok Sabha and Interim Budget, 2019

Diksha Garg 3 months ago

Sec 194M (new section): TDS on payment surpassing Rs 50 lakhs to either a Contractor or a Professional by Individual/HUF (This is applicable w.e.f. 01/09/2019)... Read More