Diksha Garg
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Income Tax
Relaxation of Prosecution Norms by CBDT for Defaults in Filing IT Returns and Delays in TDS
The legal outcome for any lag in depositing TDS, or non-filing of returns of income tax, or under-reporting of income,…
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Income Tax
Section 80CCC of The Income Tax Act and Its Deductions
In order to motivate the assessee to save their hard-earned money and invest it wisely, many deductions have been offered…
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Income Tax
Are you making Bogus Purchases? BEWARE – Supreme Court has a new ruling
the Assessment Officer had produced many discrepancies in the assessee's books of account inclusive of the purchases made from 22…
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Income Tax
Guidelines Issued by CBDT For the Manual Selection Of Returns For Complete Scrutiny during the FY 2019-20
The parameters based on which the manual selection of returns for the complete scrutiny in the FY 2019-20 are as…
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Advance Tax Calculation Process- How to Calculate Advance Tax
Advance tax indicates that income tax has to be paid in advance rather than a lump sum payment done the…
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Income Tax
INCOME TAX INFORMANTS REWARD SCHEME 2018
A new reward scheme has been introduced in supersession of the ‘Guidelines for grant of rewards to Informants, 2007’ and…
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Gift Tax: Are Gifts to Children or Relatives Abroad Taxable?
The gift tax had been abolished about 20 years ago in India. However, certain provisions for making gifts liable to…
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Income Tax
Income Tax Department asked by CAG to tighten the inspection of farm income tax exemption claims
Tax exemption claims on farm income have caught the eye of the Comptroller and Auditor General of India (CAG) who…
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PCIT vs. Paramshakti Distributors Pvt. Ltd (Bombay High Court)-Deletion of enhanced rate of Gross Profit
The appeal was filed by the Revenue in order to challenge the Income Tax Appellate Tribunal’s (“the Tribunal” for short)…
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Income Tax
Changes in the TDS provision via the Finance bill,2019 passed by the Lok Sabha and Interim Budget, 2019
Sec 194M (new section): TDS on payment surpassing Rs 50 lakhs to either a Contractor or a Professional by Individual/HUF…
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