"20 September 2015" Archive

For whom e-filing of Income Tax Return (ITR) is Mandatory

Following taxpayers shall file their return of income only through e-filing mode: (1) From the assessment year 2015-16 onwards any asessee filing ITR 1/2/2A (other than an individual of the age of 80 years or more at anytime during the previous year) having a refund claim in the return or having total income of more […]...

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Posted Under: Income Tax |

Guide to know ITR applicable: Which ITR Applicable to whom?

Under the Income-tax Law, different ITR forms (Income Tax Return Forms) are prescribed for different classes of taxpayers.  CBDT already notified ITR, ITR 2A, ITR 2, ITR 3, ITR 4S,ITR 4, ITR 5, ITR 6 and ITR 7 for A.y. 2015-16. In this article we have discussed which ITR is applicable for a Particular Assessee […]...

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Posted Under: Income Tax |

Commitment by lawyer without express consent of client will not bind the client : SC

Himalayan Cooperative Group Housing Society Vs Balwan Singh (Supreme Court of India)

Supreme Court held in Himalayan Cooperative Group Housing Society Vs Balwan Singh that the lawyers owe fiduciary duties to their clients, so they should act with the express consent of clients. Lawyers should not make any commitment without the consent of their clients and any commitment...

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Bonafide mistake in Disclosure of income under wrong head – No penalty u/s 271(1)( c)

Simran Singh Gambhir Vs DDIT International Taxation (ITAT Delhi)

ITAT New Delhi held in Simran Singh Gambhir Vs DDIT International Taxation that if the assessee had disclosed the income by mistake under wrong head of income and that mistake was bonafide then the same could not be treated as an undisclosed income and penalty u/s 271(1)( C) could not be levied. ...

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Conditions to avail deduction u/s 80IB should be fulfilled only in initial A.Y not in every 10 years of deduction

CIT Vs M/s Sunder Forging (Punjab & Haryana High Court)

Punjab & Haryana High Court held in CIT Vs M/s Sunder Forging that to claim the deduction u/s 80IB for consecutive 10 years all the relevant conditions should be required to be fulfilled only in the initial assessment year...

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Wrongly disclosed income does not mean undisclosed income, penalty u/s 271(1)(c) cannot be levied.

CIT Vs Control and Switch gear Contractors Ltd (Delhi High Court)

New Delhi court held in PR. CIT Vs Control and Switch gear Contractors Ltd that if the assessee had disclosed the income in its return of income though wrongly disclosed it did not mean that the assessee had tried to hide its income so that wrongly disclosed income could not be considered as an undisclosed income and penalty u/s 271(1)( C...

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2nd proviso to sec 40(a)(ia) inserted in FA ,2012 have retrospective effect from 01-04-2005

CIT Vs Ansal Landmark Township P Ltd (Delhi High Court)

The High Court of New Delhi has held in case of CIT-1 Vs Ansal Landmark Township P Ltd that second proviso to sec 40(a)(ia) will have retrospective effect from 01-04-2005 which means that if the assessee had forgot to deduct the TDS on payment...

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Early Warning Signals & Red Flag Accounts

Economic slowdown across the globe is a concern for world & India is no more an exception. Economic slowdown is hitting the Indian Banking System very hard. As we all are aware that Non-Performing Assets are one of the biggest challenges faced by the Indian Banking System over the ages and numbers goes on increasing from year to year....

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Posted Under: Income Tax |

Post Incorporation Compliances for Private Companies

Keep Safe Custody of Certificate of Incorporation. ♥ Maintain copies of Incorporation Documents  [Section 7(4)] The company shall maintain and preserve at its registered office copies of all documents and information as originally filed on incorporation till the dissolution of the Company. ♥ No. of Board Meeting [Section 173 and SS-1...

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Posted Under: Income Tax |