"January, 2018" Archive - Page 28

Auto fill of TDS data in Income Tax Returns (ITR)

Currently an assessee filing his income tax return needs to fill all the data manually wrt the taxes paid by him/ on his behalf (TDS) in excel utility. Since TDS returns are e-filed now days, an asseesee by manually punching the data relating to prepaid taxes like TDS is prone to committing errors....

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Posted Under: Income Tax |

Section 139- Enlarge scope of filing return of income: ICAI

The scope of filing return of income should be widened so as to include in its ambit the persons entering into the following transactions:...

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Posted Under: Income Tax |

Clarify whether acquisition of residential flat in ‘OAS’ is ‘purchase’ or ‘construction: ICAI

Under Section 54 of the Income-tax Act, if an assessee who has earned a Capital Gain on sale of a residential house, has, within the prescribed period, purchased or constructed another residential house, then, to the extent of the cost of the new residential house, no tax in respect of such Capital Gain is payable. ...

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Posted Under: Income Tax |

Issue specific Guidelines for empanelment of auditors U/s.142(2A): ICAI

For the purpose of conducting special audit under section 142(2A) of Income-tax Act, 1961, the auditor is nominated by Chief Commissioner or Commissioner. Presently, no specific guidelines have been issued by the authorities to enable the Chief Commissioners or Commissioners to take an informed decision....

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Posted Under: Income Tax |

Introduce TDS payment challan cum TDS Returns: ICAI

Section 200 provides for the payment of TDS and filing of TDS Returns. The Income Tax Law requires payment of TDS every month by 7th of the following month and by 30th April of the Assessment year for tax deducted in the month of March of the Previous year. ...

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Posted Under: Income Tax |

Issue Master Circular on TDS within 15 days of passing of Finance Act: ICAI

In order to support/clarify the provisions of Chapter XVII, various circulars have been issued from time to time. Further various court decisions, favourable or unfavourable for the assessees, have also clarified various provisions of Tax deduction at source or tax collection at source. ...

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Posted Under: Income Tax |

Mistake in calculation of Interest U/s. 234C for newly formed Firms and Companies

As per the provisions of section 207 and section 211, the assessee is liable to pay the advance tax on the `Current Income’ of the assessee. This presupposes the existence of the assessee. In view of this, interest under section 234C...

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Posted Under: Income Tax |

ICAI suggests Reporting of Credit Card Transaction by payment gateway services providers

Currently, every bank/any other company or institution issuing credit card is required to report through Form No 61A, data related to all persons making payment exceeding the specified amount in respect of one or more credit cards issued to that person....

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Posted Under: Income Tax |

Stop Mechanical disallowance of expenditure u/s 14A r.w. Rule 8D: ICAI

The mechanical disallowance u/s 14A r.w. Rule 8D is also being added to the book profit by the AO irrespective of the fact whether assessee has actually debited any such expenditure in its P&L Account which is against the pronouncements given by various Judicial authorities in the recent past....

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Posted Under: Income Tax |

Section 35(2AB): DSIR guidelines should not deal with allowability of any expenditure: ICAI

A plain reading of Section 35(2AB) of the Act may suggest that the weighted deduction is not with respect to expenditure on scientific research on in house R&D facility as approved by the prescribed authority. ...

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Posted Under: Income Tax |