CBDT has added Transgender in Option to select Gender while filling Form number 49A and Form number 49AA related to PAN Application for Individual Resident and Non-Resident applicants. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 18/2018 New Delhi, the 9th April, 2018 Income-tax G.S.R. 352(E).—In exercise of the powers […]
The Committee has drafted a handbook on accounting treatment under GST given below. In this regard, we request you to provide your comments/suggestions at the link https://goo.gl/forms/92zwewildriB4apm2 or idtc@icai.in preferably in 15 days i.e 25th April, 2018.
TDS provisions were applicable to interest payments made to NBFCs, however, if payees had shown interest income in their respective returns and paid income tax thereon, no disallowance could be made in view of second proviso to section 40(a)(ia).
Avoid penalties for delayed filing of Income Tax return for AY 2018-19 onwards. Learn about the new income tax forms and rules to stay compliant.
The meaning of E-way bill has not been defined anywhere in the Act. But in common language E-way bill refers to the electronic bill that is to be generated by the registered person through the e-way bill portal for movement of goods of value more than Rs.50,000/-
Sonega Trades & Investments Private Limited Vs ITO (ITAT Mumbai); During assessment proceedings, it was noted that the assessee claimed deduction of Rs.3.72 Lacs as Municipal Taxes and other charges u/s 24 against rental income earned by the assessee. The said charges comprised-off of Rs.0.72 Lacs being monthly maintenance charges and Rs.3 Lacs being License […]
, There is also a new league that has been started, Indian Taxation League and the match is between GST and Income Tax. Recently CBDT has notified new changes in the ITR and now the taxpayers have to give details of their turnover reported in GST in Income Tax Return.
In Dheeraj Consultancy P. Ltd v. ACIT, the Mumbai ITAT held that the finance cost incurred on overdraft obtained from the bank which is advanced to sister concern for the non-business purpose is not business loss under the Income Tax Act.
In Mr. Ravi Shankar vs. The Assistant Commissioner of Income Tax, Mumbai bench of Income Tax Appellate Tribunal (ITAT) proclaimed in its recent order that pre- amended capital gain under section 54 of the Income Tax Act 1961 can be availed for two residential houses.
It is requested to issue suitable instruction to field offices under your jurisdiction for taking necessary actions adopting the methodology explained in the circular for acceptance of life certificate /non re-marriage certificate by the Banks and release of pension to pensioners.
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