"09 April 2018" Archive

CBDT provides selecting of Transgender option in Filing of Form No. 49A and 49AA

Notification No. 18/2018-Income Tax [G.S.R. 352(E)] (09/04/2018)

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...

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Draft Handbook on Accounting Treatment under GST – For Suggestions

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 [email protected] preferably in 15 days i.e 25th April, 2018....

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Posted Under: Income Tax |

Fees for delayed filing of Income Tax return for AY 2018-19 onwards

Finally due date for filing of income tax returns (ITR) for Assessment year 2016-17 and 2017-18 is over. Now its time to get ready for AY 2018-19 ITR to avoid penalty of late filing of income tax return. Government has introduced new income tax forms for AY 2018-19. Rules are getting tough day by day or […]...

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Posted Under: Income Tax |

38 FAQ’s on E-Way Bill

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/-...

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Posted Under: Income Tax |

CBDT instructions on seizure of jewellery and ornaments are discretionary

Shri Keshav Lila Vs. Assistant Commissioner of Income Tax-1(2) (ITAT Indore)

Shri Keshav Lila Vs. ACIT (ITAT Indore) CBDT instructions which in our view provides a guideline to the search conducting team that no seizure should be made of the jewellery and ornaments found during the course of search proceedings u/s 132 of the Act, if the same have been duly declared in the wealth tax […]...

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Expense outside Section 24 ambit cannot be claimed against House Property Income

Sonega Trades & Investments Private Limited Vs Income Tax Officer (ITAT Mumbai)

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...

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No addition in the hand of Firm for capital introduced by the partner

The Income-tax Officer Vs. M/s. Shree Kastbhanjan Dev Developers (ITAT Ahmedabad)

In the case of The Income-tax Officer vs M/s. Shree Kastbhanjan Dev Developers, the Ahmedabad bench of Income Tax Appellate Tribunal (ITAT) proclaimed in its recent order that firm cannot be assessed for unexplained cash credits in respect of capital introduction by its partner....

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Indian Taxation League: New ITR Forms – Income Tax V/S GST

, 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....

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Posted Under: Income Tax |

Interest on Bank Overdraft advanced to Sister Concern for Non-Business purpose is not allowable

Dheeraj Consultancy P. Ltd. Vs. ACIT (ITAT Mumbai)

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. ...

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Prior to A.Y 2015-16 no restriction on number of residential houses U/s. 54

Mr. Ravi Shankar Vs. The Assistant Commissioner of Income Tax (ITAT Mumbai)

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....

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