"25 July 2018" Archive

Deduction u/s 80IA cannot be allowed in case of belated return

Shiv Kumar Sushil Kumar Tea Enterprises (P) Ltd. Vs ACIT (ITAT Jaipur)

Where assessee had not filed return within the time prescribed U/s 139(1), deduction u/s 80IA was not allowable to assessee as there was clear violation of section 80AC which clearly provided that deduction would not be allowed unless return was furnished on or before due date specified under section 139(1)....

ICAI clarifies on Fake date of declaration of results of CA exams

It has been brought to our notice that a fake announcement regarding the date of declaration of result of the Intermediate examination held in May 2018 is doing the rounds in the social media....

Posted Under: Income Tax |

Income Tax Return filing due date & Impact of delayed ITR filing

Articles explains What are the due date of Filing Income Tax Return (ITR) and what happens if one fails to file the Income Tax Return (ITR) by the due date...

Posted Under: Income Tax |

Last Date To File Income Tax Return

Knowing Due date to file Income Tax Return is very Important and so is filing of Income Tax Return before the Last Date. Filing of Income Tax Return after last date makes a taxpayer liable to Late Fees, Interest , Penalty, Prosecution. ...

Posted Under: Income Tax |

Interest on income tax refund not eligible for deduction U/s. 80IE

M/s. OMIL JSC (JV) Kameng Kota. Vs Dy. CIT (ITAT Jaipur)

M/s. OMIL JSC (JV) Kameng Kota. Vs Dy. CIT (ITAT Jaipur) The limited issue under consideration relates to whether interest on income tax refund is eligible for deduction under section 80IE of the Act. The contention of the assessee is that it has only one business undertaking and the only business of the undertaking is […]...

E- Filing Of Income Tax Return- Procedure

E- Filing Of Income Tax Return / Online Filing Of Income Tax Return (ITR) is Mandatory for some classes of Assessee and is Optional for others. Article explains Procedure for E-Filing of Income Tax Return....

Posted Under: Income Tax |

Key Amendments to Form no. 3CD effective from 20 August 2018

CBDT vide Notification No. 33/2018 amends Form no. 3CD in respect of tax audit under section 44AB. The new reporting requirements, especially with reference to secondary adjustment, limitation on interest deduction, GAAR, Country-by-country Report, etc. are onerous and obligatory on the taxpayers and chartered accountants. Introduction: T...

Posted Under: Income Tax |

What If Income Tax Return Not Filed?

Article explains Consequences of late filing/ non filing of Income Tax Return which includes- Loss of interest on Refund in case the same is due to the assesee, belated return cannot be revised, Even a few of deductions are also not and Both the interest and penalty levied...

Posted Under: Income Tax |

GST on Ocean Freight

The need to understand the tax on ocean freight came due to its peculiar nature of transaction. Here the term Ocean Freight read by breaking two words in simple language, ocean is a large area of salt water between continents and freight implies transport charges. ...

Posted Under: Income Tax |

These small mistakes in ITR filing are better avoided

While filling up the ITR forms certain mistakes are committed by by us due to oversight. Let us discuss 5 such mistakes which relates to Email ID and mobile Number, Details for refund bank account, Details of TDS as well as advance tax and self assessment tax, Schedule CG of capital gains and Foreign bank […]...

Posted Under: Income Tax |

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