"20 February 2019" Archive

Issue of notice for prima facie adjustment under section 143(1)(a)

ITBA-ITR Processing Instruction No. 6 20/02/2019

Processing of Return of AY 2017-18 and Issue of notice for prima facie adjustment under 143(1)(a) (PFA notice) ITBA-ITR Processing Instruction No. 6 DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. System/ITBA/Instruction/ITR Processing/112/16-17/ Dated: 20.02.2019 To All ...

Activate your DIN with Minimal Effort

An Easy Resolution To A Grim Situation! Quite a few positive news, from various Courts, has trickled in regarding the removal of Directors disqualification. In a major victory for the aggrieved Directors, in December 2018, the Gujarat High Court quashed the MCA list of September 12, 2017, and in addition, started granting interim relief l...

Posted Under: Income Tax |

Top 20 cases of quality assessments- Now AO to represent before CIT(A)

The income tax law follows the system of self-assessment of income. The assessee  assesses its income earned during a particular period, pay the tax, if any, and file the return of income. The Assessing Officers are vested with enough wide range of powers for assessing the income and forming view on the same in the […]...

Posted Under: Income Tax |

CBIC Rescinds Circular No. 132/95-Customs dated 22.12.1995

Circular No. 06/2019-Customs 20/02/2019

Board vide its Circular No. 35/2016-Customs dated 29thJuly, 2016, has already removed the mandatory warehousing requirements for EOUs, STPIs, EHTPs etc. Further, the said Circular clarified that all these units shall stand delicensed as warehouses under Customs Act, 1962, with effect from 13th August, 2016. Therefore, section 65 of the ...

Short of Funds – Minimise Cash outflow while you save Tax

Finance Minister Piyush Goyal said individuals earning up to Rs 9.5 lakh can escape liability by taking advantage of saving schemes.  Probably he is referring to below saving schemes mentioned below. Section Particulars Limit 80C PF / VPF / PPF/NSC/FD/MF 1,50,000/- 80CCD(1b) Additional NPS Contribution (External Investment) 50,000/- 80D ...

Posted Under: Income Tax |

IT dept write EIRC of ICAI to request members to pay outstanding demand

No.: Addl.CIT. Range-22/Kol/2018-19/1027 01/01/1970

Income Tax Department requested Eastern India Regional Council of Institute of Chartered Accountants of India to request its members to immediately pay the outstanding demands which have become collectible. ...

Posted Under: Income Tax |

Non-filing of appeal changes character of protective additions to substantive additions

DCIT Vs M/s Nirala Housing Pvt. Ltd. (ITAT Delhi)

When an assessee accepts the protective additions made in assessment order by not filing any appeal against it, the character of the additions changes from protective addition to substantive addition....

SEBI revises regulation for Depositories and Participants

Recently, SEBI mandated issue of securities in dematerialised form and directed Board of directors to abstain from approving any physical transfer w.e.f. October 2, 2018 in case of unlisted public companies and w.e.f. April 1, 2019 in case of entities having its specified securities listed on stock exchange. Depositories viz. NSDL and CDS...

Posted Under: Income Tax |

Due date of filing GSTR-3B for tax period January, 2019 extended (Read Notification)

Notification No. 09/2019 –Central Tax 20/02/2019

As per GST  portal Due date of filing GSTR-3B for the tax period January, 2019 has been extended up to 22nd February, 2019. Only for J&K it is extended up to 28th Feb 2019. Today’s GST Council meeting  is adjourned as several members wanted to meet in person to discuss. Council will meet again on […]...

Can a tax payer claim both HRA and home loan benefits?

There is a huge confusion in the minds of taxpayers about whether the tax benefits in respect of House Rent Allowance (HRA)  and the benefits attached with a home loan be claimed in the sqme year. This article intends to clear the doubts in this regard....

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