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Archive: 05 June 2019

Posts in 05 June 2019

How Can NPS Accounts Save Tax for NRIs?

June 5, 2019 3477 Views 0 comment Print

The NRI diaspora often looks for the best investment opportunities in India. It probes about what, when, where, how and how many lingering benefits, such as return on investment, it brings along with. Certainly, the NRIs thoughts stick around tax reduction and income through interest. This article is enriched with some wise tax saving and […]

Additional Reporting by Auditors of Charitable Trusts under Maharashtra Public Trusts Act, 1950

June 5, 2019 69858 Views 6 comments Print

Govt. introduces Additional Reporting by Auditors of Charitable Trusts under the Maharashtra Public Trusts Act, 1950 to check Income Tax Compliances/Evasion. The Law and Judiciary Department, Maharashtra State, vide Notification Dated 15/05/2019, has framed the Bombay Public Trusts (Second Amendment) Rules, 2019, to introduce additional reporting by the Auditors of the Trust in Form IX-D, as under:

Need to extend Income Tax Return due date of July 31 to December 31

June 5, 2019 4950 Views 6 comments Print

Taxpayers faced a lot of problem last year and even pensioners/ senior citizens paid late fees on late filing of returns. With a view to make tax system taxpayers friendly and cooperative, the due date of 31st July should be changed to 31st December, every year. The coming central budget(on 5 July 2019) may consider the above mentioned problems.

Penalty u/s 271AAA without addition to returned income unjustified

June 5, 2019 1428 Views 0 comment Print

Penalty under section 271AAA could not be imposed on assessee on the ground that assessee failed to substantiate the manner in which undisclosed income was derived in case assessee had included the same in his return of income and accepted by AO without making any addition to the returned income.

Technical Guide on Annual Return and GST Audit

June 5, 2019 44583 Views 2 comments Print

ICAI has come out with this ‘Technical Guide on Annual Return & GST Audit’. This Guide has been comprehensively designed and contains clause-by-clause analysis of Form GSTR-9, 9A and Form GSTR -9C.

Advertisement Tax post GST imposed by Nagar Nigam is illegal: HC

June 5, 2019 5079 Views 0 comment Print

Demand of tax on advertisement from the petitioners after 1.7.2017 is held to be illegal and without jurisdiction. Notices of demand impugned in the petition are quashed and the amount, if any, of the advertisement tax deposited by the petitioners for the period 1.7.2017 onwards is directed to be refunded to the petitioners.

Mistakes committed by investors of equity mutual fund schemes

June 5, 2019 3750 Views 1 comment Print

Interest of the investors has been shifting from direct equity investing to equity mutual funds over a few years. Though this is a welcome trend, there are certain mistakes which investors should avoid while making investments as well as while remaining invested in equity mutual funds. Let us discuss some of the major mistakes which […]

Addition u/s sec. 69A justified for bogus LTCG from penny stocks

June 5, 2019 3609 Views 0 comment Print

Assessee was not entitled to claim long term capital gain as exempt u/s 10(38) and the same was deemed to be income under section 69A as it was revealed that purchase and sale of shares were arranged transactions by assessee to create bogus profit in the garb of tax exempt long term capital gain by well organised network of entry providers with the sole motive to sell such entries to enable the beneficiary to account for the undisclosed income for a consideration or commission.

Procedure for Online Second time Correction in Form 26QB on TRACES

June 5, 2019 6033 Views 0 comment Print

E-Tutorial on Important Information for 26QB Correction (Second Time), Brief steps for 26QB Correction (Second Time), 3. Description for Requested Status of 26QB Correction (Second Time), 4. Pictorial guide for 26QB Correction (Second Time) and  Pictorial guide for Approval by Seller/Buyer for 26QB Correction (Second Time). 1. Important Information for “26QB Correction (Second Time)”. ♦ […]

Procedure for Online Correction in Form 26QB on TRACES

June 5, 2019 288909 Views 32 comments Print

Article explains Important Information for 26QB Correction, Brief steps for 26QB Correction, Description for Requested Status of 26QB Correction, Pictorial guide for 26QB Correction, Procedure for 26QB Correction with E- verified (Internet Banking), Pictorial guide for 26QB Correction with E-Verified (Internet Banking), Pictorial guide for 26QB Correction with DSC (Digital Signature Certificate), Pictorial guide for […]

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