"26 July 2019" Archive

Section 194I of Income Tax Act, 1961 – TDS on Rent

Section 194I was inserted vide the Finance Act, 1994. The present article covers the important section 194-I of the Income Tax Act, 1961, which deals with the provisions of ‘TDS on Rent’. Meaning of the term ‘Rent’ –  Before going into the nitty-gritty of the provisions of section 194-I of the Income Tax Act, 1961, first [&hel...

Posted Under: Income Tax | ,

Section 54/54F: New residential house need not be purchased by assessee in his own name

Mrs. A. Vijayakumari Vs ITO (ITAT Chennai)

Mrs. A. Vijayakumari Vs ITO (ITAT Chennai) The provisions of section 54 of the Act are beneficial and are to be considered liberally for reasonable bonafide cause but investment in residential property is mandatory which is not in dispute in this case. The Assessing Officer was not justified in rejecting the case law relied on […]...

Extension of timeline for completion of assessments in OCM cases

F.No.225/363/2017-ITA-11 26/07/2019

Extension of timeline for completion of assessments in OCM cases where no return has been filed in response to notice u/s.142(1) of the Income-tax Act,1961('Act') and the assessments have to be completed u/s.144 of the Act...

Aadhaar and Other Laws (Amendment) Act, 2019

(1) This Act may be called the Aadhaar and Other Laws (Amendment) Act, 2019. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint; and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of...

Posted Under: Income Tax |

Companies (Amendment) Bill, 2019 – Key Takeaways!

Through this write-up, an attempt has been made to capture and provide an insight of the amendments as contained in Companies (Amendment) Bill, 2019, which are in addition to the amendments proposed by the Second Ordinance 2019....

Posted Under: Income Tax |

Key Highlights on DIR-3 KYC

The Ministry of Corporate Affairs has amended Companies (Appointment and Qualification of Directors) Rules, 2014 vide notification dated 25th July 2019 Key summary for your reference. 1. E-Form DIR-3 KYC is to be filed by an individual who holds Director Identification Number (“DIN”) or Designated Partner Identification Number (...

Posted Under: Income Tax |

Disqualification of Directors

Article explains Reasons for : Striking Off Companies & Disqualifying Directors, Circumstances Under Which A Director is Disqualified, Consequences of Disqualification and Remedies Available For Removal Of Disqualification. THE BOMBAY HC HAS TAGGED ALONG ALL THE PENDING WRIT PETITIONS WITH RESPECT TO DISQUALIFICATION & PLACED THEM...

Posted Under: Income Tax |

Tax Benefits on Home Loan for Joint Owners

Income Tax benefits on Housing Loan for Joint Owner of Rs. 2 Lakh each Section 24(b) of Income Tax Act, 1961 (amended) Conditions for claiming Interest on Home Loan ↓ 1. Income Tax benefits on a joint home loan can be claimed by all the joint owners. 2. Ownership is required for joint owners i.e. […]...

Posted Under: Income Tax |

TDS Returns – Form 24Q – Amendments

> Form 24Q is categorised in to 2 categories Annexure 1- Annexure 1 of Form 24Q has to be filed in each and every quarter with the details of dedcutee wise breakup of TDS against each specific challan Annexure 2 Annexure 2 of Form 24Q has to be filed only in Quarter 4 with the […]...

Posted Under: Income Tax |

Impact of Budget 2019 On Real Estate Sector

The Union Budget 2019 was presented on 5th July in the Lok Sabha  by the First Female Finance Minister Mrs. Nirmala Sitharaman. Highlights of the Budget 2019 for Real Estate Sector: 1. Additional tax benefit of Rs 1.5 lakhs to home buyers The government has increased the benefit of tax deduction against interest on home loans for [&hel...

Posted Under: Income Tax |

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