"08 August 2019" Archive

Time to Revisit Conventional Coercive Tax Recovery Measures

Time to Revisit the Conventional Coercive Recovery Measures of Tax Collection by Revenue Authorities!! As per the existing Legislative framework of the Direct Taxation Laws in our Country, the tax collection measures can broadly be classified into Pre-Assessment tax collection measures and Post Assessment tax collection measures. The pre-...

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Posted Under: Income Tax |

Section 54B Deduction cannot be denied if AO not conducted any enquiry about use of land for Agriculture

ITO Vs Mukesh Champaklal Shah (ITAT Pune)

ITO Vs Mukesh Champaklal Shah (ITAT Pune) The definition of capital asset excludes agricultural land and certain criteria have been placed in this statue to qualify the land as agricultural land. The facts on records demonstrate that both the parties have accepted the land to be an agricultural land. The 7/12 extracts clearly demonstrates...

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19 FAQs on filling of ITR forms for Assessment Year 2019-20

Circular No. 18/2019-Income tax (08/08/2019)

After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, following clarifications are issued. —...

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CBDT Enhances Monetary limits for filing of Income Tax appeals

Circular No. 17/2019-Income Tax (08/08/2019)

CBDT Further Enhances Monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court - Amendment to Circular 3 of 2018 - Measures for reducing litigation....

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Applicability of AIRs to calculate Brand Rate of duty drawback in GST regime

Circular No. 24/2019-Customs (08/08/2019)

Clarification regarding applicability of All Industry Rates of duty drawback while fixing Brand Rate of duty drawback in post GST era. Circular No. 24/2019-Customs...

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Empanelment – Allahabad Bank – Concurrent / Revenue Audit

Allahabad Bank invites applications in prescribed format from practicing firms of Chartered Accountants of India who are willing to empanelled as Concurrent / Revenue Auditor...

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Posted Under: Income Tax |

LTCG under Grandfathering Provisions

The Finance Bill 2018 reintroduced tax on LTCG made from listed shares and equity-oriented mutual funds. With Effective 1 April 2018, LTCG arising from the sale of these shares and equity oriented funds that are held for more than 12 months are taxable at the rate of 10% if such LTCG exceeds Rs.1 lakh in the given Financial […]...

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Posted Under: Income Tax |

Income Tax Returns (ITRs)-Forms, Due Dates and Late Fees

The last date for filing Income Tax Return is July 31st of every year (Extended up to 31st August 2019 for Assessment Year 2019-2020 and with few certain exceptions as provided above), which can be belatedly filed up to March 31. For example, Income Tax Returns for  Assessment Year 2019-20 (Financial Year 2018-2019), can be filed belated...

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5 ways to plan your home loan EMIs

If you are already an existing home loan user or applying for one soon, you must be aware that EMIs consume a large portion of your earnings. You have to manage these EMIs well before even signing the agreement. You should ensure the EMIs do not dent your expenses. Therefore, lenders have the home loan […]...

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Posted Under: Income Tax |

5 advantages of opting for a home loan

Wit the rising prices of real estate, buying a home can be quite strenuous financially for an individual. But with financial institutions providing loan products like a home loan, the purchase of a home becomes easy for an individual. In a home loan, the individual will be provided with the loan amount for the purchase […]...

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Posted Under: Income Tax |

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