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Archive: 16 September 2019

Posts in 16 September 2019

CBDT omits Proviso to Sub-Rule (5) of Rule 2F of Income-tax Rules

September 16, 2019 2322 Views 0 comment Print

Rule 2F of Income-tax Rules, 1962 provides Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10. In this Rule Proviso to sub-rule (5) is been omitted by CBDT vide Notification No. 66/2019 dated 16th September, 2019 with effect from 16.09.2019. Text of the sub-rule (5) […]

Monetary appeal filing limit not applicable to Gain through penny stocks

September 16, 2019 4161 Views 0 comment Print

Special Order of Board exempting cases involving bogus Long Term Capital Gains (LTCG)/Short Term Capital Loss (STCL) through penny stocks from monetary limits specified in any Circular issued under Section 268A of the Income-tax Act, 1961-reg F. No. 279/Misc./M-93/2018-ITJ(Pt.) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, […]

Cost Inflation Index for FY 2019-20/ AY 2020-21

September 16, 2019 250902 Views 6 comments Print

Cost Inflation Index (CII) for PY 2019-20/ AY 2020-21 Notified by CBDT at 289 (Base Year 2001-02) In the case of transfer of short term capital asset, the amount of capital gains can be arrived at by deducting the cost of acquisition/ improvement from the sale consideration. However, in the case of transfer of long […]

IS ITC Available on Bike and Scooty?

September 16, 2019 189066 Views 23 comments Print

Hence Bike and scooty having engine capacity more than specified limit will be covered in motor vehicle and ITC will be not eligible as per section 17(5) CGST ACT.

Withdraw GST on Affordable Housing & amend thresholds of the same

September 16, 2019 2700 Views 1 comment Print

Appeal to FM to do away with GST on Affordable Housing & amend the thresholds of Affordable Housing The Real Estate Sector is the worst affected due to acute recession in the economy. The steps announced in the Budget 2019 & the remedial measures announced thereafter have not provided any respite to the ailing Real […]

Deduction under section 80CCD of Income Tax Act

September 16, 2019 23169 Views 1 comment Print

The present article highlights provisions of section 80CCD of the Income Tax Act, which provides a deduction of the amount paid or deposited towards the notified pension scheme. Deduction under section 80CCD is divided into three parts which are defined as under – 1. Section 80CCD (1) – Employee’s contribution to the notified pension scheme 2. Section […]

Highlight & Procedure for Sabka Vishwas Legacy Dispute Resolution Scheme, 2019

September 16, 2019 3051 Views 0 comment Print

SABKA VISHWAS (LEGACY DISPUTE RESOLUTION) SCHEME, 2019 Government has announced the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 as a part of the recent Union Budget Further, in accordance with the Finance (No 2) Act, 2019, the Central Government has notified the Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019 as well as issued Notification […]

Economic Recession And Reforms

September 16, 2019 1848 Views 1 comment Print

Its more or less an accepted fact that almost all economics including Indian economy are passing through a rough weather amidst global slowdown. The economic growth has slowed down in various industrial and service sectors over past few quarters. Some economists term it as a cyclical slowdown while others as structural due to changes taking place in various sectors.

Trust to accumulate 25% of income derived from property before application

September 16, 2019 1038 Views 0 comment Print

Indian Medical Association Vs ITO (ITAT Ahmedabad) Having regard to the plain language of the above provision, it is clear that a charitable or religious trust is entitled to accumulate twenty-five per cent, of its income derived from property held under trust. For the present purposes, the donations the assessee received, would constitute its property […]

Extend due date to file income tax return & tax audit report

September 16, 2019 139755 Views 89 comments Print

Chamber of Tax Consultants  has made Request for extension of due date for filing income tax returns and tax audit reports for AY 2019-20 due on September 30, 2019  to Shri Pramod Chandra Mody, Chairman of CBDT. Text of the Representation is as follows:- The Chamber of Tax Consultants  Date: 16th September, 2019 To, Shri Pramod […]

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