"20 March 2020" Archive - Page 7

How to Check for free PAN / PAN Name & Jurisdiction

How to Know the Name of Person we are having PAN Number? How to Verify PAN for Free? How to know of person as on his PAN Card? As we all know Income Tax Act has provided that TDS to be deducted @ 20% if a person do not provide his PAN. Sometimes person provides his PAN but not the copy of PAN card and we always wants to check his name in...

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Posted Under: Income Tax |

S. 37 Allowability of Business Expenditure & case laws

Condition for allowance under section 37 - Such expenditure should not be covered under the specific section i.e. sections 30 to 36. Expenditure should not be of capital nature. The expenditure should be incurred during the previous year. The expenditure should not be of personal nature. The expenditure should have been incurred wholly ...

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Posted Under: Income Tax |

Survey under section 133A of income tax act 1961

Survey in a wider sense means to scrutinize or to inspect. The power of survey under the Income tax Act has been provided U/S 133A and 133B. The provisions contained in section 133A are independent and to the exclusion of the other provisions of the act since the wording of the section starts with ‘Notwithstanding anything contained in ...

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Posted Under: Income Tax | ,

TDS under section 194B on winning from Lottery

Under Section 194B of the Income Tax Act, 30 per cent tax is deducted on any prize money in excess of Rs 10,000 and other winnings from games, lotteries etc. This is deducted at source (TDS). A Three per cent education cess is payable on the tax amount....

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Posted Under: Income Tax |

Money Transferred to Unregistered Trust cannot be treated as applied for Charitable Purpose

Maharaja Ranjit Singh War Museum Society Vs CIT (Punjab And Haryana)

Where the assessee transferred accumulated funds to unregistered trust then it was clear violation of Explanation to section 11(2) and clause (d) in sub-section (3) of section 11 and therefore same cannot be treated as applied for charitable purpose. Amount so transferred was thus liable to addition in the hands of the assessee-trust....

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Corrigendum to Form-3 of Direct Tax Vivad se Vishwas Rules, 2020

Notification No. 21/2020-Income Tax [S.O. 1195(E)] 20/03/2020

CBDT issues corrigendum to The Direct Tax Vivad Se Vishwas Rules 2020 and notifies that in Form-3, for ‘as per column (7) above within thirty days’, read ‘as per column (8) above within fifteen days’. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM Notification No. 21/2020-In...

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AO working in Pr. CCIT (International Taxation) region is jurisdictional AO for equalisation levy

Notification No. 20/2020-Income Tax [S.O. 1189(E)] 20/03/2020

Assessing Officer working in the Principal Chief Commissioner of Income-tax (international Taxation) Region having Jurisdiction in respect of the assessees for the purpose of the Income-tax Act, 1961, to exercise or perform all or any of the powers and functions conferred  on, or, assigned  to  an  Assessing Officer  for the  purpos...

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Exemption to Mysore Palace Board- CBDT amends N/No. 33/2019

Notification No. 19/2020-Income Tax [S.O. 1188(E)] 20/03/2020

Central Government hereby makes the following amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), (Central Board of Direct Taxes) number S.O.1537(E) dated 09th April, 2019...

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