"18 July 2020" Archive

New Form 26AS is the Faceless hand-holding of Taxpayers

Release ID: 1639593 18/07/2020

The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the Statement of Financial Transactions (SFTs) in var...

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CBDT to start Voluntary Income Tax Return Compliance campaign

Release ID: 1639664 18/07/2020

The Income Tax Department is all set to start an e-campaign on voluntary compliance of Income Tax for the convenience of taxpayers from Monday, the 20th of July, 2020. The 11 days campaign ending on 31st July, 2020 focuses on the assessees/taxpayers who are either non-filers or have discrepancies/deficiency in their returns for the FY 201...

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Sale of a capital asset converted into stock-in-trade: Tax-treatment

In business there are occasions when a capital asset is converted into stock-in-trade and stock-in-trade is converted into capital asset. There may also be occasions when an asset ceases to be a stock-in-trade. In this context, section 45(2) of the Income-Tax Act, 1961 (the Act) is relevant. For the sake of ready reference, section 45(2) ...

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Posted Under: Income Tax |

How to Reply Notice for Non Filing of Income Tax Return?

Income Tax Department issue notices to non-filer of Income Tax Returns from time to time and Taxpayer needs to submit his reply to such notices. Department has enabled a facility by which taxpayer can submit his response online to such notices. ...

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Posted Under: Income Tax | ,

Government must clarify the issue of ITC on COVID mandations

It is worthwhile to note that the ITC on sanitizers/mask/gloves etc. are neither tested in GST nor any clarification is provided by GOI amid COVID-19 pandemic, which is need of the time. Therefore, opening up pandora box on the availability of input tax credit these essential items during COVID-19 pandemic which are undertaken by the trad...

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Posted Under: Income Tax |

Reduction In TDS Rates- Impact And Benefits

INTRODUCTION: With effect from 14th May 2020, government has reduced Tax deduction at source (TDS) and tax collection rates (TCS) rates for interest, dividend, professional fees, rent payments and other non-salaried payments by 25%. These rates shall be effective from May 14th, 2020 and remain effective till the end of financial year i.e....

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Posted Under: Income Tax |

Power of inspection, search & seizure | Section 67 | CGST Act 2017

Simplified GST Series- Section 67 /Power of Inspection, Search and Seizure/CGST Act 2017- Section 67- Power of inspection, search and seizure: (1) Where the proper officer, not below the rank of Joint Commissioner, has reasons to believe that – (a) a taxable person has suppressed any transaction relating to supply of goods or services o...

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Posted Under: Income Tax |

Analysis of Section 56 read with Rule 11UA

Analysis of Section 56 read with Rule 11UA – Valuation of Property, Unquoted Equity Shares or Equity Shares of a Company in which public are not substantially interested: Section 56(2)(x) of Income tax Act, 1961 provides that following will be taxable in the hands of recipient: Sr. No. What is taxable Taxable Value Applicable Valuation ...

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Posted Under: Income Tax |

How to Check Residential Status of an Individual & Taxability of Their Income?

A Brief Discussion about the Residential  Status of an individual and taxability of income according to their residential status in India Taxability In India, income is taxable is based on their residential status, so it is very important to know about residential status of any individual to check the taxability of income. Let’s know: ...

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Posted Under: Income Tax |

Disallowance of ITC on Late filing of GSTR 3B

Section 16(2), CGST Act, 2017 which laid down 4 conditions for availment of ITC & starts with notwithstanding clause meaning thereby that it supersedes sub-section 4 of section 16, based on the following cases; (2020) 33 J.K.Jain’s GST & VR 9 Synergy Fertichem Pvt. Ltd. v. State of Gujarat  (Guj),  A.C.T.O. v. Laxmi Mi...

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Posted Under: Income Tax |

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