"19 September 2020" Archive

LETTER to FM – Need to further extend various time limits under Income Tax

Need to further extend various time limits under Income Tax in view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across sectors due to the outbreak of Novel Corona Virus (COVID-19)....

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Posted Under: Income Tax | ,

Section 44AA Compulsory maintenance of books of accounts

Article explains Maintenance of accounts by certain persons carrying on profession, Maintenance of accounts by certain persons carrying on business, Limits for Individual & HUF for maintenance of accounts in case of business or profession, Maintenance of accounts by other person, Penalty for contravention of provisions related to Main...

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Posted Under: Income Tax |

Is Allotment Letter Adequate enough for section 54F exemption

Whether The Allotment Letter Is Adequate Enough For Grant of Exemption U/S 54F of The Income Tax Act, 1961? Section 54F of the Income Tax Act, 1961 provides for exemption from tax on Capital gain on transfer of certain capital assets, in case of investment in residential house. While Section 54 grants relief from tax […]...

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Posted Under: Income Tax |

Govt introduces Taxation Law Amendment Bill in Lok Sabha

Bill No. 116 of 2020 (19/09/2020)

The outbreak of Novel Corona Virus (COVID-19) pandemic across many countries of the world, including India, has caused immense loss to lives of people and given rise to unprecedented humanitarian and economic crisis in the country. Due to vagaries of pandemic, a national lockdown was imposed which had to be further extended. Due to very [...

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Section 54F Exemption on Investment in House Property in USA Prior to 01.04.2015 allowable

CIT Vs. Vinay Mishra (Karnataka High Court)

The issue under consideration is whether the assessee is entitled to claim exemption u/s 54F of the Income Tax Act in respect of investment made in the house property in USA? ...

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Section 44AD not obligates assessee to maintain books of account

Nand Lal Popli Vs DCIT (ITAT Chandigarh)

Nand Lal Popli Vs DCIT (ITAT Chandigarh) Assessing Officer, for making the impugned addition has started with the presumption that an amount to the extent of 92% of the gross receipts is the expenditure incurred by the assessee, which is a totally wrong premise. If the income component is estimated, how the expenditure component on [&hell...

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Section 44AD: Assessee need not explain individual entry of cash deposit in bank

Sri. Girish V.Yalakkishettar  Vs ITO (ITAT Bangalore)

Sri. Girish V.Yalakkishettar  Vs ITO (ITAT Bangalore) Section 44AD of the Act gives an option to the assessee to offer income on presumptive basis. These are special provisions. The assessee has opted for the same and offered to tax income at the rate of 8% of his turnover. The issue is whether, the Assessing Officer […]...

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TCS on Sale of Goods – New provision under Income Tax

TCS is a tax that is collected by the seller from the buyer and paid to the government on behalf of the buyer. The Finance Act, 2020 has introduced the new section 206C (1H) of the Income Tax Act, 1961 related to TCS on sale of goods. Applicable from: 1st October 2020 Applicability: 1. If […]...

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Posted Under: Income Tax |

Occupational Safety, Health and Working Conditions Code, 2020

Bill No. 122 of 2020 (19/09/2020)

Occupational Safety, Health And Working Conditions Code, 2020 was was introduced in Lok Sabha on 19th September 2020 vide Bill No. 122 of 2020.  Occupational Safety, Health And Working Conditions Code, 2020 is expected to consolidate and amend the laws regulating the occupational safety, health and working conditions of the persons emplo...

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Additions towards undisclosed purchases/ expense etc. goes against spirit of section 44AD

Shri Thomas Eapen Vs ITO (ITAT Cochin)

Shri Thomas Eapen Vs ITO (ITAT Cochin) The assessee offered income u/s. 44AD, the assessee being a small trader in medicine. There is no dispute that the assessee falls under the provision of sec. 44AD since the turnover of the assessee is less than Rs. 1 crore from eligible business. The Assessing Officer also accepted […]...

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