"16 January 2021" Archive

Common man’s wish list from finance minister on income tax

With budget day approaching we individual tax payers wish the finance minister to fulfil some of our wishes. Let us discuss what I as a common man wish from the Finance Minister. Revision in the monetary limit of deduction available under Section 80C, 80CCC and 80CCD Presently as per Section 80 CCE the deductions available […]...

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Posted Under: Income Tax | ,

CAIT raises concerns on Maha Govt decision on applicability of GST Circulars

In a communication sent to PM Shri Narendra Modi today,  Confederation of All India Traders (CAIT) has raised serious concerns about an arbitrary decision of Maharashtra Govt which violates the very fundamental of GST being ‘one nation- one tax’. We urge the State Govt to immediately withdraw the circular. “Vyapur Bhawa...

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Posted Under: Income Tax |

Restrict WhatsApp from implementing it’s new privacy policy: CAIT

In a strong communication sent to Union Minister Shri Ravi Shankar Prasad, Confederation of All India Traders (CAIT) has reiterated that WhatsApp must be restricted from implementing it’s new privacy policy & a technical audit of WhatsApp, Facebook & Instagram must be conducted immediately. Confederation of All India Traders ...

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Posted Under: Income Tax |

Section 234D Interest with other relevant aspects

Section 234D in Income Tax Act, 1961 was introduced in the act to cover those situations where the refund was issued to the assessee according to intimation U/s 143(1) & later on it was discovered post Scrutiny Assessment that the assessee wasn’t eligible for refund or amount of refund was more than amount refunded after […]...

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Posted Under: Income Tax |

Burden of huge tax on belated filing of Return of Income

The Ministry of Finance has not extended the due date of filing of return of income for non-audit cases beyond 10th January 2021 and for instance if an individual files a return of income declaring income between Rs. 2,50,000/- (Rupees Two Lakh and Fifty Thousand only) and Rs. 5,00,000/- (Rupees Five Lakhs only), though he […]...

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Posted Under: Income Tax |

ITR (Income Tax Return) Overview and Penalty Provisions

Income Tax Return (ITR): Income Tax Return (ITR) is the form in which assessee files information about his/her Income and tax thereon to Income Tax Department. The tax liability of a taxpayer is calculated based on his or her income. it is compulsory to file income tax returns if  income is more than the basic […]...

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Posted Under: Income Tax |

One held for fraudulently passing on fake ITC of Rs 14.30 crore

The syndicate was being operated by Sh. Nitin Jain, C.A by floating three firms i.e M/s Anshika Metals, M/s N.J Trading Co. and M/s A.J Enterprises using the identity of his family members, with the intent of passing of inadmissible ITC....

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Posted Under: Income Tax |

Section 35 Deduction for expenditure on scientific research

Provisions of section 35 of the Income Tax Act, 1961 covers deduction allowable towards expenditure on scientific research. The provisions are briefly explained in the present article. Deduction towards revenue expenditure on scientific research [Section 35(1)]- Following table briefly explains the deduction available under section 35(1) ...

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Posted Under: Income Tax |

Is a Life Cover of Rs. 50 Lakhs a Good Reference Point?

As necessary as it is to buy life insurance for financial protection, it can also be an equally challenging decision. There are several aspects of the purchase process that need careful consideration. Choosing the right amount of life coverage is one of them. Life cover refers to the sum assured that your family would receive […]...

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Posted Under: Income Tax |

Technical Guide on Charges-Registration, Modification & Satisfaction under Companies Act  2013 & LLP Act 2008

ICAI releases Technical Guide on Charges-Registration, Modification & Satisfaction under Companies Act 2013 & LLP Act 2008 The Debt Finance is gaining popularity with the coming times. Almost every individual, LLP, Companies and body corporates borrows money from bank, financial institutions, co-operatives etc. for meeting their d...

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Posted Under: Income Tax |

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