"13 April 2021" Archive

Automatic vacation of stay order after expiry of 365 days is not permissible

DCIT Vs Pepsi Foods Ltd. (Supreme Court of India)

The Hon’ble Supreme Court in DCIT v. Pepsi Foods Ltd. [Civil Appeal Nos. 1106 to 1139 of 2021 decided on April 6, 2021] has upheld the Hon’ble Delhi High Court’s verdict of partially striking down third proviso to Section 254(2A) of the Income Tax Act, 1961 (IT Act) which did not permit extension of a […]...

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New Features of Form GSTR-2B & GSTR-3B Made Available To Taxpayers Under QRMP Scheme

New Features of Form GSTR-2B & GSTR-3B Made Available To Taxpayers Under QRMP Scheme 1. The new features related to filing of Statement/ Returns by taxpayers under QRMP Scheme, for the quarter Jan-Mar., 2021, which has been made available to them are summarized below. Also Read:Updates in Forms GSTR-1, GSTR-3B & Matching Offline T...

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Posted Under: Income Tax | ,

New Break The Chain Guideline for Maharashtra wef 14.04.2021

Order No: DMU/2020/CR. 92/DisM-1, 13/04/2021

a. Essential services shops to operate while ensuring Covid Appropriate Behavior (CAB) by owners, staff working there at as well as customers in the shop premises. b. Essential shops owners and person working at all shops to get vaccinated at the earliest, as per criteria of GOI. All shops are advised to follow safety measures like int...

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Faceless Assessment under Income Tax  Act, 1961

The Faceless Assessment Scheme is one of the biggest Direct Tax reforms in India based on Key Principles of Efficiency, Transparency and Accountability. The Income Tax Department is bringing about a pardigm shift in building the future with technology by pioneering an ecosystem of assessments and appeals founded on Data and AI. Faceless A...

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Posted Under: Income Tax |

Steps for Rectification of Income Tax order/Intimation

Rectification of Order/Intimation The return filed by the taxpayer will be processed by Income Tax Department (ITD) and intimation will be sent to the assessee under section 143(1) based on details disclosed by the taxpayer and rules deployed at the processing center of ITD. In case, the taxpayer wants to seek rectification of a mistake [...

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Posted Under: Income Tax |

Annual Information Statement FORM 26AS

In order to promote transparency and simplifying the tax return filing process, CBDT vide Notification dated May 28, 2020 has amended Form 26AS vide Sec 285BB of Income Tax Act, 1961 r.w.r.114-I of Income Tax Rules, 1962 w.e.f. 01.06.2020. The new Form 26AS is an Annual Information Statement or AIS which will provide a complete […]...

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Posted Under: Income Tax |

TDS on e-commerce transaction – Section 194O

Q. 1 The newly enacted section 194O of Income tax Act, 1961 TDS on which entities and what goods and services ? Every E-commerce operator (like Amazon, Facebook, Flipkart, Snapdeal etc.) is required to make TDS on payments due to ‘e-commerce participants’ i.e., suppliers ( who are resident in India) on sale of goods or [&helli...

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Posted Under: Income Tax |

Section 68 additions merely on third Party Statement without cross examination was invalid

ACIT Vs Overtop Marketing Pvt. Ltd. (ITAT Kolkata)

ACIT Vs Overtop Marketing Pvt. Ltd. (ITAT Kolkata) when the assessee as well as the lenders had discharged the onus upon them to prove the identity, creditworthiness and genuineness of the loan transaction, the AO could have disbelieved the transaction only on the basis of reliable material to disprove the same. In this case the […...

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How to get proper credit of taxes paid by you?

(A) The possible reasons for no credit of TDS/TCS being displayed in your Form 26AS: 1. Deductor/collector has not filed his TDS/TCS statement; 2. You have not provided PAN to the deductor/ collector; 3. You have provided incorrect PAN to the deductor/ collector; 4. The deductor/collector has made an error in quoting your PAN in […...

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Posted Under: Income Tax |

Top 5 Books which every Professional must read

HEY Professional, I know you must be doing hard to serve best for your Business or Company, but wait! what about YOUR personal Growth? Have you ever wondered that while you are struggling so much for adding value to your Company or to your Business, what are you doing to add value to your life […]...

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Posted Under: Income Tax |

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