"19 October 2021" Archive

No reassessment beyond 4 years on issue already dealt during original assessment

Saurabh Natvarlal Soparkar Vs ACIT (Gujarat High Court)

Saurabh Natvarlal Soparkar Vs ACIT (Ahmedabad High Court) it is evident that a specific query was raised by the Assessing Officer with respect to Section 14A and the same was appropriately replied by the writ applicant. The same was accepted at the relevant point of time. Once again the very same issue is sought to […]...

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How to view and download Form GSTR-2B?

Manual > Viewing Form GSTR-2B How can I view and download Form GSTR-2B? Form GSTR-2B is an auto-drafted ITC statement which will be generated for every registered person on the basis of the information furnished by his/her suppliers in their respective Form GSTR-1 & Form GSTR-5 and ITC received through Form GSTR-6. The statement...

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Posted Under: Income Tax |

Risks of leaving your bank account dormant

Are you also in habit of leaving your bank accounts unattended for long? Then, it’s time to be alert. You may be deprived of entire money in your accounts by fraudsters. Howsoever rich you may be, but you won’t want your single rupee to be taken away by fraud. In a latest development, Delhi Police Cyber […]...

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Posted Under: Income Tax |

How An Individual Can Save Money?

Now a days it become necessary for every individual to save money. What ever you earn try to make saving from your current income. There are so many schemes of saving. First of all a question arise in our mind, What is Saving? Answer is very simple, Money that we do not spend is our […]...

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Posted Under: Income Tax |

Is Income Tax Return Filing Difficult in India?

What is an Income Tax Return? or famously known as ITR. Income Tax Return is when a person is supposed to submit to the Income-tax Department of our nation. It withholds the information of a person's income and the taxes that are to be paid during the year....

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Posted Under: Income Tax |

Whether A Karta Will Be Taxable In Dual Capacity After Separation From HUF

Whether a person will be taxable under dual capacity as an ‘Individual’ as well as ‘Karta’ after separation from HUF? In this article we are going to discuss an interesting situation and taxability of an individual after his separation from HUF. PROBLEM: Mr. P, is a member of a prosperous HUF, went abroad for his […]...

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Posted Under: Income Tax |

Reopening could not have been done in absence of new facts coming to knowledge subsequent to original assessment proceedings

Cognizant Technology Solutions India Private Limited Vs ACIT (Madras High Court)

Cognizant Technology Solutions India Private Limited Vs ACIT (Madras High Court) Conclusion: In present case, the Division Bench of the Hon’ble Madras High Court provided relief to the Petitioner observing that in the absence of new facts coming to the knowledge of the Assessing Officer subsequent to the original assessment proceedings,...

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All about Legal Entity Identifier Number (LEI)

LEI stand for Legal Entity Identifier Number, it’s a 20-digit unique number used to identify parties to financial transactions worldwide. It connects to key information that enables clear and unique identification of legal entities participating in financial transactions....

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Posted Under: Income Tax |

TDS Basic Concept With List of Payment Covered or Not Covered Under TDS

The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government. […]...

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Posted Under: Income Tax |

Income From Other Sources

INCOME FROM OTHER SOURCES Incomes which does not fall under any of the other head will fall under the head of ‘Income from Other Sources’. INTEREST INCOME: Interest which are accumulates under the Saving Bank shall be mention under the head of ‘Income from Other Sources’ in tax return. Important point here is to be […]...

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Posted Under: Income Tax |

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