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Archive: 20 May 2023

Posts in 20 May 2023

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 1950 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

TCS on Credit Card Payments: Impact on International Transactions & How to Navigate Changes

May 20, 2023 28701 Views 6 comments Print

Navigate the impact of TCS on international credit card payments post-FEMA amendments. Understand LRS, increased TCS rates, and get tips on managing expenses and compliance for seamless overseas transactions. Stay informed to plan your spending wisely.

2,000 Notes Withdrawn: What Should You Do With Your Rs 2,000 Notes?

May 20, 2023 5541 Views 0 comment Print

Discover the reasons behind the Reserve Bank of India’s decision to withdraw Rs 2,000 denomination banknotes. Learn about the Clean Note Policy, legal tender status, depositing/exchanging process, limits, special provisions, and the impact on the economy. Stay informed and navigate the withdrawal seamlessly with this comprehensive guide.

Rs. 2000 Denomination Banknotes- Withdrawal From Circulation, Will Continue As Legal Tender

May 20, 2023 4698 Views 0 comment Print

Discover the impact of the RBIs decision to withdraw ₹2000 denomination banknotes from circulation while maintaining their legal tender status. Learn about the objectives, implications, and guidelines for this move towards a cashless society. Stay informed with the RBI circular and press release issued on 19th May 2023.

Taxability of Receipts under section 68 of Income Tax Act, 1961

May 20, 2023 8571 Views 0 comment Print

Explore the tax implications of receipts under section 68 of the Income Tax Act, 1961. Understand the background, elements, onus of proof, and government actions in dealing with undisclosed income and alleged transactions. Learn about the tax rates and penalties applicable under section 115BBE and 271AAC.

PMLA covers transactions by CA, CS & CMA on behalf of their client

May 20, 2023 5697 Views 0 comment Print

Discover how recent Indian government notifications now include transactions by Chartered Accountants (CA), Company Secretaries (CS), and Cost Accountants (CMA) under the Prevention of Money Laundering Act, 2002. Learn about the expanded scope, definitions, and implications for professionals in combating financial crimes.

DO anything for NATION i.e. DONATION under Income Tax Act, 1961

May 20, 2023 2805 Views 1 comment Print

Learn about the meaning of donation under the Income Tax Act, 1961, and explore the types of donations, deductions, and conditions for claiming them in India.

Power of enhancement of CIT(A) and ITAT under Income Tax Act, 1961

May 20, 2023 5526 Views 1 comment Print

I have heard of Powers of CIT(A) which is the first appellate authority and the same are contained in Section 251 which provides that the CIT(A) can confirm, reduce, enhance or annul the assessment and he may also confirm, cancel, enhance or to reduce the penalty.

AO cannot calculate acquisition cost on the basis of his own assumption

May 20, 2023 1641 Views 0 comment Print

Smt. Savitri Devi Vs ITO (ITAT Amritsar) The entire issue is in two parts, one is legal issue by challenging the jurisdiction of notice u/s 148 and the jurisdiction of the ld. AO related to calculation of capital gain of the assessee without referring the issue to DVO. The last issue was challenged by the […]

Revenue authorities cannot go beyond jurisdiction of orders of ITAT

May 20, 2023 873 Views 0 comment Print

Malwa Coop. L & C Society Ltd Vs ITO (ITAT Amritsar) In its fact, that the gross receipt should be determined by allowing the reasonable deduction of the items like TDS, VAT, security letter cess and other deduction. Accordingly, the assessee made a correct calculation related to calculation of the contract receipt. Both the Revenue […]

Form ITR 1 and ITR 4 enabled in Online mode with prefilled data

May 20, 2023 3645 Views 1 comment Print

The Income Tax Department has enabled the Income-tax Returns Form ITR 1 and ITR 4 at the income tax e-filing portal in Online mode with prefilled data. The availability of prefilled data in Income-tax Returns Form ITR 1 and ITR 4 at the income tax e-filing portal for AY 2023-24 is a significant development by […]

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