"20 May 2023" Archive

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

With the recent amendments in the Foreign Exchange Management Act (FEMA), international credit card spending now falls under the Reserve Bank of India’s (RBI) Liberalised Remittance Scheme (LRS). This change has brought a significant impact on the tax liabilities and expenses of individuals using credit cards for transactions outsid...

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Posted Under: Income Tax |

2,000 Notes Withdrawn: What Should You Do With Your Rs 2,000 Notes?

The Reserve Bank of India (RBI) recently made an announcement regarding the withdrawal of Rs 2,000 denomination banknotes from circulation. This decision has sparked curiosity among the public, who are now seeking answers regarding the rationale behind this move and the process of depositing or exchanging these notes. In this comprehensiv...

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Posted Under: Income Tax |

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

RBI circular on ₹2000 currency notes withdrawal The Reserve Bank of India (RBI) has announced that the ₹2000 denomination banknotes will be withdrawn from circulation, but don’t panic! They will still remain legal tender. In a press release dated 19th May 2023, the RBI stated their decision to continue with this strategy as part...

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Posted Under: Income Tax |

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

Background Income Tax Act 1961, provides statutory powers to the parliament to levy and collect tax on the income of the persons. The act provides 5 different natures of income called as 5 heads of income under which an income is taxed. Apart from these 5 heads of income there is another category of income […]...

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Posted Under: Income Tax |

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

The Indian government has recently issued a notification that transactions carried out by Chartered Accountants (CA), Company Secretaries (CS), and Cost Accountants (CMA) on behalf of their clients will now be covered under the Prevention of Money Laundering Act, 2002 (PMLA). This move aims to strengthen efforts in combating money launder...

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Posted Under: Income Tax |

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

The meaning of DONATION is Do anything for Nation. So far Income Tax is concern the meaning of Donation means do anything for us. Recently we have seen that more than 8000 notices were issued by the Income Tax Department to the donors, who have given donations to political parties, which find to be a […]...

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

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

Smt. Savitri Devi Vs ITO (ITAT Amritsar)

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 […]...

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Revenue authorities cannot go beyond jurisdiction of orders of ITAT

Malwa Coop. L & C Society Ltd Vs ITO (ITAT Amritsar)

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 [...

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

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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Posted Under: Income Tax |

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