Once the cancellation of registration had been set aside and registration granted under section 12A had been restored by the Tribunal, CIT(Appeals)’s decision for disallowance of exemption under section 11 became redundant, hence, had to be set aside.
Since there was a statutory requirement that AO had to provide reasonable opportunity of hearing to the assessee before directing the assessee to get the accounts audited under section 142(2A), therefore, in the absence of pre-decisional hearing, the decision to have special audit was, therefore, invalid and consequentially all the proceedings conducted thereafter stood vitiated.
Deposit of Tax -Where tax has been deducted under Sections 193,194,194A,194B,194BB, 194C, 194D, 194E,194EE, 194F, 194G, 194H, 194I, 194J, 194K, 194LA, 195, 196A, 196B, 196C and 196D, it is duty of the person deducting tax at source to deposit the amount of tax so deducted within the prescribed time in any branch of Reserve Bank of India or State Bank of India or any authorised bank accompanied by prescribed Income-tax challans as per the time limit and mode specified in Rule 30.
Section 197 gives a right to the assessee to obtain a certificate from the Assessing Officer that tax may be deducted at a lower rate than prescribed in Sections 192,193,194,194A,194C,194D,194G,194H,194I, 194J, 194K, 194LA, and 195, by making an application. He can even apply for no deduction of income- tax at source. Income-tax rules have prescribed Form No. 13, under Rule 28 for such application.
CPC Refund Failure Status – Use this query to find out if your Income Tax refund could not be issued due to missing/incorrect mandatory fields or if the refund was returned due to reasons such as address not found, etc. Please note that, if the query does not fetch any details, it implies that either the e-return has not been processed so far, or no refund was due, or refund has been delivered successfully.
Many time Assessee want to know his Income tax jurisdiction i.e. Income tax ward under which he is assessed. If you are filing your income tax Return manually it is must to be aware of your income tax Jurisdiction as you can file you income tax return only with the Income tax officer under whose jurisdiction you fall. Now Assessee wonders, is there a way he can know his Income tax jurisdiction easily? Income tax department has launched a online service namely ‘KNOW YOUR JURISDICTION’ by which you can know your jurisdiction by entering your PAN.
Government of India (GOI) has been taking several proactive preventive and mitigating measures starting with progressive tightening of international travel, issue of advisories for the members of the public, setting up quarantine facilities, contact tracing of persons infected by the virus and various social distancing measures.
A personal loan is one of the most popular financing options for an emergency. You can avail a personal loan and use the funds for any purpose. It is an unsecured loan, and this is the reason for personal loan interest rates being higher than other loan interest rates. With the growth in technology, it […]
Following is the list of Amendments which were proposed in Finance Bill 2020 after its Introduction in Lok Sabha on 01st February 2020. These amendments were passed by Lok Sabha on 23.03.2020 without any discussion due to shortened Parliament Session considering Corona Virus threat. LOK SABHA —– FINANCE BILL, 2020 [As introduced in Lok Sabha] […]
Extend last date for income tax returns for (FY 18-19) to 30th June, 2020. Aadhaar-PAN linking date to be extended to 30th June, 2020.
