If the taxpayer was in a position to carry a transaction in two alternative ways, one of which would result in lower tax liability, the assessee would be at liberty to choose that particular method. Pursuant to the terms of both the agreements, the transactions had been carried out and assessee as well as other 6 persons had offered their respective share of rental income in their own tax returns thus, the agreement could not be termed as sham agreement or an artificial structure with a view to evade tax liability.
CBIC Clarification in respect of various measures announced by the Government for providing relief to the GST taxpayers in view of spread of Novel Corona Virus (COVID-19) vide Circular No. 136/06/2020-GST dated 3rd April, 2020. Circular No. 136/06/2020-GST CBEC-20/06/04-2020 -GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and […]
As you are aware with the advent of new Financial Year, your Membership fee and Certificate of Practice (COP) fee for the year 2020-21 has become due and I am pleased to inform that from 01st April 2020, members are allowed to pay advance Membership and/or COP fee for a period up to maximum 10 years along with GST at the rate determined as on the date of payment.
To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the Banks or other institutions for F.Y. 2019-20, then these Forms would be valid up to 30.06.2020. This will safeguard the small tax payers against TDS where there is no tax liability […]
In case of pending applications for lower/nil rate of TDS/TCS for F.Y. 2019-20, the Assessing Officers have been directed to dispose off the applications through a liberal procedure by 27.04.2020, so that the taxpayers may not have to pay extra tax which may cause liquidity issues to them. F. No. 275/25/2020-IT(B) Government of India Ministry […]
It is necessary to ENABLE the execution of macros in Return-Preparation-Utility in order to enter, validate and generate an .XML file for upload. Follow these steps to ENABLE execution of macros depending on the version of [Microsoft Office Excel] being used to open the Return-Preparation-Utility :
Whom do I contact for queries related to payment of refund which has been processed by ITD? My refund details are showing wrong in Form 26AS. How can I correct it? I have received refund in my bank A/C through ECS, but Form 26AS reflects mode of payment as ‘Paper’. How do I know whether my refund is in process at ITD in Form 26AS? The Assessing officer has refused to grant me refund saying credit entry is not reflecting in their system. What should I do?
The rules for valuation of perquisite given by employer to employees are as under : – I. Accommodation :- For purpose of valuation of the perquisite of unfurnished accommodation, all employees are divided into two categories: (i)Central Govt. & State Govt. employees; and (ii)Others. For employees of the Central and State governments the value of perquisite shall be equal to the licence fee charged for such accommodation as reduced by the rent actually paid by the employee.
a. Mention 10 digit TAN correctly in the space provided.b. Left hand thumb impression, if used, should be attested by a Magistrate or a Notary Public or a Gazetted Officer, under official seal and stamp. c. For changes or correction in TAN data, fill all columns of the form and tick box on left margin of appropriate row where change/correction is required. d. Please submit the proof of TAN, details of which being changed and proof of TAN/s to be surrendered/cancelled. Applicant may submit the TAN allotment letter received from Income Tax Department as a proof of TAN. In case the applicant does not have TAN allotment letter, he can submit a printout of his TAN details using TAN search facility provided at www.incometaxindia.gov.in in or www.tin-nsdl.com
Citizen of India located outside India at the time of application for PAN. Foreign Citizen located in/ outside India at the time of application for PAN . Other than Individual having no office of their own in India. Passport or, Bank account statement in country of residence or NRE bank account statement**
