Guidelines approved by for correction in minor head attribute of IDS challans – Mistake in minor head committed by taxpayer: If taxpayer had intended to pay normal tax other than tax under IDS, 2016 but by mistake wrong challan and head was selected at the time of payment then correction of challan attributes will be subject to:
Once assessee had undisputedly not filed the return of income U/s 139(1) then AO was well within his powers and jurisdiction to issue a notice U/s 142(1) requiring assessee to furnish return of income in the prescribed form and verified in prescribed manner, therefore, the notice issued u/s 142(1) was well within the framework of procedure for assessment provided under Chapter (xiv) and and notice could not be held to be invalid on account of mere mentioning of an unnecessary section therein, i.e., section 153A..
The Department of Industrial Policy & Promotion(DIPP) has taken notice of the news reports regarding issue of notices by Income Tax authorities to Angel Investors/Start-ups. DIPP in consultation with the Department of Revenue (DoR) has put in place a mechanism since April 2018 to grant exemption from the provisions of Section 56(2)(viib) of the Income […]
Term insurance is a necessity in today’s times. But do read this article before you sign up for one. When it comes to buying insurance, you are focussed on providing the best for yourself and your loved ones. But you are a little sceptical about buying term insurance – after all, the term plan does […]
In today’s day and age, there is a wide range of investment plans available in the market in order to cater the different financial needs of the individuals. If we talk about a lucrative option of investments, then ULIP plans have emerged as a great option of investment in the past few years. With the […]
Customs Rate of Exchange of Foreign Currency Conversion wef 21.12.2018 notified vide Notification No. 99/2018 – Customs (N.T.) dated 20th December, 2018.
1. Assessment & Adjudication- Cross empowerment of Tax Officials, within a State/ UT The validation that State officer can assess taxpayers assigned to the concerned State only ( & vice versa) has been removed. Thus CBIC officials can now do assessment of a taxpayer assigned to a State (& vice versa), within the jurisdiction of […]
Greater success of any invention lies in an idea which had paved the way for such invention. We have been always appreciating and enjoying, whenever there comes an idea out of nowhere and takes the world by storm and creates a huge business opportunity for the world, let it be an idea of introducing an online market to the 1.2 billion population or thinking of the concept of Peer to Peer(P2P) lending.
Understanding CPA in motor insurance: what it means, how it increases premiums, and the benefits of higher coverage for vehicle owners.
Understanding the new CPA mandate for vehicle owners in India. Learn about the increased insurance coverage and higher premiums.
