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Ca. Brijesh Baranwal

Latest Posts by Ca. Brijesh Baranwal

No Income Tax on Compulsory Acquisition of Rural Land

February 29, 2024 1173 Views 1 comment Print

Explore how land acquisition for development projects like road widening impacts taxation for rural landowners under the Income Tax Act and RFCTLARR Act.

Deductions Available under Old Vs. New Regime of Income Tax

April 24, 2023 11739 Views 0 comment Print

Explore the deductions available under the Old vs. New Income Tax Regime effective from 01.04.2023 (FY 2023-2024, AY 2024-2025)

Income Tax Reassessment Notices Under New Provisions

May 5, 2022 6975 Views 0 comment Print

Understanding the implications of the Honble Supreme Court order on income tax reassessment notices under new provisions. Learn more here.

Income Tax Returns (ITRs)-Forms and Due Dates

November 7, 2021 24633 Views 4 comments Print

EXTENSION OF DUE DATES  Central Board of Direct Taxes (CBDT), through its Circular No. 17/2021, dated September 9, 2021, has extended the due date for filing Income Tax Returns (ITRs) for Assessment Year 2021-2022 (Financial Year 2020-2021). The said extension of time lines for income tax returns and audit reports (wherever applicable) have been summarized […]

Appeal to Commissioner of Income Tax

January 14, 2020 15324 Views 3 comments Print

In recent times, cases of additions of income by respective Income Tax Officers/Assessing Officers have increased substantially. Factor such as demonetization, increased reliance on information technology and availability of tremendous data available with the Income Tax Department have contributed in the growth of litigations between the assessees and the income tax department. APPEAL BEFORE COMMISSIONER […]

Tax Audit Under Income Tax Laws

September 28, 2019 15558 Views 4 comments Print

As per the combined readings of provisions of sections 44AB, 44AD and 44ADA of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be), or carrying on a profession whose gross receipts exceed Rs. 50 Lakh in the relevant assessment year, must get his/her accounts audited.

Income Tax Returns (ITRs)-Forms, Due Dates and Late Fees

August 8, 2019 30849 Views 1 comment Print

The last date for filing Income Tax Return is July 31st of every year (Extended up to 31st August 2019 for Assessment Year 2019-2020 and with few certain exceptions as provided above), which can be belatedly filed up to March 31. For example, Income Tax Returns for  Assessment Year 2019-20 (Financial Year 2018-2019), can be filed belatedly till 31st March 2020.

10 Points To Remember In Budget 2019-20

February 1, 2019 2421 Views 1 comment Print

Standard deduction for salaried persons has been increased to Rs. 50,000 from earlier Rs. 40,000. Long term capital gains exemption under section 54 for sell of residential house has been extended to two residential houses from one earlier, for capital gains up to Rs. 2 Crores.

12 Points To Know For NRIs / To Be NRIs

October 24, 2018 2673 Views 1 comment Print

CA Brijesh Baranwal 1. NRIs whose taxable Indian Income exceeds basic exemption limit or who have earned short-term or long-term capital gains from sale of any investments or assets are liable to file income tax return in India, even if the gains are less than the basic exemption limit. 2. Exception: If taxable income consisted […]

Filing Income Tax Returns In India- for Residents and NRIs

October 24, 2018 5316 Views 0 comment Print

Under the provisions of Indian Income Tax Laws, if the income of a person exceeds the basic exemption limit, filing of Income Tax Return (ITR) is required. However, In those cases where a person have an asset or financial interest in an entity located outside India or he/she is signing authority in a foreign bank account, then filing of Income Tax Return (ITR) is mandatory even if income is below exemption limit.

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April 2024