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Is last Para of Income Tax Circular No. 13 of 2021 consistent with legal provisions?

July 3, 2021 11406 Views 1 comment Print

Is last Para of Income Tax Circular No. 13 of 2021 dated 30th June, 2021 consistent with legal provisions? Second Proviso to Section 206C(1H) reads as ‘the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased […]

Is Income Tax Circular No. 11 of 2021 consistent with legal provisions?

June 23, 2021 10398 Views 5 comments Print

Section 206AB(1) [and Section 206CCA(1)] contains the word ‘Where’, so it is quite obvious that one has to decide as to someone (probable deductee or collectee) is specified person or not as on the relevant date of deduction or collection at source.

Registration process for online TDS/TCS return filing & upload

July 30, 2020 98380 Views 7 comments Print

Step by step process of registration for online TDS/TCS return filing and upload 1. First of all, allow the pop-ups in your browser (following is the screenshot of chrome browser). Afterwards, don’t forget to block it again. 2. Now open http://tdscpc.gov.in/ and make login as usual. You will find a link with words “Register at […]

TDS- How to download Justification report?

April 8, 2020 31949 Views 54 comments Print

Nowadays, nearly every deductor or collector of tax at source is getting default report/Intimation u/s. 154 of I T Act, 1961 from www.tdscpc.gov.in . Those reports/intimation only say that this is the amount of default which may be due to late fees, interest on short payment, interest on late payment etc.

Can Assessing Officer enforce payment of Advance Income Tax?

March 26, 2020 22142 Views 3 comments Print

Section 234B and Section 234C provides for the interest payment, in case non-payment/short payment of advance income tax. But can the Assessing Officer enforce the payment of Advance Income Tax?

Excel Utility to Compare Income Tax | Old & New Regime | Budget 2020

February 6, 2020 34491 Views 3 comments Print

This is an Excel Utility with the help of which one can make simple calculations regarding comparative study of Income Tax as per old regime and income tax as per new regime laid down under budget 2020. User is requested to refer to the yellow colored cells of this utility specifically for giving inputs and […]

Comparative Study of Old and New Regime of Income Tax Slabs

February 6, 2020 3399 Views 1 comment Print

Comparative Study of Old and New Regime of Income Tax Slabs- In Budget-2020 proposals, new section 115BAC is proposed to be inserted w.e.f. AY 2021-22.  Some of the salient features of which are as under. 1. It is optional. 2. It is for Individual and HUF only. 3. It is subject to other special rates […]

Legal validity of newly inserted schedule in ITR-4 SUGAM of AY 2020-21?

January 8, 2020 11358 Views 3 comments Print

Question on legal validity of newly inserted schedule in ITR-4 SUGAM of AY 2020-21 As we know, Schedule regarding ‘Financial Particulars of Business’ has been removed from ITR-4 SUGAM of AY 2020-21. And new schedule titled as ‘Particulars of Cash and Bank Transactions Relating to Presumptive Business’ has been inserted which asks following details. These […]

Excel Utility to check Interest u/s. 234A, 234B and 234C

November 11, 2019 129219 Views 16 comments Print

Please find attached herewith an Excel Utility to check the Interest u/s. 234A, 234B and 234C of Income Tax Act, 1961.  It’s a utility in which you need to enter very few details in just 2 minutes and you will get instantly a detailed report with descriptions as to how the interest under above mentioned sections are calculated.  Hence, in 2 minutes, the calculation can be done which otherwise would have consumed your plenty of time.

Legal validity of certain major changes in ITR Schema

July 18, 2019 2721 Views 0 comment Print

Does it seem that the legal validity of certain major changes in ITR Schema is questionable? Attempt to analyse with reference to legal provisions. Recently there have been made very major changes regarding reporting of details of long term capital gain transactions in schemas of ITR-2 and ITR-3. And CBDT has issued clarification through press […]

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