Customers facing trouble due to abrupt closure of current accounts and TDS on cash withdrawals. Learn more about the RBI guidelines and how it affects bank customers.
In case of Public Charitable Trusts, with a view to prevent hardships faced by the TRUSTS in filing the Form 10 and in exercise of the powers conferred under section 119(2)(b) of the Income Tax Act 1961, the CBDT has issued Circular No. 6/2020 dated 19.02.2020 giving powers to the Jurisdictional Commissioners to admit Condonation […]
Avoid the burden of huge tax on belated filing of return of income. Learn about the consequences and possible solutions.
The Ministry of Finance has issued a notification (F. No.2/12/2020-BOA.I dated 23.10.2020) announcing the scheme for grant of ex-gratia payment of difference between Compound Interest and Simple Interest for six months to the borrowers in specified loan accounts (01.03.2020 to 31.08.2020) wherein the following issues are to be addressed in order to make the scheme […]
CRITICAL COMPARISON AND ANALYSIS OF PRESUMPTIVE TAX PROVISIONS UNDER INCOME TAX ACT 1961 – 44AD, 44ADA & 44AE I. APPLICABILITY 1. Section 44AD clearly specifies the ‘Eligible Assessee’ as ‘all resident Individuals, HUFs, or Firms (excluding Limited Liability Partnership Firms)’ engaged in ‘Eligible Business’, which is defined by an exclusive clause by specifying the businesses […]
PRACTICAL DIFFICULTIES IN CASE OF ASSESSEES LIABLE TO PAY SELF ASSESSMENT TAX OF Rs. 1 LAKH OR MORE FOR THE YEAR ENDED 31.03.2020. As per he CBDT’s Press Release dated 24.06.2020 if the Self Assessment Tax payable is more than Rs. 1 Lakh the whole of the tax is to be paid by the specified […]
While the entire Business Operations are shut down, the Business Community is under stress because many have to shut down their operations permanently due various reasons which are beyond their control, which they might not have dreamt of. To give stimulus to the suffering business community and to fight the epidemic the CBDT can announce […]
The case is selected for scrutiny by CASS (Computer Aided Scrutiny Selection) for the Assessment Year 2017-18 and the officer sends notice of hearing to the Assessee to attend the office on a particular day with supporting documents such as Books of Account, vouchers, Bank Pass Books etc.
Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who is not claiming deduction under section 10A, 10AA, 10B &10BA or deduction under Chapter VI A under the heading ‘C -Deductions in respect of certain Incomes and derives income from any business except
The Income Tax Returns for the Assessment Year 2017-18 were selected for scrutiny via e-proceedings for those Assessees, who have deposited more than Rs. 2 Lakhs in cash in Banks after 8th November 2016, being the date on which Demonetization was announced by our honourable Prime Minister of India. Cash Books, Sales Invoices, Copies of […]
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