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Nidhi Surana Jain

Latest Posts by Nidhi Surana Jain

Treatment of Cash Sales as Unexplained Cash Credit | Section 68

April 25, 2020 17115 Views 2 comments Print

Is addition u/s 68 of the Income Tax Act justified in case of Cash Sale duly credited in P & L Account and offered for taxation? During the Demonetization period (i.e. 09/11/2016 to 31/12/2016), there has been a huge deposition of cash in old demonetized currency (or SBN) notes in various Bank Account. It was […]

TCS on Sale of Goods under Income Tax Laws wef 01.10.2020

April 11, 2020 261564 Views 38 comments Print

Every seller, whose total sales, gross receipts  or turnover from the business carried on by him exceed ₹ 10 Crores during the FY 2019-20 & onwards, who receives any amount  as consideration for sale of any goods (excluding exports) of the value or aggregate of such value exceeding ₹ 50 Lakhs in any previous year shall at the time of receipt of such amount collect a sum equal to 0.1% of the sale consideration exceeding ₹ 50 Lakhs as Tax Collected at Source (TCS) from the buyer.

E-assessment -A Comprehensive In-Depth Analysis & Elucidation

November 8, 2019 18585 Views 3 comments Print

E- Assessment is a roadway towards a paperless, faceless assessment stripping away at bureaucratic layers. E-Assessment didn’t just magically appear from nowhere, it was tried and tested by the Income tax Department before going forth with the E-ASSESSMENT SCHEME, 2019. To understand any scheme, one needs to understand how it came to be formulated. So, […]

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April 2024