The Central Government shifted to the Faceless Assessment Scheme 2019, in Sept 2019, in which there is no in-person interaction between taxpayers and the tax officers. This was done to bring transparency in the tax administration. The assessee can E-File the reply on the income tax portal from the comfort of his home without any […]
A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The […]
Clause 98 of the Finance Bill 2020 has introduced Section 271AAD in the Income Tax Act relating to penalty for (a) a false entry or (b) any entry relevant to computation of total income of such person has been omitted with the intention to evade any tax liability in the books of account maintained by […]
115BBE. Tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D.—(1) Where the total income of an assessee includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, the income-tax payable shall be the aggregate of
Avoid penalties for non-filing of ITR before December 31st, 2019. Learn about Section 271F and the consequences of not filing your income tax return on time.
Certain major amendments were made in Income Tax provisions through Finance Act 2018.This write-up is just to highlight amendments in brief mainly applicable from A.Y 2019-20.
Plethora of Obligations under Direct Taxes and GST during July 2018 – A case for extension/re-setting of due date of filing return of income. The tax professionals will be overloaded with obligations/compliances under the Income Tax and GST in the month of July 2018 which are summarized as under:-
The quarterly return for the quarter ending 31/03/2018 for a composition dealer is to be filed by 18th of April 2018. The professionals as well as the dealers were cought unawares when they came to know about the new offline utility made available on 06/04/2018 on the GSTN Portal.
