Discover the latest Amendments relating to Survey under section 133A of Income Tax Act. Get guidance on relevant sections such as section 133A, 147,148,148A,148B,149,149A,151,153 and 79A of the Income Tax Act.
Taxation is an integral part of any economy for financial management of any Government. Such taxes are not of recent origin rather there is evidence that taxes were levied since ancient times in various forms which may be in kind like grains, gold and forest produce or it may be in the form of money.
Understanding the dilemma faced by composition tax payers in filing GSTR-4. Explore the challenges and complexities of the process in this informative blog post.
Government of India is implementing digitization at a rapid pace in the field of Direct Taxes. In the process a new Income Tax Portal was launched on 6th of June, 2021 with an intention to improve the functioning of income tax portal and to facilitate and ease the filing of Income Tax Returns and various […]
The Finance Act 2021 brought a new re-assessment procedure in respect of an income which has escaped assessment and also in survey, search and seizure cases. In this brief write up I will confine myself only to the impact of new provisions on cases where survey U/S 133A is conducted after 01/04/2021. The Explanatory Memorandum […]
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.
