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Do you know that on a particular portion of your income, the quantum of tax levied on income is higher than the quantum of such income? No. Then let’s understand the concept of income-tax rates in India, marginal relief and the inconsistency in the provisions of the Income-tax Act, 1961 while providing the relief to […]...
Read MoreThe season for filing income tax returns (ITR) is gathering pace as the due date of 31st July is approaching for the majority of taxpayers. Before you actually sit down to file your ITR or visit the office of your tax advisors, you need to do some ground preparation so that the information given in […]...
Read MoreAnnually the Income tax department verifies the accuracy of the income tax returns filed by taxpayers by sending scrutiny notice to them. This is aimed at ensuring that the taxpayer has not understated the income or has not computed excessive loss or has not underpaid tax. Scrutiny notice received by an individual can be grouped […...
Read MoreAs you all are aware that filing of FATCA and CRS for calendar year 2018 is near. Due date for filing of FATCA/CRS return is May 31, 2019. Even when there is no reportable transactions under FATCA/CRS, nil return is mandatory. Government has changed the process of filing of these returns last year and introduced […]...
Read MoreImportant Information on Online Correction of TDS / TCS Challan All type of corrections like Personal information , Deductee details and Challan correction can be made using Online correction functionality available from FY.2007-08 onwards depending upon the type of correction This feature is extremely useful as it is : Free of Cost :TRAC...
Read MoreAs per the Income Tax Department notification 36/2019 dated April 12 2019, the new format to furnish the Form 24Q Quarter 4 statement is applicable with effect from May 12, 2019 onwards. Please download the new version of RPU and FVU to prepare and validate the e-TDS statements. A. e-TDS/TCS Return Preparation Utility Version 2.7 [&hellip...
Read MoreExcel / Jav Utility for ITR 1, ITR 2, ITR 3& ITR 4 for AY 2019-20 is available for e-Filing. Other ITRs will be available shortly. ITR 1 is For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest […]...
Read MoreIncome Tax Department conducted search and seizure operations at 5 locations in the Kashmir Valley on 25.04.2019. The searches were carried out against a group which is a monopolistic wholesale distributor of pharmaceuticals in the Kashmir Valley....
Read MoreThe Delhi unit of the Directorate General of Income-tax (Investigation) initiated search and seizure action on a group in NCR, Bhopal, Indore and Goa based upon credible information of large scale collection, possession and movement of unaccounted assets, a few weeks back....
Read MoreTime limits for uploading old pending appeals/disposals and current disposals made during FY 2018-19 In Appeals module of ITBA-reg. Appeals module of ITBA was rolled out in June 2015 and since then incessant efforts have been made to upload and bring all the pending appeals in the system....
Read MoreM/s. Dalmia Power Limited Vs ACIT (Madras High Court) - M/s. Dalmia Power Limited Vs ACIT (Madras High Court) a) The scheme of arrangement and amalgamation approved by the National Company Law Tribunal under Section 391 of the Companies Act gives statutory force to enable the respective petitioners to file the revised returns of income beyond the prescri...
Read MoreCIT Vs Union Bank of India (Bombay High Court) - CIT Vs Union Bank of India (Bombay High Court) To align the Income Tax Act with the Companies Act, 1956 it was decided to amend Section 115JB to provide that the companies which are not required under Section 211 of the Companies Act, to prepare profit and loss account in accordance with Schedule ...
Read MoreHeritage Hospitality Ltd. Vs DCIt (ITAT Hyderabad) - AO’s opinion that since TDS made u/s. 194-I, incomes are to be assessed under head ‘income from house property’ can not be accepted. Moreover, even if assessee has let out property but, when the Memorandum of Association permits the business of letting out of properties as such, the income can...
Read MoreK. Chandrasekaran Vs TRO (Madras High Court) - K. Chandrasekaran Vs TRO (Madras High Court) The present impugned order is put to challenge mainly on three grounds. The first ground raised is that the petitioner was not put on notice before passing the impugned order. When such contention is specifically raised by the petitioner, it is the duty o...
Read MorePr. CIT Vs M/s. Sungard Solutions (I) Pvt Ltd (Bombay High Court) - Pr. CIT Vs M/s. Sungard Solutions (I) Pvt Ltd (Bombay High Court) Seat of the Tribunal (in which State) would decide the jurisdiction of the Court to which the appeal would lie under the Act. In the present case, the orders were passed by the Bangalore Bench of the Tribunal (even if the assessment...
Read MoreCircular No. 10/2019 - (22/05/2019) - Condonation of delay in filing of Form no. 10B (audit report by trust/institution) for Assessment Years 2016-17 and 2017-18 by CBDT vide Circular No. 10/2019 dated 22nd May, 2019 subject to fulfillment of conditions prescribed by CBDT. Circular No. 10/2019 F.No.197/55/2018-ITA-1 Government of India ...
Read MoreF No 370142/6/2019-TPL - (21/05/2019) - Rule 17B of the Rules provide that said report of audit of the accounts of a trust or institution shall be in Form No. 10B. The Form No 10B besides providing the Audit Report provides for filing of Statement of particulars as Annexure....
Read MoreOffice Order No. 116 of 2019 - (20/05/2019) - Office Order No. 116 of 2019 – Transfer & Posting in the grade of Chief Commissioner of Income Tax – reg. F.No.A.22011/5/2019-Ad.VI Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Dated 20.05.2019 Office Order No. 116 of 2019 The ...
Read MoreCircular No. 8 - (10/05/2019) - It is hereby clarified that the phrase fund manager in Section 9A(4)(b) of the Income-tax Act includes an AMC as approved by SEBI under the SEBI (Mutual Funds) Regulations, 1996. A notification (No. 27/2019 dated 20th March 2019) has already been issued to include the Securities and Exchange Board o...
Read MoreOffice Order No. 114 of 2019 - (16/05/2019) - Office Order No. 114 of 2019 The President is pleased to appoint the following officers in the grade of Assistant Commissioner of Income Tax (ACIT) against the vacancy year 2014-15 in Level-IC of the Pay Matrix Rs. 56100-177500/- on regular basis with immediate effect or until further order on in-si...
Read MoreCircular No. 10/2019 - (22/05/2019) -
M/s. Dalmia Power Limited Vs ACIT (Madras High Court) -
CIT Vs Union Bank of India (Bombay High Court) -
Heritage Hospitality Ltd. Vs DCIt (ITAT Hyderabad) -
K. Chandrasekaran Vs TRO (Madras High Court) -
