Income Tax - Page 2

Section 193 & Section 194A : An insight into some Issues

There are some issues under these sections which need discussion; an effort has been made on my part to cover some of them in the form of this article. Firstly, whether discount portion of certificate of deposits /commercial papers etc is covered under these sections and whether TDS is required to be made on that […]...

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New Income Tax Regime vs Old Tax Regime

The new tax regime was seems to be a gift for the taxpayers by offering the lowest tax rates. But unfortunately it came with a  lots of drawbacks. It has created a lot of confusions among the tax payers to choose between these two schemes. However,Salaried and pensioners have the option to change according to […]...

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Key Changes in Income Tax Return (ITR) Form for AY 2021-22

Notification No. 21/2021 of Income Tax Act, 1961 31/03/2021

Key Changes in ITR for AY 2021-22 Vide Notification No. 21/2021 dated 31st March 2021, the Central Board of Direct Taxes (CBDT) notifies Income Tax (7th Amendment) Rules 2021. In this notification, Rule 12 of the Income Tax Rule, 1962 is being amended and Income Tax Return forms for AY 2021-22 are being notified. This […]...

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Private Vehicle is Not A Public Place |Section 43 | NDPS Act | SC

Boota Singh Vs State of Haryana (Supreme Court of India)

Boota Singh Vs State of Haryana (Supreme Court) The evidence in the present case clearly shows that the vehicle was not a public conveyance but was a vehicle belonging to accused Gurdeep Singh. The Registration Certificate of the vehicle, which has been placed on record also does not indicate it to be a Public Transport […]...

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Exempt income cannot be taxed merely for not mentioning in ITR ‘Schedule EI’

Goodwill Management Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Goodwill Management Pvt. Ltd. Vs DCIT (ITAT Bangalore) The assessee, out of ignorance or inadvertence has omitted to mention the details of exempt income in the relevant ‘Schedule EI’. So, the ignorance of the assessee or inadvertent mistake committed by the assessee should not come in his way in claiming exemption, which is o...

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Some Important Aspects of HUF under Income Tax Act 1961

HUF means HINDU UNDIVIDED FAMILY. HUF is taxed separately from an individual i.e. its members. Only Hindu, Janis, Buddhists and Sikhs family can come together and form a HUF. HUF is a separate entity under the Income Tax Act and has its own PAN and files Income Tax Returns independent of its member. Hindu Succession […]...

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Sale Consideration cannot be Determined merely on Form 26AS

Jaya Prakash Vs ITO (ITAT Bangalore)

Jaya Prakash Vs ITO (ITAT Bangalore) Admittedly in this case, the CIT(A) determined the sale consideration on the basis of Form 26AS without seeing the actual sale deed entered by the assessee with concerned parties. In our opinion, sale consideration cannot be determined only on the basis of Form 26AS. The provisions of s.2(47)(v) can [&...

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Section 144 Assessment based on credit entries in bank- Draft Submission

Looking only at the credit entries of the bank and assessment made u/s 144. The assessment framed is vague without looking at the complete bank of the assessee. This article contains the written submissions regarding how important it is looking at the complete material for reopening of assessment and assessment framed u/s 144 of the [&hel...

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Section 50C of Income Tax Act & new Pandora of Litigation

Section 50C, 43CA of the Income Tax Act and Safe Harbour Rule thereof The idea to write this piece came to my mind while I was going through the capital gain provisions and a recent judgment of Mumbai ITAT, pronounced on 15.01.2021 in the matter of Maria Fernandes Cheryl came to my notice and my […]...

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Investment options available post EPF taxability

Until now, one of the best savings and investment option for a salaried person was investment in the employees’ provident fund (EPF) scheme. It inculcates the habit of compulsory savings with a relatively higher interest rate backed by government when compared to other similar investment options. It also provided tax-free income in the ...

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April 2021