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CIT(A)’s Power to Enhance Assessment – Too Wide but “Too Narrow”

1. CIT (A) is the first Appellate Authority under the Income Tax Act, 1961 to whom the Assessee can approach if he is aggrieved by the Order of the Assessing Officer. The CIT(A) shall dispose the appeal so filed by exercising his powers u/s 251 of the Act, which reads as under: – Powers of […]...

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Posted Under: Income Tax |

In-depth analysis of overriding effect of Section 43B of I.T. Act, 1961 

CA Gaurav Pahuja Background While the issue regarding the deduction of employer’s contribution made after due date, in funds set up for welfare of employees is well settled now, the practice of disallowing the claim of the assessee employer on account of delayed deposit of employee’s contribution is continued by the Income Tax Departm...

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Posted Under: Income Tax |

Income Tax E-Proceedings -An Aurora of New Era

CBDT is taking initiatives to make income tax proceedings paperless, faceless, nameless and jurisdiction-less to bring about transparency and accountability in assessments under Income-tax laws. ...

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Posted Under: Income Tax |

Finance Bill, 2019 passed by Lok Sabha

Finance Bill 2019 is passed by Lok Sabha on 12.02.2019 and Text of the same is as follows:- AS PASSED BY LOK SABHA ON 12-2-2019 Bill No. 5-C of 2019 THE FINANCE BILL, 2019 A BILL to continue the existing rates of income-tax for the financial year 2019-2020 and to provide for certain relief to […]...

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Posted Under: Income Tax |

Taxability of Lump sum Payments or Monthly Financial Assistance

Lump sum Payments or Monthly Financial Assistance made gratuitously or by way of compensation or otherwise to window / other legal heirs of employee after his death is taxable or not...

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Posted Under: Income Tax |

Interim budget has good news for property owners as well

This interim budget as expected intends to harvest good votes in the election season and has therefore proposed various beneficial proposals for small tax payers It  proposes various provisions which are beneficial for the owners of property. Let us discuss. Enhancement for limit on TDS on rent The Finance Minister (FM) has proposed to e...

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Posted Under: Income Tax |

All about Cash receipt exceeding Rs 2,00,000 under Income Tax Act

There are various provision inserted via Finances Act to put a limit on Cash Transaction for a check on Black Money and Tax Theft, below are the following provision applicable to Assesses (Liable for Audit u/s 44 AB of the Act) SECTION 269ST PROVISION OF SECTION 269ST: No person shall receive an amount of two lakh rupees or more— [&...

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Investment Options beyond Section 80C

As the deadline for investments related to tax savings nears, individuals should look at various options to save tax under the Income-tax Act, 1961. Section 80C offers a tax deduction of Rs 1.5 lakh for investment in five-year bank/post office deposits, contribution to Public Provident Fund, Employees’ Provident Fund, life insurance pre...

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Deductibility of cess on indirect taxes under Income Tax Law

In this article, an effort has been made to contend that the cesses payable are a deductible expense under section 37(1) r.w. section 40(a)(ii) of the Income tax Act, 1961 (hereinafter referred to as the ‘Act’). It is well settled that the cess levied on indirect taxes is an allowable expenses and thereby the sole focus of the article...

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Overview of TDS and TCS Provisions

Compliance of TDS and TCS provisions is one of the important aspects for every business. However, it is also a tricky issue since there are so many provisions and also due to frequent insertion of new provisions. Non Compliance with these provisions leads to payment of Interest, Late Filing Fee, Penalties and also punishable with [&hellip...

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Posted Under: Income Tax |