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Constitutional validity of section 269SU and it’s applicability to foreign companies

In an attempt to promote cashless economy and digital mode of accepting payment, government has introduced section 269SU under Income Tax. Section 269SU prescribes for accepting payment through certain electronic modes as prescribed in addition to other electronic modes. The said provision is made applicable from 1st January 2020....

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Posted Under: Income Tax |

Section 140A(3) Penalty for non-payment of self-assessment tax

Section 140A of the Income Tax Act covers the provisions relating to the payment of self-assessment tax. Whereas, section 140A (3) of the Income Tax Act deals with the penalty for non-payment of self-assessment tax. As per section 140A (3), if the taxpayer fails to pay the self-assessment tax (either wholly or partly) or interest [&hellip...

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Posted Under: Income Tax |

How to get Old Income Tax Refund?

How to get old Income Tax Refund? Can I do this process online or I have to visit Income Tax Office? Can I file my ITR now to get the old Income Tax Refund? What is the procedure to file application for condonation of delay in Filing of Refund Claim?...

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Posted Under: Income Tax |

Analysis of Income Tax Assessment of demonetisation cases

In its ongoing Operation Clean Money drive (OCM), Various cases were selected for scrutiny assessment for AY 2017-18 where large amount of CASH was deposited during demonetisation period i.e. 9th November 2016 to 31st December 2016. It is observed that while passing order for scrutiny assessment for cash deposited during demonetisation pe...

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Posted Under: Income Tax |

Valuation of Motor Car Provided by Employer as Perquisites

There are various perquisites which are provided by the employer to employee during the year. Motor car as a perquisite is one of the famous perquisites provided by employer. Generally, this kind of perquisite is provided to senior employees of the organization. The taxability of perquisites is covered under Rule 3 of Income Tax Rules, [&...

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Posted Under: Income Tax |

Applicability of Section 269ST on Co-Operative Societies

As per Section 269ST transactions in the nature referred to in Section 269SS are exempted from the ambit of Section 269ST. 269 SS refers to the transactions of receiving Deposits and Loans from others. Therefore, 269 ST is not applicable to the receipt of deposits and loans. ...

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Posted Under: Income Tax |

Tax Rate announced in Budget- Applicable to which year

Why Rates of Income tax to be announced in February 2020 budget will be  applicable for Income Earned in Financial Year (F.Y.) 2020-21 and not for F.Y. 2019-20?...

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Posted Under: Income Tax |

Key Points for Registration of Trust / Society u/s 12AA of IT Act, 1961

The following points have to be observed in connection with Registration of Eligible Entity under Section 12AA of the Income Tax Act, 1961: (01) The due reasonable opportunity of being heard properly has to be provided to the applicant as per Subsection (1) of Section 12AA of the Income Tax Act, 1961. ...

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Posted Under: Income Tax |

20 FAQs on AADHAAR Number Linking in ITD e-Filing website

In this article we compiled information / How to register Aadhaar in ITD e-Filing website, Solution to errors in linking of Aadhaar, Aadhaar in case of HUF/Corporate login, reset password through Aadhaar, Validity of OTP sent from Aadhaar database, How to check Aadhaar number linking, Is it mandatory to link Aadhaar number, De – Lin...

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Posted Under: Income Tax | ,

AMT Provisions under Income Tax Act 1961 (AY 2020-21)

Article explains what is Alternate Minimum Tax (AMT), When to Apply AMT and its rate , Need  For AMT, Applicability of Alternate Minimum Tax (AMT), Non Applicability of Alternate Minimum Tax (AMT), Rate of AMT, Credit & carry Forward of AMT, Some Key Points related to AMT  and calculation of AMT with the help of example....

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Posted Under: Income Tax | ,