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Undisclosed foreign assets of more than Rs. 1000 crore detected

Taking forward the mission of the Government against black money, particularly undisclosed foreign assets, the Income Tax Department conducted searches on 19th January, 2020, on a group which has been on their radar for having substantial undisclosed foreign assets. The operation covered 13 premises in NCR....

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Posted Under: Income Tax |

Tax Invasion is a Social Injustice to fellow citizens: Chief Justice of India

Tax Invasion is a Social Injustice to fellow citizens: Chief Justice of India. Tax Judiciary plays an important role in resource mobilization of the country; Artificial Intelligence is a new hope for Public Institutions; Inaugurates 79th Foundation Day Celebrations and All India Members' Conference of the Income Tax Appellate Tribunal...

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Posted Under: Income Tax |

Budget 2020- Increase Tax Exemption Slabs / Section 80C Deduction/ Cash Transaction Limit

Punjab Accountants Association hs requested Honourable Union Finance Minister, Ms. Nirmala Sitharaman to revise Income-tax Slab for the Financial Year 2020-21, Increase Cash transaction in a day to atleast Rs. 20,000 and to increase section 80C deduction limit to Rs. 2,00,000....

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Posted Under: Income Tax |

Section 234F Fee for delayed filing of return causing undue hardship

The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31St December of the relevant assessment year and Rs.10,000, in other cases. However, it is also proposed to restrict the fees to Rs.1,000, where the total income does not exceed five lakh rupees....

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Posted Under: Income Tax |

Fix the global tax system to fix the inequality crisis: ICRICT

The inequality crisis remains unaddressed and out of control. Hundreds of millions of people are living in extreme poverty while large rewards go to those at the very top. In 2019, the world’s billionaires, only 2,153 people, had more wealth than the poorest  4.6 billion people combined, according to Oxfam. A new generation of inequali...

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Posted Under: Income Tax |

Increase GST Registration limit to Rs. 40 Lakh and Income Tax exemption Limit to Rs. 5 Lakh

Threashold limit for registration under GST on services should be enhanced from Rs 20 Lakhs to Rs 40 Lakh on the line of Traders and Manufacturers. The exemption limit for personal income tax should be 5 lakhs for the trader who carry on business under proprietorship, or is a partner or is a director in company which is registered under G...

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Posted Under: Income Tax | ,

10 Useful Utilities at TRACES released by CPC (TDS) in Year 2019

During the past year 2019, CPC (TDS) released a host of useful utilities at TRACES, including the following- 1. DIN Verification Functionality on TRACES Homepage wherein taxpayer can verify communication received from the department. 2. Aadhar based authentication in CPC (TDS) as additional authentication mode for TRACES users. 3. Form 16...

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Posted Under: Income Tax |

New e-TDS/TCS Return Preparation Utility & FUV wef 27.12.2019

This article explains about e-TDS/TCS Return Preparation Utility Ver. 3.0 for Regular & Correction quarterly e-TDS/TCS statements from FY 2007-08, File Validation Utility (FVU) version 6.5 for quarterly e-TDS/TCS statement pertaining to FY 2010-11 onwards and File Validation Utility (FVU) version 2.161 for quarterly e-TDS/TCS statemen...

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Posted Under: Income Tax |

Join Online GST & Income tax Certification Courses

TaxGuru Edu, an educational wing of Taxguru bring you the best in class Online Certification Courses on GST and Income tax. Learn taxes in a Practical way and become an Expert in this field.  Online Certification Course on Income Tax – Batch 2 The Online Income Tax Course covers major aspects of Income Tax Law […]...

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Pre Union Budget 2020 Representation/Suggestions

Punjab Tax Bar Association has made few suggestions by way of Memorandum to Hon’ble Finance Minister with respect to Union Budget, 2020 which is likely to be tabled in the Parliament on 1st Feb, 2020. Relevant Text is as follows:- P T B A PUNJAB TAX BAR ASSOCIATION (A SYMBOL OF BARS UNITY) President : […]...

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Posted Under: Income Tax |