CA M. Lakshmanan

Whether functioning of NFAC serves the purpose for which it was brought in?

Income Tax - From the way in which the NFAC functions it is inferred that the purpose for which it was established is not served viz. litigation will be reduced to a very great extent as the assessment orders will be perfect in all respects because each unit is headed by Principal Chief Commissioner of Income Tax/Principal Director […]...

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Section 234A Interest for extended period if Self-Assessment Tax exceeds ₹ 1 Lakh

Income Tax - PRACTICAL DIFFICULTIES IN CASE OF ASSESSEES LIABLE TO PAY SELF ASSESSMENT TAX OF Rs. 1 LAKH OR MORE FOR THE YEAR ENDED 31.03.2020. As per he CBDT’s Press Release dated 24.06.2020 if the Self Assessment Tax payable is more than Rs. 1 Lakh the whole of the tax is to be paid by the specified […]...

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Income Tax Scrutiny after digitization

Income Tax - The case is selected for scrutiny by CASS (Computer Aided Scrutiny Selection) for the Assessment Year 2017-18 and the officer sends notice of hearing to the Assessee to attend the office on a particular day with supporting documents such as Books of Account, vouchers, Bank Pass Books etc....

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Practical issues in Presumptive Taxation – 44AD, 44ADA & 44AE

Income Tax - Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who is not claiming deduction under section 10A, 10AA, 10B &10BA or deduction under Chapter VI A under the heading ‘C -Deductions in respect of certain Incomes and derives income from any business except...

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Taxation of Deposits Made With Banks in SBNs

Income Tax - The Income Tax Returns for the Assessment Year 2017-18 were selected for scrutiny via e-proceedings for those Assessees, who have deposited more than Rs. 2 Lakhs in cash in Banks after 8th November 2016, being the date on which Demonetization was announced by our honourable Prime Minister of India. Cash Books, Sales Invoices, Copies of [&...

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Belated Release of ITRs and burden of Interest U/s. 234 B

Income Tax - At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance minister due to complicated nature of Return Forms. It was further informed by the CBDT that department will release new simplified ITR forms with return filing utility by 3rd week of June 2015....

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Interim Budget – Waiver of Interest on Education Loan

Income Tax - It is a welcome proposal that the government will pay the interest outstanding as on 31.12.2103 for the education loans taken up to 31.03.2009 and the borrower has to pay interest from 01.01.2014. But for those who have paid interest whether the same will be refunded or the interest portion will be deducted from the principal payable. ...

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Recent Posts in "CA M. Lakshmanan"

Whether functioning of NFAC serves the purpose for which it was brought in?

From the way in which the NFAC functions it is inferred that the purpose for which it was established is not served viz. litigation will be reduced to a very great extent as the assessment orders will be perfect in all respects because each unit is headed by Principal Chief Commissioner of Income Tax/Principal Director […]...

Read More
Posted Under: Income Tax |

Section 234A Interest for extended period if Self-Assessment Tax exceeds ₹ 1 Lakh

PRACTICAL DIFFICULTIES IN CASE OF ASSESSEES LIABLE TO PAY SELF ASSESSMENT TAX OF Rs. 1 LAKH OR MORE FOR THE YEAR ENDED 31.03.2020. As per he CBDT’s Press Release dated 24.06.2020 if the Self Assessment Tax payable is more than Rs. 1 Lakh the whole of the tax is to be paid by the specified […]...

Read More
Posted Under: Income Tax |

Income Tax Scrutiny after digitization

The case is selected for scrutiny by CASS (Computer Aided Scrutiny Selection) for the Assessment Year 2017-18 and the officer sends notice of hearing to the Assessee to attend the office on a particular day with supporting documents such as Books of Account, vouchers, Bank Pass Books etc....

Read More
Posted Under: Income Tax |

Practical issues in Presumptive Taxation – 44AD, 44ADA & 44AE

Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who is not claiming deduction under section 10A, 10AA, 10B &10BA or deduction under Chapter VI A under the heading ‘C -Deductions in respect of certain Incomes and derives income from any business except...

Read More
Posted Under: Income Tax | ,

Taxation of Deposits Made With Banks in SBNs

The Income Tax Returns for the Assessment Year 2017-18 were selected for scrutiny via e-proceedings for those Assessees, who have deposited more than Rs. 2 Lakhs in cash in Banks after 8th November 2016, being the date on which Demonetization was announced by our honourable Prime Minister of India. Cash Books, Sales Invoices, Copies of [&...

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Posted Under: Income Tax |

Confusion in Claiming Deduction under Section 80TTB

Section 80TTB introduced from Financial Year 2018-19 allows a deduction up to Rs. 50,000 in respect of interest income from deposits held by senior citizens from his gross total income if it includes any income by way of interest on deposits (not being time deposits) in a savings account, a deduction amounting to: ...

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Posted Under: Income Tax |

PPT on Presumptive Taxation under Income Tax Act

PRESUMPTIVE TAX INTRODUCTION Sections 44AD, 44ADA & 44AE Introduced to help small business men, Traders and Professionals i. Section 44AD – Small Business/Traders for Turnover up to Rs. 2 Crores ii. Section 44ADA – Professionals – Gross receipts up to Rs. 50 Lakhs iii. Section 44AE – Truck owners owning not more than 10 trucks...

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Posted Under: Income Tax |

Fine Tuning required for Presumptive Taxation- 44AD, 44ADA & 44AE

Once a taxpayer opts for this Scheme and files the returns of income for a  year and in the subsequent year if he declares lower income than the prescribed percentage then he shall not be eligible to claim the benefit of this section for the next five years and in addition if his total income […]...

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Posted Under: Income Tax |

Problems in Credit For TDS & Form No. 26AS

The Annual Tax Statement under section 203AA in From No. 26AS contains ‘Details of Tax Deducted At Source’ in Part A, ‘Details of Tax Collected At Source’ in Part B and ‘Details of Tax Paid (Other than TDS and TCS)’ in Part C basing on the data available with the department through OLTAS (On Line Tax Accounting System)....

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Posted Under: Income Tax | ,

Reverse Charge Mechanism Back Fires

If a registered dealer or a service provider gets supply or service from an unregistered dealer or service provider taxable goods or services and the value of supply is more than Rs. 5,000/- in a day, the service receiver has to pay GST at the rates applicable for the goods or services received and he can claim credit by deducting the sam...

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Posted Under: Income Tax |

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