Income Tax : Explore rationale behind rationalizing income tax rates in India, its impact on compliance, and potential benefits for taxpayers. ...
Income Tax : Explore the effects of automation on taxpayers and the Income Tax Department. Discover the challenges, benefits, and areas for imp...
Income Tax : Explore whether the functioning of NFAC serves its intended purpose. Find out how the assessment orders and litigation are affecte...
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....
Income Tax : The case is selected for scrutiny by CASS (Computer Aided Scrutiny Selection) for the Assessment Year 2017-18 and the officer send...
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 mini...
Finance : It is a welcome proposal that the government will pay the interest outstanding as on 31.12.2103 for the education loans taken up t...
Explore rationale behind rationalizing income tax rates in India, its impact on compliance, and potential benefits for taxpayers. Read more about proposed reforms and their implications.
Explore the effects of automation on taxpayers and the Income Tax Department. Discover the challenges, benefits, and areas for improvement in this detailed analysis.
Explore whether the functioning of NFAC serves its intended purpose. Find out how the assessment orders and litigation are affected.
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 […]
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.
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
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 […]
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:
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 […]
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 […]
