CA Sandeep Kanoi

Cost Inflation Index – Meaning & Index from 1981-82 to 2017-18

Income Tax - Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are Notified by CBDT every year and till date CBDT has notified Cost Inflation Index for the Financial Year 1981-82 to Financial year 2016-17. Cost Inflation index are used for computing indexed cost of ac...

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Revised Form No. 3CD Tax Audit Report as applicable from 01.04.2017

Income Tax - Nowadays on Social Media a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same. In this respect we would like to brought to your notice that the from 3D  as applicable from […]...

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CBEC issues two Service Tax notification with same number

Income Tax - We found two Notification on CBEC website of Same Number i.e. Notification No. Notification No. 13/2017-Service Tax. Both are dated differently and are related to different subject. While one is dated as 12th April, 2017 and other one is dated 13th April, 2017. ...

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TDS Rates Chart for FY 2017-18 / AY 2018-19

Income Tax - TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017....

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Tax Terrorism at its peak under BJP regime

Income Tax - Before going through the content of the article let us understand what the word Tax Terrorism means. The term ‘tax terrorism’ was first used by the current Prime Minister Narendra Modi to describe the adversarial approach adopted by tax authorities under Congress lead UPA....

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Wish you all a Very Happy Diwali and Prosperous New Year

Income Tax - We at Taxguru Wishes all our Readers, Staff, Panel Authors, Freelancers, Technical Support Team, Sales team, Editorial Team and Their Family a Very Happy Diwali and Prosperous New Year and wish that New Year shall bring more peace and renewed energy and fulfill your cherished dreams. Regards, Team Taxguru...

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CA Slapped by service Tax Official- Online Petition- CAs Soft target?

Income Tax - In a series of attacks on Chartered Accountants latest is been alleged by A CA from Pune that he has been slapped by a Service Tax Official when he visited his office with his Assistant and client in respect of reset of password of his clients Service Tax Account on online portal of Service Tax Registration....

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Extension of Due Date to 31.10.2015 all over India?

Income Tax - CA Sandeep Kanoi After protest from all over India partial extension by CBDT, Dr. Hasmukh Adhia who took over as Revenue Secretary, Ministry of Finance, Government of India on 01.09.2015 has tweeted on his twitter handle that Because of so many legal verdicts by different courts, we have extended time of filing of audited tax […]...

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Department still amending ITR Schema & Validation Rules but no extension

Income Tax - In this article we have compiled the details of release of Schema of ITR Forms for AY 2015-16 , Schema of Forms (Other than ITR), Schema of Form BB (Return of Net Wealth) for AY 2015-16 and ITR Validation Rules for AY 2015-16 from the details we can make out that department has updated the […]...

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Tax Audit Date Extension- Latest Status of High Courts Appeals

Income Tax - In this article we have summarised the status of Writ Petition filed against non extension of Due date of Tax Audit and Income Tax Return (ITR) filing for cases covered under Tax Audit Provisions, filed in various High Courts All over India. Till Date as per our information Writs been filed in Gujarat, Delhi, Jodhpur, Karnataka, Orrisa, M...

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Exercise of S. 263 on expenses claim withdrawn by Assessee valid: SC

Commissioner Of Income Tax Vs Amitabh Bachchan (Supreme Court of India) - Hon'ble SC held that Making a claim which would prima facie disclose that the expenses in respect of which deduction has been claimed has been incurred and thereafter abandoning/withdrawing the same gives rise to the necessity of further enquiry in the interest of the Revenue....

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Interim Stay order period is to be excluded for computing Limitation Period: SC

VLS Finance Ltd. & Anr. Vs Commissioner of Income Tax & Anr. (Supreme Court of India) - It is not in dispute that the period during which interim stay of the order passed by the court is in operation has to be excluded while computing the period of two years as limitation period prescribed for completing the block assessment. ...

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Amendment to Section 35F of CEA, 1944 are Constitutional: HC

M/s. Hindustan Petroleum Corporation Ltd. Vs Union of India (Karnataka High Court) - Section 35F of the Act has retrospective operation and is not restricted to only prospective It applies to all lis which have commenced prior to or after the enforcement of the amendment, except to cases covered under the second proviso thereof....

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S. 80IC: Despite substantial expansion there cannot be two initial A.Y.

Sh. Sumit Kumar Vs ITO (ITAT Chandigarh) - The initial assessment year has been defined and the expression or' has been used in respect of new units by stating commences operation' or complete substantial expansion'. Here the expression or' is to be read as a mutually exclusive expression which refers to a particular situation by excluding ...

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No Penalty for non disclosure of Income manner, if same was not asked during statement recorded U/s/ 132(4)

DCIT Vs Shri Rajiv Chopra (ITAT Chandigarh) - Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA...

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CBDT rejects KSCAA representation on Extension of ITR/Tax Audit Due Date

F.No.225/207/2016/ITA.II - (30/09/2015) - The Karnataka State Chartered Accountants Association ('KSCAA') has Fled a representation dated 15.09.2015 in Central board of Direct Taxes (CBDT) seeking extension of date for filing returns from 30th, September. 2015. Subsequently KSCAA flied a PIL In Honble Karnataka High Court seeking interventi...

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CBDT extends date only in Punjab, Haryana, UT of Chandigarh and Gujarat

F.No.225/207/2016/ITA.II - (29/09/2015) - Vide its order dated 30.09.2015 CBDT has extended due date only for the state of Haryana, Punjab , Union Territory of Chandigarh and Gujarat. Download Official Copy of the orders in PDF Format F.No.225/207/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Dir...

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Tax Audit / Income tax due date extension order is FAKE : CBDT

NA - (28/09/2015) - It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income-tax Act 1961 under the signature of one Upmanyu Reddy, Under Secretary to the Government of India is in circulation. The fake order extends the due date for fili...

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CBDT notifies new Wealth Tax Return Form & Rules for Online Filing

Notification No. 32/2014-Income Tax - (23/06/2014) - Notification No. 32/2014-Income Tax Form of return of net wealth. — (1) The return of net wealth referred to in section 14 shall— (a) in respect of assessment year 2013‐14 and earlier assessment years in the case of individuals, Hindu undivided families and companies, be in Form BA and shall b...

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Recent Posts in "CA Sandeep Kanoi"

Cost Inflation Index – Meaning & Index from 1981-82 to 2017-18

Article discusses Meaning of Cost Inflation Index (CII) which is used for Computation of Long Term Capital Gain. Cost Inflation index are Notified by CBDT every year and till date CBDT has notified Cost Inflation Index for the Financial Year 1981-82 to Financial year 2016-17. Cost Inflation index are used for computing indexed cost of ac...

Read More
Posted Under: Income Tax | ,

Revised Form No. 3CD Tax Audit Report as applicable from 01.04.2017

Nowadays on Social Media a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same. In this respect we would like to brought to your notice that the from 3D  as applicable from […]...

Read More

CBEC issues two Service Tax notification with same number

We found two Notification on CBEC website of Same Number i.e. Notification No. Notification No. 13/2017-Service Tax. Both are dated differently and are related to different subject. While one is dated as 12th April, 2017 and other one is dated 13th April, 2017. ...

Read More
Posted Under: Income Tax | ,

TDS Rates Chart for FY 2017-18 / AY 2018-19

TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017....

Read More
Posted Under: Income Tax |

Tax Terrorism at its peak under BJP regime

Before going through the content of the article let us understand what the word Tax Terrorism means. The term ‘tax terrorism’ was first used by the current Prime Minister Narendra Modi to describe the adversarial approach adopted by tax authorities under Congress lead UPA....

Read More
Posted Under: Income Tax | ,

Wish you all a Very Happy Diwali and Prosperous New Year

We at Taxguru Wishes all our Readers, Staff, Panel Authors, Freelancers, Technical Support Team, Sales team, Editorial Team and Their Family a Very Happy Diwali and Prosperous New Year and wish that New Year shall bring more peace and renewed energy and fulfill your cherished dreams. Regards, Team Taxguru...

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Posted Under: Income Tax |

Updated List of Exempt Services under Service Tax

In this Article we have prepared a List of Services which are exempt from Service Tax as on date from Service Tax after considering Principal Service Tax Notification 25/2012-Service Tax and subsequent Notifications issued by CBEC from time to time....

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Posted Under: Income Tax | ,

All about ICAI Restriction on Number of Tax Audits

The Article discusses Legislative History behind enactment of Tax Audit Provisions , Imposition of Restriction on number of Such Audit to be Conducted by Chartered Accountants (CAs) by Institute of Chartered Accountant of India (ICAI), Decision of Honorable High Court and Supreme court on the issue, Report of CAG on Violation of ICAI guid...

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Posted Under: Income Tax | ,

Advance Tax Provisions, Payment Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....

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Posted Under: Income Tax | ,

Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

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Posted Under: Income Tax | ,
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