2 CA Sandeep Kanoi

CA Sandeep Kanoi

Surcharge on Income Tax

Income Tax - The dictionary meaning of the term ‘surcharge’ is an additional charge or payment. Accordingly, in terms of taxation, a surcharge means a tax levied on a tax. Likewise, the surcharge on Income Tax is an additional charge/ tax levied on income tax. Importantly, the surcharge is leviable on income tax and not on income. In […]...

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GST Section 17(5) – List of Ineligible or Blocked ITC

Income Tax - Input tax credit of goods or services covered under provisions of section 17(5) of Central Goods and Services Tax Act, 2017 is not available....

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TDS applicability on purchase of goods under section 194Q

Income Tax - Firstly, vide Finance Act, 2020, sub-section (1H) was inserted into section 206C of the Income Tax Act. As per section 206C(1H), the seller of the goods receiving the consideration of value exceeding INR 50 Lakhs was required to collect TCS @ 0.1%. The provisions are effective from 1st October 2020. Later on the similar lines, […]...

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Applicability of TDS on the sale of property

Income Tax - Provisions of section 194-IA of the Income Tax Act deal with the requirement of deduction of tax at source (TDS) by the buyer at the time of purchase of the property (other than agricultural land). The provisions of section 194-IA are made effective from 1st July 2013. In the current article, we will briefly understand […]...

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Guide to new TDS Section 194R of the Income Tax Act

Income Tax - Basically, with a view to broaden and deepen the tax base, a new TDS section 194R was inserted vide the Finance Act, 2022. Section 194R covers provisions relating to the deduction of tax on benefit or perquisite in respect of business or profession. Notably, section 194R of the Income Tax Act is made effective from […]...

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Online GST Course by TaxGuru & GST Professionals

Income Tax - TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces its Online GST Course Covering whole Gamut of GST and also covering GST Audit & Reconciliation Statements, Filing of Annual GST Returns, Handling GST Assessments and Comprehensive analysis of GST Amendment Acts with recent case laws and Relevant Advance Ruli...

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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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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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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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Search and seizure are reasonable cause for delay in filing & Payment of Wealth Tax

Loknath Prasad Gupta Vs DCIT (ITAT Kolkata) - We understand that in case of search, assessee is to comply with law and various declaration and formalities which certainly take lot of time. From the aforesaid situation and circumstances, it is clear that there was sufficient cause which prevented the assessee to pay wealth tax in the wealth tax ...

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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"

Surcharge on Income Tax

The dictionary meaning of the term ‘surcharge’ is an additional charge or payment. Accordingly, in terms of taxation, a surcharge means a tax levied on a tax. Likewise, the surcharge on Income Tax is an additional charge/ tax levied on income tax. Importantly, the surcharge is leviable on income tax and not on income. In […]...

Read More
Posted Under: Income Tax | ,

GST Section 17(5) – List of Ineligible or Blocked ITC

Input tax credit of goods or services covered under provisions of section 17(5) of Central Goods and Services Tax Act, 2017 is not available....

Read More
Posted Under: Income Tax | ,

TDS applicability on purchase of goods under section 194Q

Firstly, vide Finance Act, 2020, sub-section (1H) was inserted into section 206C of the Income Tax Act. As per section 206C(1H), the seller of the goods receiving the consideration of value exceeding INR 50 Lakhs was required to collect TCS @ 0.1%. The provisions are effective from 1st October 2020. Later on the similar lines, […]...

Read More
Posted Under: Income Tax | ,

Applicability of TDS on the sale of property

Provisions of section 194-IA of the Income Tax Act deal with the requirement of deduction of tax at source (TDS) by the buyer at the time of purchase of the property (other than agricultural land). The provisions of section 194-IA are made effective from 1st July 2013. In the current article, we will briefly understand […]...

Read More
Posted Under: Income Tax | ,

Guide to new TDS Section 194R of the Income Tax Act

Basically, with a view to broaden and deepen the tax base, a new TDS section 194R was inserted vide the Finance Act, 2022. Section 194R covers provisions relating to the deduction of tax on benefit or perquisite in respect of business or profession. Notably, section 194R of the Income Tax Act is made effective from […]...

Read More
Posted Under: Income Tax | ,

GST on rent of the residential and commercial property

From the Goods and Services Tax (GST) perspective, renting of residential and commercial property is treated as a ‘supply of service’. The present article briefly discusses GST applicability on rent in the case of both residential property and commercial property. GST on renting of residential property Renting income in the case of re...

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Posted Under: Income Tax | ,

TCS on Sale of Goods under Section 206C(1H) with FAQs

Vide Finance Act, 2020, a new TCS provision was introduced with the insertion of sub-section (1H) to section 206C of the Income Tax Act, 1961. The said provision deals with TCS collection on the sale of goods. The present article briefly provides an analysis of the provisions of TCS on the Sale of Goods; understanding […]...

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Posted Under: Income Tax | ,

Internal audit applicability as per Companies Act 2013

Internal audit plays a vital role in the day to day operations and functioning of the company. Companies Act, 2013 and its rule thereof have prescribed many companies who are mandatorily required to adopt internal audit system. Some of the main objectives of internal audit are highlighted hereunder – To evaluate the company’s internal...

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Posted Under: Income Tax | ,

List of Businesses/ Professions that cannot opt for presumptive taxation scheme covered u/s 44AD

Any resident individual; resident Hindu Undivided Family and resident Partnership Firm (not LLP) whose total turnover/ gross receipts for the year don’t exceed INR 2 Crores are eligible to opt for the presumptive taxation scheme covered u/s 44AD of the Income Tax Act. Notably, presumptive taxation scheme u/s 44AD is applicable to all th...

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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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