CA Sandeep Kanoi

Myths and misconceptions about Personal Income tax

Income Tax - Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...

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Cost Inflation Index | Meaning & Index from 1981-82 to 2020-21

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 2020-21.  Cost Inflation index are used for computing indexed cost of [...

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TDS Rate Chart for FY 2020-21 / AY 2021-22 – Updated

Income Tax - TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...

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Carry forward & set off of Business Losses other than Speculation Loss

Income Tax - Having profit and loss in the business are two sides of a coin. Of course, losses are hard to digest. However, the Income Tax law in India does provide taxpayers with some sort of benefits of incurring losses too. Under the Income-tax Act, the Income is taxable under the five different heads: -Income from salaries […]...

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Section 10(35) Exemption towards income received from units

Income Tax - The provisions of section 10(35) of the Income Tax Act exempts income received from the specified units. The exemption provisions of section 10(35) are taken up and explained in the current article. Exemption provisions of section 10(35) of Income Tax Act– The provisions of section 10(35) offer exemption towards the following- 1. An...

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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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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"

Myths and misconceptions about Personal Income tax

Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...

Read More
Posted Under: Income Tax |

Cost Inflation Index | Meaning & Index from 1981-82 to 2020-21

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 2020-21.  Cost Inflation index are used for computing indexed cost of [...

Read More
Posted Under: Income Tax | ,

TDS Rate Chart for FY 2020-21 / AY 2021-22 – Updated

TDS Rate Chart For Assessment year 2021-22 /Financial Year 2020-21 As we all are aware that yesterday our Honourable Finance Minister has conducted press release. In that press release she declared that The TDS rates for all non-salaried payment to residents, and tax collected at source rate will be reduced by 25 percent of the […]...

Read More

Carry forward & set off of Business Losses other than Speculation Loss

Having profit and loss in the business are two sides of a coin. Of course, losses are hard to digest. However, the Income Tax law in India does provide taxpayers with some sort of benefits of incurring losses too. Under the Income-tax Act, the Income is taxable under the five different heads: -Income from salaries […]...

Read More
Posted Under: Income Tax |

Section 10(35) Exemption towards income received from units

The provisions of section 10(35) of the Income Tax Act exempts income received from the specified units. The exemption provisions of section 10(35) are taken up and explained in the current article. Exemption provisions of section 10(35) of Income Tax Act– The provisions of section 10(35) offer exemption towards the following- 1. An...

Read More
Posted Under: Income Tax |

Section 10(37) Exemption towards Capital Gain arising on Compulsory Acquisition of Urban Agricultural Land

Section 10(37) Exemption Towards Capital Gain Arising on Compulsory Acquisition of Urban Agricultural Land Provisions of section 10(37) of the Income Tax Act lays down certain conditions which need to be satisfied in order to avail exemption towards capital gain arising on account of compulsory acquisition of an urban agricultural land. T...

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Posted Under: Income Tax |

Clubbing of Income from Assets Transferred to a Person for the Benefit of Son’s Wife

Provisions under section 64(1)(viii) Clubbing provisions on the Income from Assets Transferred to a Person tor the Benefit of Son’s Wife  By the virtue of section 64(1)(viii) where an individual (assessee) has transferred an asset to any person or AOP (association of persons) for the benefit of his or her son’s wife without any a...

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Posted Under: Income Tax |

How to Submit Form 15CA Online / Offline (Single/Bulk Upload)

Income Tax Department has mandated form 15CA to be submitted for Remittance outside India. Form 15CA can be submitted in any of the following mode :- 1. Submission of Form 15CA Online (Single Upload) – In this Mode remitter can submit the form Online by logging into https://incometaxindiaefiling.gov.in/ .  In this mode at a time [&...

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Posted Under: Income Tax | ,

Capital Assets | Short Term | Long Term | Taxation & Classifications

Capital gains is considered as one of the most crucial head of income. Since it is that crucial, everybody needs to be doubly sure at the time of computation of tax liability from capital gains. Many times, we observed that there is always a confusion regarding bifurcation of short term and long term capital asset […]...

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Posted Under: Income Tax |

Section 10(34A) Exemption towards income received by a shareholder on buy back of shares

Provisions of section 10(34A) exempt any income arisen to the shareholder on account of buy back of shares as referred under section 115QA of the Income Tax Act. The exemption provisions of section 10(34A) of the Income Tax Act are explained in the present article. Understanding the provisions of section 10(34A) of Income Tax Act– [...

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Posted Under: Income Tax |

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