income tax act 1961

Hum do and Hamare do Tax Benefit under Income Tax Act, 1961

CA, CS, CMA - ~ Hum do and Hamare do ~ If you are an Indian, you must have heard this slogan at some point in your life. And, even if you are reading this for the first time, this is the slogan that Indian government used to encourage and control the population of our country. India’s population standing […]...

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Tax on Online Gambling

CA, CS, CMA - Betting or gambling is illegal in most of India. But there is no law that makes online betting an illegal activity. Surveys conducted in 2020 have revealed that there are approximately 300 million online gamers in India and the number is going to increase rapidly in coming years. With widespread use of internet casinos companies have s...

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Leave Travel Concession Section (LTC/LTA) 10(5) of Income Tax Act, 1961

CA, CS, CMA - The Income Tax Act 1961 provides certain exemption from salaries apart from deduction from Chapter VI A. Exemptions refers to certain part of salary is not considered as a income while calculating taxable Income. Deductions means a certain amount of saving or Expenditure for Specific reason is allowed to deduct from your Gross Taxable Inc...

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Proceeding on the death: Taxing the Legal Representatives

CA, CS, CMA - The judgment remains significant as it recognises the vulnerability of the legal representatives and protects them from any liability which results from an accrual of the Revenue’s absence of due diligence while initiating action and holds that not all ‘bona fide’ mistakes can be held to be curable in nature....

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Section 35E Deduction towards expenditure incurred on prospecting for or extraction/ production of certain minerals

CA, CS, CMA - Section 35E – Deduction towards expenditure incurred on prospecting for or extraction/ production of certain minerals An amount of eligible expenditure incurred on prospecting for or extraction or production of certain minerals or group of associated minerals are available as a deduction under section 35E of the Income Tax Act. The dedu...

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Representation to FM on Concerns of Chartered Accountants

CA, CS, CMA - We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....

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All India Protest Call against GST/Income Tax Issues by WMTPA

CA, CS, CMA - Government is neither listening to representations submitted by various associations, nor listening to court direction in true spirit. In Covid 19 pandemic, all professionals and Trade, ignoring life and death risk, ensured that, India will stand again, paid taxes in lakh crores but it seems government doesn’t recognize us....

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Extend due dates of GST, Income Tax & ROC Compliances

CA, CS, CMA - All India Joint Representation Committee for GST have filed representation by way of join petition of 24 GST and Trade Associations and 5226 signatories to the signature campaign considering short extension granted in connection with GSTR 9 & 9C for FY 1819 & FY 1920 , Income Tax Returns, Tax Audit and Transfer Pricing Reports [&h...

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Request to permit utilization of accumulated funds for other purposes- section 11(2)

CA, CS, CMA - KSCAA has requested to permit utilization of accumulated funds for purposes other than the purpose for which it is so accumulated under section 11(2) of the Income-tax Act, 1961....

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Extend due dates of TAR/ITRs/VSV Scheme for AY 2020-21

CA, CS, CMA - Calcutta Citizens’ Initiative, Representation on Extension of due dates of Vivad Se Vishwas Scheme and also for extension of date for TAR and ITRs for asst year 2020-21. Calcutta Citizens’ Initiative 3, Ho Chi Minh Sarani, Ground Floor, Kolkata 700001 Ph – 033-2466-1000 Email: [email protected] URGENT Ref. CII/Rep/2021/...

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Uttarakhand HC directs CBDT to consider representation on due date extension

The Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) - The Dehradun Chartered Accountants Society Vs. Union of India (High Court of Uttarakhand at Nainital) High Court held that Admittedly, the country continues to suffer and to reel under the COVID-19 pandemic. A large number of assesses still find it difficult to even meet their Chartered Accountants ...

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Gujarat HC rejects TAR/ITR due date date extension writ applications

All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) - At this stage, we may only observe that the CBDT may consider issuing an appropriate circular taking a lenient view as regards the consequences of late filing of the Tax Audit Reports as provided under Section 271B of the Act. We leave it to the better discretion of the CBDT in this regard....

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Consider extension of Income Tax Due dates: Gujarat HC to UOI

All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) - All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) High Court held that respondent No.1 – Union of India, Ministry of Finance should immediately look into the issue, more particularly, the representation dated 12th October 2020 at Annexure : I of the paper book (page ...

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PIL in Kerala HC for 3 Month extension of Tax Audit Due Date

Plywood and Allied Products Dealers Association Of India Vs. UOI & Ors (Kerala High Court) - Plywood and Allied Products Dealers Association of India Vs. UOI & Ors (Kerala High Court) The Petitioner is an association of plywood and allied product dealers and the 2nd petitioner is a member of that  association, they have filing  Public Interest Litgation praying for a general Order...

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Interest u/s 234A despite due date extension: HC issue Notice to CBDT

Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) - Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) As far as prayer no.1 of the petitioner-association for issuance of a mandamus to the respondents to extend the “Due Date” of filing of Income Tax Return of Tax Audit Cases from 15.10.2018 to at least up to 31.10.201...

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Fall in collection of direct taxes is on expected lines: CBDT

NA - (07/06/2020) - There are reports in a certain section of media that the growth of direct taxes collection for the FY 2019-20 has fallen drastically and buoyancy of the direct tax collection as compared to the GDP growth has reached negative. These reports do not portray the correct picture regarding the growth of ...

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Section 9A Remuneration to be paid to an eligible Fund Manager

Notification No. 29/2020-Income Tax [G.S.R. 315(E)] - (27/05/2020) - CBDT has vide notification dated 27th may 2020 amended Guidelines for application of section 9A. Section 9A  contains provisions related to Certain activities not to constitute business connection in India. CBDT has also notified Following new forms and Annexures- -FORM No. 3CEJA- Report from an ac...

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Section 10(46) exemption to Cochin Special Economic Zone Authority

Notification No. 27/2020-Income Tax [S.O. 1659(E)] - (27/05/2020) - Notification No. 27/2020- Central Government notifies ‘Cochin Special Economic Zone Authority’, Kochi (PAN AAAGC0659L), a authority constituted by the Government of India, in respect of the specified income arising to that board under section 10(46) of Income Tax Act, 1961. MINISTRY OF FINANCE (...

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FM Releases Ordinance on relaxation Provided on 24th March 2020

(Release ID: 1609734) - (31/03/2020) - Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory complia...

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CBDT notifies Revised Form No. 10DA – Section 80JJAA Report

Notification No. 104/2019-Income Tax [G.S.R. 937(E)] - (18/12/2019) - CBDT has notified revised FORM NO. 10DA (Report under section 80JJAA of the Income-tax Act, 1961) under rule 19AB of Income Tax Rules vide Notification No. 104/2019 dated 18th December, 2019....

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Recent Posts in "income tax act 1961"

Hum do and Hamare do Tax Benefit under Income Tax Act, 1961

~ Hum do and Hamare do ~ If you are an Indian, you must have heard this slogan at some point in your life. And, even if you are reading this for the first time, this is the slogan that Indian government used to encourage and control the population of our country. India’s population standing […]...

Read More
Posted Under: Income Tax |

Tax on Online Gambling

Betting or gambling is illegal in most of India. But there is no law that makes online betting an illegal activity. Surveys conducted in 2020 have revealed that there are approximately 300 million online gamers in India and the number is going to increase rapidly in coming years. With widespread use of internet casinos companies have s...

Read More
Posted Under: Income Tax |

Leave Travel Concession Section (LTC/LTA) 10(5) of Income Tax Act, 1961

The Income Tax Act 1961 provides certain exemption from salaries apart from deduction from Chapter VI A. Exemptions refers to certain part of salary is not considered as a income while calculating taxable Income. Deductions means a certain amount of saving or Expenditure for Specific reason is allowed to deduct from your Gross Taxable Inc...

Read More
Posted Under: Income Tax |

Proceeding on the death: Taxing the Legal Representatives

The judgment remains significant as it recognises the vulnerability of the legal representatives and protects them from any liability which results from an accrual of the Revenue’s absence of due diligence while initiating action and holds that not all ‘bona fide’ mistakes can be held to be curable in nature....

Read More
Posted Under: Income Tax |

Representation to FM on Concerns of Chartered Accountants

We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....

Read More
Posted Under: Income Tax |

Section 35E Deduction towards expenditure incurred on prospecting for or extraction/ production of certain minerals

Section 35E – Deduction towards expenditure incurred on prospecting for or extraction/ production of certain minerals An amount of eligible expenditure incurred on prospecting for or extraction or production of certain minerals or group of associated minerals are available as a deduction under section 35E of the Income Tax Act. The dedu...

Read More
Posted Under: Income Tax |

Section 35DDA Amortization of expenditure incurred under voluntary retirement scheme

Deduction under section 35DDA of the Income Tax Act is available towards amortization of expenditure incurred under the voluntary retirement scheme. The present article covers the conditions for claiming deduction under section 35DDA; the amount of deduction available under section 35DDA and deduction provisions in case of amalgamation/ d...

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Posted Under: Income Tax |

Need of Controlled Foreign Corporations (CFC) legislation in India

There is a great need and importance of introducing CFC i.e. controlled foreign corporation legislation in Indian tax law, as it is one of the biggest measures to avoid payment of income tax in India by the resident persons of India. In the current scenario, there are no such provisions existing in income tax act, […]...

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Posted Under: Income Tax |

Detection of any undisclosed income subsequent to final order of ITSC

Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the final order of ITSC Introduction:- Chapter XIX – A of Income Tax Act, 1961 provides for settlement of cases. Income Tax Settlement Commission was set up in the year 1976 on the recommendation of Direct T...

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Posted Under: Income Tax |

Section 38 Building, etc. partly used for business, etc., or not used exclusively

Section 38 – Building, etc., partly used for business, etc., or not used exclusively Section 38 of the Income Tax Act deals with the deductions related to buildings, etc., partly used for business, etc., or not exclusively so used. The provisions contained in this section provides in summarized in two parts: 1. Deductions with respe...

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Posted Under: Income Tax |

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