Sections 220 to 232 of the Income-tax Act deals with collection and recovery of taxes. These provisions will become active every year in the months of February and March. Probably each officer or Commissioner may have to report to the higher authority the taxes outstanding, and total collection of taxes in their charge. As the scope of th...
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The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new income-tax forms, ITR-1 to ITR-8, notified by the Central government seeks details on set-off of losses. Now almost every assessee has to give this information. Therefore, one h...
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A provision does not become an exemption provision merely because the marginal notes to the section or the heading of the section call it so.Tax law contains chapters dealing with incomes which do not form part of total income. There are chapters dealing with deductions and allowances. Chapter III refers to various incomes which are exemp...
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Section 54EC of the Income Tax Act, 1961 provides exemption from long-term capital gains tax provided an assessee invests within six months after the sale of his property in long-term specified assets. The Finance Act 2007 limited such exemption to Rs 50 lakh in any financial year. Some overzealous tax assessing officers seem to interpret...
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Q1. Whether notice is required to be issued to the assessee before initiating survey? No, the section does not require prior notice of the survey to be given to the affected person - N.K. Mohnot v. Dy. CIT [1995] 215 ITR 275/83 Taxman 238 (Mad.). Q2. Which are the authorities empowered to conduct a survey? Section 133A of the Income-tax...
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Taxpayers can take advantage of the decision of the Mumbai Bench of the Income-Tax Appellate Tribunal. The tribunal, in a recent order, held that a taxpayers need not pay interest, if the assessment order does not clearly mention the quantum of interest....
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The treatment of deferred tax charge in determining the tax liability under the special provisions of Section 115JB of the Income-Tax Act is one such case. Section 115JB levies minimum alternate tax (MAT) at 10% of book profits (plus surcharge and cess thereon) if such tax is higher than the tax payable under the normal provisions of the ...
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Under the provisions of Section 56(2)(vi) certain gifts are liable to income tax as income from other sources. However, this provision is applicable only for individuals and Hindu Undivided Families (HUFs). Thus, if gift is received by any Trust or A.O.P., then it is not liable to income tax as "income from other sources". The provision o...
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Under the Income Tax Act, the Search and Seizure operations are a carefully and secretly devised plan of action on the basis of authentic and bonafide information and material (something more than a rumor and gossip), which may be gathered on its own or given by some informer....
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Annual Information Return (AIR) – meaning, provisions, Applicability & FAQs Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registere...
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Assessments under Income Tax Act 1961 are made U/S 143, 144, 147, 153. The criteria’s for selection of cases for scrutiny has been increased. While making the assessment the assessing officer has to appreciate all the facts properly. If there is any misinterpretation of facts it may result in injustice to the assessee. Some times when t...
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The Double Tax Avoidance Agreement (DTAA) is essentially a bilateral agreement entered into between two countries. The basic objective is to promote and foster economic trade and investment between two Countries by avoiding double taxation....
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DOs FOR TDS DEPOSIT AND TDS STATEMENT FILING: 1. Deposit TDS and file statement before due dates to avoid last moment hustle and late payment of Interest and Late Filing Fee Respectively. Note, the due date for filing Form 24Q for Q4 of FY 2019-20 is 31st July, 2020 2. Always double check TAN and […]...
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A Salaried man can receive VRS more than once in his lifetime. But he can plan his tax liability only once. VRS (Voluntary Retirement Scheme) – VRS is often offered by the corporates for retrenchment of its surplus work force and directly to cut short it’s one of the major operating expense in form of […]...
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SEC 112A- LTCG ON SALE OF CERTAIN ASSETS (Inserted by Finance Act 2018, w.e.f. 01.04.2019) Concessional rate of tax on transfer of Certain assets: (A) The above section 112A is applicable on the following circumstances (a) Long term capital gain arising from transfer of the following assets (i) an equity share in a company (ii) a [&hel...
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Union Budget 2020 proposed significant changes in compliance and registration procedure of Religious or Charitable Trusts/ Institutions etc. which are registered under section 12AA of the Income Tax Act. Accordingly, the following amendment was made in the Finance Act, 2020 which reads as:- Under Section 11:- In section 11 of the Income-t...
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SEC-194N- TDS ON CASH WITHDRAWAL (inserted w.e.f. 01.09.2019) Section 194N provides that any person being (Payer) (i) a banking company (ii) a cooperative society carrying on business of banking (iii) a post office who is responsible to pay, in cash, any sum or aggregate of sums exceeding 1 crore rupees during the previous year, to...
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The concept of merger and acquisition was not popular until the year 1988 in India. However, in the last five years merger and acquisition has emerged as a very important tool for growth of Indian corporates. Today, many companies are merging with each other in order to generate more revenues that the companies could have earned individua...
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Bar Council of Delhi Vs CIT (Exemption) (ITAT Delh) -
The issue under consideration is whether the CIT is correct in rejecting the application filed by Bar Council of Delhi seeking registration u/s 12A (a) of the Income Tax Act?...
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ITO Vs M/s Sri Vasavi Polymers P. Ltd. (ITAT Visakhapatnam) -
The issue under consideration is whether CIT(A) is correct in deleting the addition made by AO u/s 41(1) for waiver of working capital loan and charge it u/s 28 of the Act?...
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ACIT Vs Sudesh Kumar Gupta (ITAT Jaipur) -
whether CIT(A) is justified in quashing the action of the AO u/s 154 in applying provision of section 115BBE on undisclosed investment surrendered during the course of survey proceedings?...
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[Notification No. 44/2020-Income Tax [F. No. 370142/24/2020-TPL] [S.O. 2227(E)] -
(06/07/2020) -
CBDT specifies business, for the purposes of section 10(23FE)(iii)(b), to be the business which is engaged in the infrastructure sub-sectors mentioned in Updated Harmonised Master List of Infrastructure Sub-sectors vide Notification No. 44/2020- Income Tax dated 6th July, 2020. Section 10 (23FE) provides for exemption to specified income ...
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Gartner Ireland Limited Vs DCIT (ITAT Mumbai) -
The issue under consideration is whether it is correct to treat the Subscription fees received from subscribers on sale of online product as Royalty income under Income Tax Act?...
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Shri Subramanian Sivaraj Vs ITO (ITAT Chennai) -
Whether the AO is correct in making addition in the return by considering the income as not from agriculture on the failure of Assessee to prove agriculture activity?...
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Rentokil India Pvt. Ltd. Vs DCIT (ITAT Chennai) -
The issue under consideration is whether the assessee is correct in claiming depreciation on customer list and goodwill by considering it as intangible asset?...
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DUE TO THE OUTBREAK OF NOVEL CORONA VIRUS, THE GOVERNMENT HAS FURTHER EXTENDED THE DATES FOR VARIOUS COMPLIANCES UNDER THE INCOME TAX ACT, 1961 (IT Act) AND VARIOUS OTHER SPECIFIED ACTS** BY NOTIFICATION NO.35 / 2020, DATED 24 JUNE 2020 AND COMES INTO FORCE FROM 30 JUNE 2020 Sr. No. Particulars Period Actual Due Date […]...
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Article explains Revised Income Tax Due Dates as CBDT Notification No.35/2020 Dated 24.06.2020 which includes revised date for Income Tax Returns, Income Tax Audit, Investment for claiming Deduction under Chapter VIA, Capital Gains Exemption under Sections 54 to 54GB, Furnishing of TDS / TCS Statements, Issuance of TDS / TCS Certificates,...
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Written submission to CIT(A) for deduction of employee contributions under section 36(1)(va) of Income Tax Act, 1961 25.06.2020 The Commissioner of Income-tax (Appeal) – __, Income-tax Department, _________ In the matter of: ______________ PAN: A/Y: 2018-19 SUB: Submission regarding Appeal No. u/s 246A of Income-tax ...
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Notification dated 24 June 2020 - Taxation and other laws (Relaxation of provisions) -
The Government came up with a notification No. 35/2020 dated 24th June 2020 for extension of various due dates under the Income Tax Act. Please find below summary and key analysis for your reference: Sr. No. Compliances Due date 1. Compliances (it does not include payment compliances) that fall between 20 March to 31 December […]...
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Due Dates Extended by the CBDT (CENTRAL BOARD OF DIRECT TAXES) on 24th June 2020 vide notification No. 35/2020-Income Tax 1. ITR Filing for Financial Year 2018-19: Belated or Revised ITR for Financial Year 2018-19 can be filed by 31st July 2020. The earlier date was 30th June 2020. 2. TDS Return Due Date for […]...
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In view of the challenges faced by taxpayers across all sectors to meet statutory and regulatory obligations, the CBDT vide its Notification No. 35/2020 S.O.2033(E) dated 24.06.2020 has decided to provide further relief for making various compliances under Income Tax Act, 1961. Further Relaxations for Various Complainces under Income Tax ...
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(Issued vide CBDT Notification No. 35/2020 dated 24.06.2020 read with Ordinance dated 31.03.2020) The Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31st March, 2020 which provided for extension of various time limits under the Direct Tax Laws. In order to provide further relief for ma...
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This research paper will be focusing on online poker sites with regards to non-residents whose income is accruing in India. There has been a certain boom when it comes online sites wherein more and more people are going online and getting involved in games such as rummy, poker and fantasy leagues. The industry has through […]...
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Exotica Housing & Infrastructure Company Pvt. Ltd. Vs ITO (ITAT Delhi) -
Transactions carried out through current account for business purposes would not fall within the definition of Deemed Dividend. Therefore provisions of Section 2(22)(e) of the I.T. Act, 1961, would not apply....
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ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) -
ACIT Vs Padma Logistics & Khanij Pvt. Ltd (Madras High Court) The issue under consideration is whether the set off of brought forward losses and unabsorbed depreciation of merged division in revised return is justified in law? In present case, the assessee Company had filed the original return of income on 28.09.2010 showing total i...
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Sesa Goa Limited Vs JCIT (Bombay High Court) -
The issue under consideration is whether the Education Cess and Higher and Secondary Education Cess is allowable as a business expenses?...
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The Indian Institute of Banking & Finance Vs CIT (Exemp.) (ITAT Mumbai) -
whether rejection of approval u/s 10(23C) on the allegation of institution existing not solely for the purpose of education but for the purpose of profit is justified in law?...
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Consequences of Non-Linking of PAN with Aadhar 1) PAN will become inoperative. 2)Where a PAN has become inoperative, it will be assumed that PAN has not been furnished/ quoted as required by the law and a penalty of Rs.10,000 may apply as per section 272B of the Income Tax Act. 3) An individual having an […]...
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Budget 2020 introduced a new personal income tax regime for individual tax payers with more tax slabs and lower tax rates but it came with a catch of removal of all available deductions and exemptions....
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Social media influencers are everywhere. We were approached by a few Instagram influencers and Youtubers about their income tax compliances. We decided to write a post to make it easier to understand the tax liability on your income. This post deals with the income tax liability. We’ll get into the GST liability in a separate [&hell...
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UTI Mutual Fund Vs DCIT (ITAT Mumbai) -
Month is to be interpreted as period of 30 days and not British calendar for levying additional interest u/s 201(1A) for late payment of TDS?...
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Siddharth Export Vs ACIT (Delhi High Court) -
The issue under consideration is whether AO is correct in treating unsecured loan received by assessee as unexplained credit under section 68?...
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Due Diligence is the care that is expected from a normally prudent person to exercise in examining and evaluating the risks that affect business transactions. The process of due diligence involves reviewing a company’s documents and visiting a company’s facilities or interviewing employees. Due diligence generally falls into two overl...
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Meaning of TAX: Tax is a compulsory payment to be made by every resident of India. It is a charge or burden laid upon persons or the property for the support of a Government. Government decided the rates and the items on which tax will be charged, like income tax, GST, etc Tax can be defined […]...
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AAR – Ruling on Benefit of India–Mauritius Treaty on Capital Gains taken by Tiger Global International Group in respect of Shares of Flipkart (Singapore Co) sold by Mauritius based Co to a Company in Luxembourg (which is controlled by Walmart) and the value of shares is derived from assets located in India Summary of Case […]...
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TDS: Tax Deducted at Source (TDS) is a mechanism that has been introduced by the Income Tax Department. Under this, the responsible person is supposed to deduct a certain percentage of income as tax before making the payment to the receiver. The payment includes salary, commission, professional fees, interest, rent, etc. So every person ...
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Central Board of Direct Taxes (CBDT) has notified the Income-tax Return Form-1 applicable for the Assessment Year (AY) 2020-21 vide Notification No. 31/2020 dated- 29th May, 2020. The applicability and Changes in the ITR Form is as under: Applicable For individuals being a resident (other than not ordinarily resident) having total income ...
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Vaani Estates Pvt. Ltd. Vs The ITO (ITAT Chennai) -
Vaani Estates Pvt. Ltd. Vs ITO (ITAT Chennai) Provisions of Section 56(2)(viib) of the Act, cannot be invoked in the case of the assessee company because by virtue of cash being brought into the assessee company by Mrs. Sasikala Raghupathy for allotment of equity shares with unrealistic premium the benefit has only passed on to […]...
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The present case has again established a clear picture on the interpretation of Section 14A of the Act, with detailed explanation of various cases. It clearly explains that Section 14 of the Act will not apply if no exempt income is received or receivable during the relevant previous year....
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Evolution of advance pricing agreement concept in India The transfer pricing framework in India has been introduced through Finance Act, 2001 which requires determination of Arm Length Price (ALP) for all the international transaction between associated enterprises. Since then, the ALP determination has been the matter of long aged and nu...
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This article is bifurcated into four parts and is updated for the ITR of AY 2020-21. Part A: Person liable to file return as per section 139 Part B: Due date to file return Part C: Brief of Rule 12 and which return to be filed Part D: Changes in ITR forms Part A: Person […]...
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This article shall provide an insight into changes in Income tax forms, additional disclosures required by income tax department and main considerations while filing Income tax returns. It is advisable for us to begin the groundwork and avoid the late hour rushes because new ITR forms require additional details and disclosures. ...
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Under the Income Tax Act, the orders given by the Appellate Tribunal comes under the preview of section 254. The section states that once both parties are given equal opportunity of being heard, the tribunal can put forth the decision that it thinks fit. Further, under the second subsection, it is stated that if there […]...
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Resident Status of a ‘Resident’, Resident but Not Ordinary Resident (RNOR) under the Income Tax Act, 1961 in light of Finance Act, 2020 In India the residential status of a person plays a vital role in determining the taxability of income of any person. The Income Tax Act, 1961 follows the residence-based taxation system wherein [&hel...
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Practical Ambiguity of Newly Proposed Provision of TCS On Sale of Goods Under Section 206 C (1H) of The Income-Tax Act, 1961, Introduced By The Finance Act, 2020 To Be Effective From 1st October 2020 Provision of TCS on sale of goods under section 206C sub –section (1H) To curb and track usage of unaccounted […]...
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In recent past there has been an increasing trend of redevelopment of old buildings in the Metro cities of India. The structure works in the manner that the builders takes the project of the particular building, wherein his liability is to demolish the old structure and construct the new structure, a unit in the new […]...
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Bar on Subsequent Application to Income Tax Settlement Commission: Conflict between Legislative Intention and Judicial View The scheme of Settlement of cases under the Income Tax Act’1961 is governed by Sections 245A to 245M contained in ‘Chapter XIX-A: Settlement of Cases’. In the common parlance, it is believed that the se...
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Revised TDS rates w.e.f. 14th May 2020 and its impact with Practical case study. Whether Split of Invoice is required or not for May month. To give more liquidity in the hands of assesses, union minister of finance and corporate Smt. Nirmala Sitaraman has announced 25% reduction in TDS/TCS rates on 13th May 2020. Below […]...
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Amendments to Section 6 (Residential Status) by Finance Act, 2020 are basically divided in three parts: 1.Curtailment of benefit of Explanation 1, in clause (b) to certain Indian Citizen and PIOs (person of Indian origin) (182 Days to 120 Days) with more than 15 Lacs Indian Income, 2. Deemed Residency for Indian Citizen with more [&hellip...
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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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Difference between Professional & technical services in the preview of section 194J of Income tax act, 1961 Section 194J of Income tax act, 1961 speaks about the applicability of TDS provisions on Professional and Technical services. Before understanding the difference between both these services, below is key highlights of this s...
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13/2019 -
(05//0/3/20) -
Taxability of Share premium under Section 56(2)(viib) of Income Tax Act, 1961 Section 56(2)(viib) of the Income Tax Act,1961 was introduced in the Finance Act 2012 which requires a Company (issuer), not being a company in which the public are substantially interested, to issue shares at Fair Market Value (FMV). Any consideration received...
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All Assessees are now required to file their Returns online except Super Senior Citizens are given option to submit Return in paper mode provided the Computation does not have any income chargeable under head of Profits and Gains from Business or Profession. Changes in the ITR Requirements The New ITR Forms have been notified vide [&helli...
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(Can Ignorance of Law be an Excuse ‽)
‘Ignorantia Juris Non Excusat’, just by reading this maxim we immediately understand that one cannot defend himself by pleading his ignorance of the law. But the question, which we intend to discuss here is, is this a valid understanding? If Yes, then in what Context, & If No, then again in w...
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Introduction Finance Act 2020, as passed in Lok Sabha, brought up some significant changes to the provisions of determining the residential status of an individual in India. Finance Minister Shree Nirmala Seetharaman tried to narrow down the means by which an individual avoids taxes in India by becoming a non-resident in India. These chan...
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The dilemma of which scheme should an employee opt for Income tax in FY 20-21 Everything has been changed in the beginning of new FY 2020-21 like the new virus, lockdown, work from home and also popped up new question i.e. ‘Which scheme should an employee opt for Income Tax ?’ A new section 115BAC […]...
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Changes in the notified ITR-7 for AY 2020-21 1. Corpus donation not to be considered as an application of Income –Schedule ER-Part B : ITR-AY 2019-20 had the details of Donation made towards the Corpus fund of Donee Society/Trust. However, in ITR-AY 2020-21, only Donation-Other than Corpus in Part B of Schedule ER 2. Disallowable [&hell...
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This article focuses on the exemptions available to an assessee from capital gain tax under Income Tax Act, 1961. Any profit or gain arising from Transfer of Capital Asset (long term or short term) shall be chargeable under the head capital gain in the year of transfer. However, there are some exemptions on such capital […]...
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Section 45 of the Income Tax Act, 1961 (‘Act’) is the charging section of the income chargeable under the head Capital Gains. In the ordinary course, a transaction is subject to capital gain in the year of transfer of the capital asset. In case of the Joint Development Agreement (‘JDA’) or Specified Agreement (‘SA’) where the ...
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BACKGROUND 1. Under the Annual Information Return (AIR) Scheme, Specified Entities were required to report Notified Transactions to Income Tax Department. 2. Section 285BA of Income Tax Act 1961 read with rule 114E of Income Tax Act 1962 w.e.f 01.04.2015 makes it mandatory for specified reporting persons to furnish statement of financial ...
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The issue of interpretation of agreements for avoidance for double taxation [AADT / DTAA / tax treaty] has always been ongoing. More particularly when it involves importing the meaning of any expressions from the interpretation adopted for any other tax treaty. India has signed tax treaties with various countries out of which certain DTAA...
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Recently , a ruling by AAR against Tiger Global’s claim of exemption on capital gain in the Flipkart –Walmart deal has once again brought forth the issues of treaty shopping and GAAR . Background of the ruling is narrated as follows. Investors of Flipkart included Tiger Global Management, Accel, Naspers , Softbank , Vision Fund [&hell...
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This article is an attempt to educate on regulatory, accounting, direct and indirect tax compliance to be done by Resident Welfare Association (RWA)/Apartment Association. In Tamilnadu as per The Tamilnadu Apartment Ownership Act, 1994, a Deed of Apartment containing description of the land on which the building is located along with deta...
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“What’s the use of a fine house if you haven’t got a tolerable planet to put it on.” A very famous quote of poet and philosopher Henry David Thoreau which holds so true in the present crisis this world is facing. The global pandemic and proliferate increase in its outspread has led the common man to face […]...
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All about NPS (National Pension Scheme) of Section 80CCD(1B) of the Income Tax Act, 1961 With this article, I am going to answer a few questions which come in your mind before making a proactive investment in NPS (National Pension Scheme) along with the deduction under section 80CCD(1B). Q 1. What does Section 80CCD talk […]...
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In this article we will discuss about the Sahaj (ITR- 1), its applicability and new changes in Sahaj (ITR- 1) which are appliable to A.Y. 2020-21....
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In this article, we have discussed about how the residential status of an individual taxpayer can be determined for the Previous Year i.e 2019-2020 or Assessment Year 2020-2021....
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1. Credit Score: Credit score is a number which calculated by various Credit Rating Agencies. Try to Improve your credit score by not defaulting any credit card payment or any EMI payment. If you delay the credit card payment, it impacts your credit card. Do not apply loan again & again. It affects your Credit […]...
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A foreign entity in Japan is appointing an sales agent in India to market and sell their products. They are not setting up an Indian entity, not hiring an employee in India but only appointing a full time agent in India. Can such a person be construed as a permanent establishment (PE) for the Japanese […]...
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As per section 2(8) of the Income Tax Act, 1961, the term assessment includes re-assessment. Meaning of income escaping assessment: As per the provisions contained in section 147 of the Income Tax Act, 1961, if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, [&h...
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Safe Harbour – What is means Safe harbour refers to a legal provision to reduce or eliminate liability in certain situations as long as certain conditions are met. In other words, it refers to the circumstances under which the Income Tax authorities shall accept the transfer price declared by the assessee and the same shall […]...
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ITR-1 form for A.Y. 2020-21 released for e-filing by Income Tax Department. What is Income Tax Filing Process? Income Tax Filing is the process of declaring your taxable income, deductions and tax payments for the applicable financial year. What is the due date for ITR Filing for A/Y 2020-21? The last date for filing tax […]...
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The Union Budget 2020 has simplified taxation for taxpayers by proposing a brand new, “simplified” tax regime. The new tax regime lowers the tax rates for individual taxpayers. However, there’s a condition: they need to forego tax deductions and exemptions to avail the enticing lower rates. Several queries arises during making...
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1. Applicable to those sellers whose total sales/revenue or gross collection exceeds 10 cr in preceding financial year. 2. Seller will collect TCS from his customers from whom collection exceeds 50 Lacs in current year. 3. TCS will be collected on amount collected over and above 50 Lacs. 4. TCS will be collected at the […]...
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Salaried individuals to brace up for new questions from tax authorities in their tax returns Are you salaried individual earning below INR 50 lakhs per annum filing the simple ITR-1? Still get ready to answer the new questions that the tax authorities would seek from you for this year onwards. The income tax department yesterday […...
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1. CBDT vide Notification No. 30/2020-Income Tax/G.S.R. 329(E) May 28, 2020 amended Form 26AS in Sec 285BB w.e.f. 01.06.2020. 2. Key takeaways are: 3. New form 26AS will also provide information in respect of ‘Specified financial transactions’ which include transactions of purchase/ sale of goods, property, services, works con...
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Brief on Applicability of Income tax return (ITR) form for Financial Year (FY 2019-20)/Assessment Year (AY) AY 2020-21 All the taxpayers are mandatorily required to file their ITRs electronically except individuals over the age of 80 years who have the option of filing the ITR in paper format as well. First step would be to […]...
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The government has introduced new section 285BB vide Finance Act, 2020 replacing the existing section 203AA of the Income Tax Act, 1961 (Act) which will now allow the income tax authority to produce additional information which is necessary and to the extent is in the interests of Revenue in Form 26AS. Old and New Provisions […]...
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In this article we will discuss in detail about Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) along with updated TDS Rate Chart and TCS Rate rate chart amidst the outbreak of COVID-19 and lockdown: TDS Compliances And Impact of Covid-19 Thereon TDS Deductor and Deductee TDS is basically income tax deducted […]...
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Additional Information which will form part of New Form 26AS made by CBDT from 1 June 2020 The Finance Act 2020 has introduce new section 285BB of Income Tax Act, to implement revised Form 26AS. What Section 285BB of Income Tax Act Says? The prescribed income-tax authority or the person authorised by such authority shall […]...
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In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-7 for AY 2020-21/FY 2019-20 which is generally applicable to persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only. ITR-7 with other ITRs alongwith manner of furnishing R...
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In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-6 for AY 2020-21/FY 2019-20 which is generally applicable to Companies other than companies claiming exemption under section 11. ITR-6with other ITRs alongwith manner of furnishing Return of Income for Assessment Year (AY) 2020-21 /...
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In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-5 for AY 2020-21/FY 2019-20 which is generally applicable to persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7. ITR-5 with other ITRs alongwith manner of furnishing Return of Income for [&...
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In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-4 for AY 2020-21/FY 2019-20 which is generally applicable to Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under ...
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In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-3 for AY 2020-21/FY 2019-20 which is generally applicable to For individuals and HUFs having income from profits and gains of business or profession. ITR-3 with other ITRs alongwith manner of furnishing Return of Income for Assessme...
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In this article, I have tried to explain the eligibility, manner of filing and about obligation to file ITR-2 for AY 2020-21/FY 2019-20 which is generally applicable to Individuals and HUFs not having income from profits and gains of business or profession. ITR-2 with other ITRs alongwith manner of furnishing Return of Income for Assessme...
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In this article, I have tried to explain the applicability, eligibility, manner of filing and about obligation to file ITR-1 (Sahaj) for AY 2020-21/FY 2019-20. Earlier Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) forms and manner of furnishing Return of Income for Assessment Year (AY) 2020-21 / Financial y...
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Tax-Free Bonds in India are issued by Government to collect money for long term projects like Construction projects, Railway projects or any other project which government may think of. Government takes the money & gives interest to investors annually. Government allows Retail Investors to invest in Tax- Free Bonds. These bonds give ...
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New ITR Forms Changes for Financial year 2019-20 CBDT has issued new ITR form for Financial year 2019-20. There are few additional disclosures which a taxpayer needs to make as compared to last year. Following additional disclosures has been made applicable for Assessment Year 2020-21 in new ITR Forms 1. Deductions Details from 01/04/2020...
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