income tax

All About Cryptocurrency like Bitcoins

Finance - Article explains What is Cryptocurrency like Bitcoin, Legality of  Cryptocurrency, Income From Cryptocurrency, Taxability of Income From Cryptocurrency, Whether Income Covers Under Profit and Gains of Business & profession or Capital Gain or Other Source, MCA Regulations applicable to Cryptocurrency like Bitcoins and Statements From ...

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Section 115BAC Concessional Tax Slab Rates W.E.F. AY 2021-22

Finance - SECTION 115BAC – CONCESSIONAL TAX SLAB RATES APPLICABLE W.E.F. AY 2021-22 As per section 115BAC, individuals or HUFs have an option to pay tax in respect of their total income (other than income chargeable to tax at special rates under Chapter XII such as section 111A, 112, 112A, 115BB etc.) at the following concessional rates, [&hellip...

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TOP 10 High value cash transaction that may lead to income tax notice

Finance - Restriction on CASH Transaction along with TOP 10 High value cash transaction that may lead to income tax notice DID you know CASH transaction Limit under Income tax and GST and what are the HIGH value Transaction? This article will help you to solve your problems related to 2 important areas 1) Restriction on CASH […]...

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KNOW – Interest, Late Fees & Penalty under TDS PROVISION

Finance - DID you KNOW – Interest, Late Fees and Penalty under TDS PROVISION? Here is attached summary file that will help you to solve your problem related default made in TDS that will result in to LATE fees under section 234E, Interest and Penalty under TDS provision. Interest, Late Fees and Penalty under TDS provision  This […]...

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Income Heads – Some Issues – Income from other sources

Finance - Even after discussion at length of heads there are some issues which holds worth for discussion, some of them are being discussed here. Income from other sources :- Is Section 56 is place of specific chargeability or in certain circumstances income specified under 56 can be charged under other heads of income. Gifts are made […]...

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Case against E-Return Intermediary for alleged TDS Refund Fraud

Finance - CBI Registers a Case Against a Proprietor of a Private Company and Unknown Others on the Allegations of TDS Refund Fraud of Rs.3.42 Crore (Approx)...

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Extend Return filing/compliances due dates falling in April-2021

Finance - We request you to go through our letter once again and extend the necessary deadlines especially for GST, Income Tax, Companies Act, etc. on an urgent basis to enable the free flow of work and to lessen the hardships of Individuals and other Professional members....

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Representation on Disposal of CIT appeals, Physical hearings in ITAT etc.

Finance - Representation with regard to disposal  of appeals before the Commissioner of Income tax (Appeals), continuation of physical hearings in ITAT and other Issues....

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CBDT releases JSON Utility for ITR1 & ITR 4 for AY 21-22

Finance - CBDT has decided to discontinue Excel & Java version of ITR utilities  from AY 2021-22 and it has released  JSON Utility for ITR1 & ITR 4 for Assessment Year 2021-22. The utility for other ITRs will be enabled shortly, the ITR 1 to 4 can be filled using single JSON Utility. Import of Prefill file […]...

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ITR Forms for A.Y. 2021-22 – Who can file which ITR

Finance - ITR Forms for A.Y. 2021-22: ITR-1 (Sahaj) -Resident Individual (Other than ordinarily resident) -Total income Upto Rs. 50 Lacs -Income from salary, one house property, other sources (interest etc.), family pension income and agriculture income upto Rs. 5,000 ITR-2 -Individual and HUF not having income from profit and gains of business or ...

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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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Deduction u/s 54F Not Eligible for Investment Made in two Differently Placed Properties

Omkar Chadha Vs ITO (ITAT Delhi) - The issue under consideration is whether the investment made in two different properties out of the capital gains is eligible for deduction u/s 54F?...

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Working capital adjustment subsumes sundry creditors- No further TP adjustment for outstanding receivables

Blue Coat Network (India) Private Limited Vs DCIT (ITAT Bangalore) - The issue under consideration is whether TPO is correct in making an upward adjustment to the transfer price of the Appellant's international transactions on account of imputation of notional interest on outstanding receivables?...

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CBDT notifies ‘Chiswick Investment Pte. Ltd.’ as sovereign wealth fund

Notification No. 55/2021-Income Tax [S.O. 1763(E)] - (05/05/2021) - CBDT notifies ‘Chiswick Investment Pte. Ltd.’ as sovereign wealth fund under sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 vide Notification No. 55/2021 -Income Tax Dated: 5th May 2021. MINISTRY OF FINANCE (Department of Rev...

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CBDT notifies ‘Dagenham Investment Pte. Ltd.’ as sovereign wealth fund

Notification No. 53/2021-Income Tax [S.O. 1761(E)] - (05/05/2021) - CBDT notifies ‘Dagenham Investment Pte. Ltd.’ as sovereign wealth fund under sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 vide Notification No. 53/2021 -Income Tax Dated: 5th May 2021. MINISTRY OF FINANCE (Department of Rev...

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CBDT notifies ‘Bricklayers Investment Pte. Ltd.’ as sovereign wealth fund

Notification No. 51/2021-Income Tax [S.O. 1759(E)] - (05/05/2021) - CBDT notifies ‘Bricklayers Investment Pte. Ltd.’ as sovereign wealth fund under sub-clause (vi) of clause (b) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 vide Notification No. 51/2021 -Income Tax Dated: 5th May 2021. MINISTRY OF FINANCE (Department of ...

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CBDT notifies rules for LTC Cash Voucher Scheme

Notification No. 50/2021-Income Tax [G.S.R. 320(E)] - (05/05/2021) - CBDT notifies rules for LTC (Leave Travel Concession) Cash Voucher Scheme [Section 10(5)] vide which LTC Exemption of Rs. 36000 per family member For FY 2020-21 available to Employees of Both Private & Government Sector. Rules are notified vide Notification No. 50/2021-Income Tax Dated: 5th May,...

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Govt notifies ‘CDPQ Fixed Income XI Inc.’ as pension fund | Section 10(23EE)

Notification No. 46/2021- Income Tax [S.O. 1735(E)] - (04/05/2021) - CBDT notifies pension fund, namely, ‘Ivanhoe Logistics India Inc.’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961  in respect of the eligible investment made by it in India on or after 4th May 2021 but on or before the...

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Recent Posts in "income tax"

All About Cryptocurrency like Bitcoins

Article explains What is Cryptocurrency like Bitcoin, Legality of  Cryptocurrency, Income From Cryptocurrency, Taxability of Income From Cryptocurrency, Whether Income Covers Under Profit and Gains of Business & profession or Capital Gain or Other Source, MCA Regulations applicable to Cryptocurrency like Bitcoins and Statements From ...

Read More
Posted Under: Corporate Law |

Section 115BAC Concessional Tax Slab Rates W.E.F. AY 2021-22

SECTION 115BAC – CONCESSIONAL TAX SLAB RATES APPLICABLE W.E.F. AY 2021-22 As per section 115BAC, individuals or HUFs have an option to pay tax in respect of their total income (other than income chargeable to tax at special rates under Chapter XII such as section 111A, 112, 112A, 115BB etc.) at the following concessional rates, [&hellip...

Read More
Posted Under: Corporate Law |

TOP 10 High value cash transaction that may lead to income tax notice

Restriction on CASH Transaction along with TOP 10 High value cash transaction that may lead to income tax notice DID you know CASH transaction Limit under Income tax and GST and what are the HIGH value Transaction? This article will help you to solve your problems related to 2 important areas 1) Restriction on CASH […]...

Read More
Posted Under: Corporate Law |

KNOW – Interest, Late Fees & Penalty under TDS PROVISION

DID you KNOW – Interest, Late Fees and Penalty under TDS PROVISION? Here is attached summary file that will help you to solve your problem related default made in TDS that will result in to LATE fees under section 234E, Interest and Penalty under TDS provision. Interest, Late Fees and Penalty under TDS provision  This […]...

Read More
Posted Under: Corporate Law |

Income Heads – Some Issues – Income from other sources

Even after discussion at length of heads there are some issues which holds worth for discussion, some of them are being discussed here. Income from other sources :- Is Section 56 is place of specific chargeability or in certain circumstances income specified under 56 can be charged under other heads of income. Gifts are made […]...

Read More
Posted Under: Corporate Law |

Registration of Trust under Income Tax – Analysis of New Provisions

Finance Act, 2020 introduced various amendment related to the registration of Charitable trust and Religious trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961 (Act). Thereby, the legislature introduced section 12AB in the Act and made erstwhile provision of registration (i.e. section 12AA) inoperative....

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Posted Under: Corporate Law |

Taxability of Awards U/S 10(17A) & Awards to Non Professional Sportsman

Section 10(17A) Taxability of Awards, Taxability in case of Professional and Non-professional Sports persons (Circular No.447 dated 22nd January, 1986) Section 10(17A ) states that any payment made, whether in cash or in kind,- (i)  in pursuance of any award instituted in the public interest by the Central Government or any State Governm...

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Posted Under: Corporate Law |

TDS on Landing and parking charges payable to AAI

Landing and parking charges payable by airlines to Airport Authority of India (AAI) in respect of aircraft are subject to section 194C but not subject to section 194-I, as per the decision of the Hon’ble Supreme Court. In this article, I’m going to discuss whether landing and parking charges payable by airlines to AAI are [&he...

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Posted Under: Corporate Law |

Income by way of interest on compensation or on enhanced compensation referred to in Section 145B(1) [Section 56(2)(viii)]

As per section 56(2)(viii), any income by way of interest received on compensation or on enhanced compensation, as the case may be, shall be chargeable to tax under the head ‘Income from other sources‘, and as per section 145B(1) such income shall be deemed to be the income of the year in which it is […]...

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Posted Under: Corporate Law |

Making the Right Choice between New Tax Regime Vs. Old Tax Regime for FY 2020-21

The concept of OLD Vs New Tax regime = a dual tax regime was introduced by Finance Act-2020 for FY 2020-21. For FY 2020-21 corresponding to AY 2021-22, there are a Dual Tax regime as discussed in the one of article shared with you for TAX SAVINGS TIPS. Link is given below : – https://taxguru.in/income-tax/income-tax-savings-tips-hel...

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Posted Under: Corporate Law |

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