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Income Tax - 31st July is approaching fast which is the last date for filing of Income Tax Return for the Assessees who are not required to get there books of account audited under the provisions of Income Tax Act, 1961. CBDT has recently vide notification NO. 14/2012 dated 28.03.2012 made it mandatory to file Income Tax Return online for Individua...
Read MoreIncome Tax - A finance lease is essentially a financing arrangement whereby the lessee assumed the ownership of the asset in as much as it is the borrower who chooses the property to be purchased, takes delivery, enjoys the use of occupation of the property, bears the wear and tear and takes the risk of loss or damage.The decision of the Tribunal coul...
Read MoreIncome Tax - I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Sch...
Read MoreIncome Tax - Forget to verify your previous year tax returns? Don’t worry because CBDT has come up with a Golden Opportunity for those taxpayers who have filed their income tax return well within the time frame but afterwards forget to verify ITR V acknowledgement within 120 days. Some Important Points Related to this One Time Opportunity: 1. [&hell...
Read MoreIncome Tax - Interest free or concessional loans [Rule 3(7)(i)]: It is common practice, particularly in financial institutions, to provide interest free or concessional loans to employees or any member of his household. The value of perquisite arising from such loans would be the excess of interest payable at prescribed interest rate over interest, if...
Read MoreIncome Tax - BJP economic Cell (Rajasthan), State Co-Convener CA R P Vijay & CA Sachin Kumar Jain have requested Honble FM to extend due date for submission of Tax Audit Reports and Income Tax Returns from 30 September, 2018 to 31 October, 2018 in the case of corporate assesses and where tax audit is applicable so that […]...
Read MoreIncome Tax - South Gujarat textile traders association is the leading trade organization of south Gujarat. It is representing more than 40000 traders of surat and entire south Gujarat. The association has played vital role in disseminating awareness about GST and has held hundreds of meetings to clarify the doubts of the trade and industry....
Read MoreIncome Tax - Pay Your Advance Tax for F.Y. 2017-18 if not already paid by 31st March, 2018 with interest and avoid payment of excess interest on Self Assessment later on ...
Read MoreIncome Tax - As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/ Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions....
Read MoreIncome Tax - Currently an assessee filing his income tax return needs to fill all the data manually wrt the taxes paid by him/ on his behalf (TDS) in excel utility. Since TDS returns are e-filed now days, an asseesee by manually punching the data relating to prepaid taxes like TDS is prone to committing errors....
Read MoreTata Sky Limited Vs. ACIT (ITAT Mumbai) - Tata Sky Limited Vs. CIT (ITAT Mumbai) The issue under consideration is whether the disallowance of expenditure under section 14A is justified if there is no exempt income? In the instant case, the assessee has invested in various investments which, yield exempt income. Further, the assessee has not...
Read MoreRavjibhai L. Kakadia Vs. ACIT (ITAT Mumbai) - Ravjibhai L. Kakadia Vs. ACIT (ITAT Mumbai) The issue under consideration is whether the maturity value of the Keyman Insurance Policy is taxable under Income Tax Act and under which Head?...
Read MoreGangotri Textiles Ltd. Vs. DCIT (Madras High Court) - Gangotri Textiles Ltd. Vs. DCIT (Madras High Court) The issue under consideration is whether the penalty u/s 271(1)(c) levied by the assessing officer is justified in law? In the present case, the assessee did not disclose about the sale of the lands and windmill in the return of income, which was c...
Read MorePCIT Vs Safe Corrugated Containers Pvt. Ltd. (Madras High Court) - The issue under consideration is whether the reassessment proceeding u/s 147 initiated to form change of opinion which clearly amount to reviewing the original order of assessment is justified in law?...
Read MorePSTS Heavy Lift and Shift Ltd Vs DCIT (Madras High Court) - The issue under consideration is whether the income earned by the Assessees during the Assessment Years in question from letting out of its warehouses or property to lessees, is taxable under the head 'Income from Business' or 'Income from House Property?...
Read MoreNotification No. 46 of 2019 - (11/12/2019) - (1) This Act may be called the Taxation Laws (Amendment) Act, 2019. (2) Save as otherwise provided, it shall be deemed to have come into force on the 20th day of September, 2019....
Read MoreF.No. 225/358/2018/ITA.II - (25/10/2018) - As concerns of the assessees have been suitably redressed with extension of due date by one month (i.e. till 31.10.18), representation of the Tax Bar Association, Guwahati dated 20.09.18, requesting for further extension of due date for filing ITR/TAR beyond 31.10.18 is hereby rejected....
Read MoreF.No. 225/358/2018/ITA.II - (08/10/2018) - CBDT further extends due date for filing of Income Tax Returns & Tax audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s 234A of IT Act will remai...
Read MoreF.No. 225/358/2018/ITA.II - (24/09/2018) - CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept, 2018 to 15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s. 234A of IT Act will remain. F.No. ...
Read MoreNotification No. 91/2017-Income Tax [S.O. 3528(E)] - (30/10/2017) - Notification No. 91/2017 U/s 43 (5) of IT Act 1961 Central Government notifies Indian commodity Exchange limited (PAN:AABCI9419D) as a 'recognized association' ...
Read MoreTata Sky Limited Vs. ACIT (ITAT Mumbai) -
Ravjibhai L. Kakadia Vs. ACIT (ITAT Mumbai) -
Gangotri Textiles Ltd. Vs. DCIT (Madras High Court) -
PCIT Vs Safe Corrugated Containers Pvt. Ltd. (Madras High Court) -
PSTS Heavy Lift and Shift Ltd Vs DCIT (Madras High Court) -
Shreeji Corporation Vs JCIT (ITAT Ahmedabad) -
Cynthia Ramona Chellappa Vs. ITO (ITAT Chennai) -
V.Sabitamani Vs Asst.CIT (Madras High Court) -
Seth Ramjidas Modi Vidhya Niketan Society Vs CIT (Exemptions) (ITAT Jaipur) -
West Bengal State Electricity Distribution Co. Limited Vs DCIT (ITAT Kolkata) -
