Navneet Singal

No disallowance u/s 14A if assessee does not have tax-free income

Income Tax - Section 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income). The operative part of this Section reads a...

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Journey from e-return to Faceless Assessment Scheme- Interpretation & thought process of Income-tax Department

Income Tax - In India, CBDT first time introduced the e-tds return by electronic filing of returns of Tax Deducted at Source Scheme, 2003 in the FY 2004-05. This was the time when Income-tax Department started to collect the assesses’ data in the digital form....

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Transfer Pricing: Identification of Tested Party, whether assessee or associated enterprise

Income Tax - Transfer pricing is the concept where a controlled transaction between two associated enterprises (AEs) is compared with an uncontrolled transaction under the similar circumstances in respect of price or margin. The process of transfer pricing is consist of two analysis i.e. Financial analysis and Economic analysis....

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A commendable work by IRS task force to fight COVID-19 Pandemic

Income Tax - FORCE (Fiscal Options & Response to Covid-19 Epidemic), a task force of young IRS officers, hit the headlines this week with its policy paper outlining the recommendations that the CBDT could take to fight with the economic downside due tothe COVID-19 Pandemic. The CBDT has charge-sheeted the senior IRS officers for their rolein leaki...

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Delay in payment of TDS for One day & 3% Interest

Income Tax - The concept of TDS requires that the person, on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient....

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Recent Posts in "Navneet Singal"

No disallowance u/s 14A if assessee does not have tax-free income

Section 14A has been inserted in Chapter IV of the Income tax Act by the Finance Act, 2001, with retrospective effect from 1-4-1962. This Section provides for disallowance of expenditure incurred in relation to income which is not included in the total income of the assessee (i.e. exempt income). The operative part of this Section reads a...

Read More
Posted Under: Income Tax |

Journey from e-return to Faceless Assessment Scheme- Interpretation & thought process of Income-tax Department

In India, CBDT first time introduced the e-tds return by electronic filing of returns of Tax Deducted at Source Scheme, 2003 in the FY 2004-05. This was the time when Income-tax Department started to collect the assesses’ data in the digital form....

Read More
Posted Under: Income Tax |

Transfer Pricing: Identification of Tested Party, whether assessee or associated enterprise

Transfer pricing is the concept where a controlled transaction between two associated enterprises (AEs) is compared with an uncontrolled transaction under the similar circumstances in respect of price or margin. The process of transfer pricing is consist of two analysis i.e. Financial analysis and Economic analysis....

Read More
Posted Under: Income Tax |

A commendable work by IRS task force to fight COVID-19 Pandemic

FORCE (Fiscal Options & Response to Covid-19 Epidemic), a task force of young IRS officers, hit the headlines this week with its policy paper outlining the recommendations that the CBDT could take to fight with the economic downside due tothe COVID-19 Pandemic. The CBDT has charge-sheeted the senior IRS officers for their rolein leaki...

Read More
Posted Under: Income Tax |

Delay in payment of TDS for One day & 3% Interest

The concept of TDS requires that the person, on whom responsibility has been cast, is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient....

Read More
Posted Under: Income Tax | ,

Limiting refund of ITC amount on ZERO-RATED Export of Goods: A set- back to SEZ units

Central Government vide Notification No. 16/2020 Dated March 23, 2020 has amended the definition of Zero-rated export of goods for the purpose of claiming of refund on the ITC u/s 89(4) of the CGST Rules, 2017. CHAPTER X of the CGST Rules, 2017 provides the provision and procedure related to the refund under the GST regime....

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Posted Under: Income Tax |

Refund of TDS to TDS Deductor & Interest on TDS refund

We always noticed that whenever there is a topic of refund in discussion most of the people talk about Income Tax Refund or GST refund but hardly anybody is concern about TDS refund. Some people even not aware about TDS refund. Hence today I am writing this article on TDS refund, what are the related […]...

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Posted Under: Income Tax | ,

New Format of Form 16 & Form 24Q in line with changed ITR-1

New Format of Form 16 (TDS Certificate) & Form 24Q (e_TDS Return) in line with Changed Income Tax Form ITR – 1 The CBDT has recently made changed in the Form 16 & Form 24Q vide notification Dated April 12, 2019 which will be effective from May 12, 2019. Looking at the due date for […]...

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Posted Under: Income Tax |

National Pension Scheme-NPS- Mix of EET & EEE (whether only for tax saving or investment for retirement life)

Insertion of Section 10(12A) Finance Act (FA), 2016 was a welcome step by the CBDT to the NPS subscribers wherein 40% of the accumulated NPS corpus was made exempt from income tax on closure of NPS account at the time of withdrawal. Earlier, the entire amount was taxable. CBDT is introducing new provisions in IT Act to provide NPS a level...

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Posted Under: Income Tax |

National Pension scheme: Additional Deduction of Rs. 50,000

An employee can claim overall deduction of Rs. 2,00,000 (i.e. Rs. 1,50,000 u/s 80C/80CCC/80CCD(1) and Rs. 50,000 u/s 80 80CCD(1B)) for National Pension scheme...

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Posted Under: Income Tax |

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