Articles

Filing belated Return of Income u/s 139(4) Vs. Prosecution U/s 276CC

In practice in spite of reminders, many of our clients do not file Return of Income within the time specified u/s 139 (1) or before the end of relevant assessment year. Provisions of section 139(4) allow to file Return of Income, before the expiry of the relevant assessment year. Considering the provisions of section 139(1)/139(4), [&hell...

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Posted Under: Income Tax |

Withdrawal from Provident Fund before Completion of 5 years taxable?

Withdrawal of Provident Fund may attract Income Tax. The Income Tax Department recently told EPFO (Employees Provident Fund Organisation) to deduct Tax (TDS) from the withdrawal amount, if the withdrawal happened before completing five years of subscription. Tax officials have cited a rule in the 1961 Income-Tax Act that taxes PF withdraw...

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Posted Under: Income Tax |

TDS on Rent under section 194I of Income Tax Act, 1961

All you need to know about TDS on Rent under section 194I of Income Tax Act, 1961. What is rent according to the section 194-I and the time limit within which tax is to be deposited?...

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Posted Under: Income Tax | ,

HUF with only Female Members and HUF without Females

A Hindu widow being the sole surviving member, cannot constitute a HUF. Gangamma Vs. Agl. ITO (1991) 188 ITR 1 (Ker.) After the Amendment in the Hindu Succession Act, in 2005, a Hindu Widow and her unmarried daughter can constitute a HUF, even when the widow had not adopted a son since, daughter is also a coparcener. ...

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Posted Under: Income Tax | ,

TDS deducted, no need to file Income Tax Return?

Krishna, Income Tax Department is sending notices to Taxpayers for not filling Returns of last 3-4 years based on TDS, etc. What are they? Arjuna, Income Tax department send notices to Taxpayers on the basis of information linked with PAN , such as TDS by Banks on FDRs, Mutual Fund transaction, Immovable Property Transactions, Cash Transa...

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Gifts – Income Tax Perspective

Gift is that thing which brings joy on anyone’s face. But at the same time it brings confusion in the mind of taxpayers as well since many people got confused as to which gift is taxable and which is exempt u/s 56(2)(X). Hence today I come up with this solution to your confusion....

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Posted Under: Income Tax |

Much Awaited ITC-02A form – Enabled on GST Portal

Taxpayer need to file Form GST ITC-02A, if he/she has obtained separate registration for multiple places of business in a State/UT and intends to transfer unutilized matched Input Tax Credit lying in his/her Electronic Credit Ledger to registered entities/place of businesses. This form was not enabled by GSTN but recently HSTN has enabled...

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Posted Under: Income Tax | ,

GST Extended Due Dates due to Covid 19 Charts & Graphical Presentation

Due to Covid 19 pandemic in India, The Indian Government has extended the Due Dates of filing GSTR returns of various assesses for the months of February 20 to April 20. These dates are declared through Notifications 30/2020 to 36/2020. These due dates are different for different types of assesses and also different based on […]...

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Posted Under: Income Tax |

Is GST Audit applicable on Turnover exceeding Rs. 2 Crores

In the present article I am going to discuss the law and procedure of Audit to be conducted by the department and special audit as prescribed under GST law. The concept of Audit is not a new concept, the tax payers are already required to get his books of accounts aFor Filing GSTR -9 AND […]...

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Posted Under: Income Tax |

Effect on GST – Gift vs Business Promotion Expenditure

1. Person in Trade and Industries are in the fix regarding availability of Input Tax Credit (ITC) on certain type of Business promotion expenditure. Such expenditures are necessary to boost the sale of service. and before we proceed further let us look into certain sections/clauses/terms and conditions. 2. Relevant Provision : Section 17(...

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Posted Under: Income Tax |

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