We always noticed that during every return filing season the newspapers are flooded with advertisements by income tax department reminding, requesting & warning you to file your returns, pay your taxes and refrain from any tax evasion. Over the past couple of years, India’s leaders have raised the issue of tax evasion & the need to widen India’s tax base over and over at various forums.
Finance Act, 2017 inserted a new Section 92CE in the Income-tax Act, 1961 with effect from 1st day of April, 2018 to provide for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise.
Author discusses 7 Avenues to Save Tax in F.Y. 2019-20 which includes Deduction under Section 80C on Specified Investments or Expenses, Deduction for Contribution to the National Pension System, Deduction for payment of Health Insurance/Mediclaim Premiums, Deduction on Home rent paid by you, Deduction on the interest on your home loan, Deduction on interest Income […]
The CBDT relaxed eligibility conditions related to filing of ITR Form-1 and ITR Form-4 for Assessment Year 2020-2021. For ensuring that the e-filing utility for filing of return for the assessment year 2020-2021 is available as on 1st April 2020, the Income-tax Return (ITR) Forms ITR-1 (Sahaj) as well as ITR-4 (Sugam) for the assessment year 2020-2021 has been notified […]
Discount is one kind of incentive being offered by the seller to the buyer through reduction in the usual price of goods to enhance volume of business and generate profit. Tax liability has to be discharged by the seller by deducting the amount of discount from the total price of goods. There are various kinds […]
The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms 1 and 4 for the Assessment Year 2020-21. These ITR Forms will be applicable for filing of Income-tax return in respect of income earned during the previous year 2019-20 (between 01-04-2019 to 31-03-2020).
The Income Tax Act, 1961 does not contain specific provisions relating to Housing Finance Companies (HFCs). Thus, all the general provisions for computation of income shall apply to HFCs. It can also be established that as the main source of income of HFCs is interest, income will be computed under section 28 to 43 of the Income Tax Act, 1961 pertaining to Profits and gains from Profession and Business
Section 69 does not provide any guideline about the extent and length of the discretionary power given to AO in the matter of treating the investment as income which is unexplained or unsatisfactorily explained by the investor-assessee. Therefore, Assessing Officer is expected to appreciate the reasonable explanation offered to him, the evidences produced before him about the nature and source of investment and he can not make the addition merely on surmises, conjectures as well as without any supporting evidences. (Ashok Kumar Rastogi V CIT (1991) 100 CTR 204.)
Article explains how Speculative Business is Distinct Business, What is speculative transaction, What shall not deemed to be speculative transactions, What is Eligible Transaction for security derivative, Recognised stock exchange for Section 43(5), Recognised association for Section 43(5), What are the Eligible Transaction for Commodity derivative, Do Single transaction constitute speculative business, Treatment of Losses […]
Various representations have been received by the CBDT seeking clarification on the issue as to whether a depositor should submit only one declaration in respect of the income each year before each person responsible for making the payment (i.e. deductor) or Form 15G/15H has to be submitted each and every time the payment is due to be received from the deductor.
