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Articles Category : Income Tax
You can file your income tax return under ITR U
Posted Date : 20-Jan-2023 , 10:54:35 am | Posted By CA RAJEEV MANOCHA

The last date for filing income tax return for the tax assessment year 2022 2023 has passed on December 31 The last date for filing income tax return for the assessment year 2022 2023 has passed on December 31, 2022. There are still many taxpayers till December 31 to file their assessm...

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Category : Income Tax | Comments : 0 | Hits : 418

How Much GOLD can You Keep at Home and How is it Taxed? Must Check limits Here
Posted Date : 13-Nov-2022 , 09:15:28 am | Posted By CA.Khurana Vivek

Gold is more than a precious metal in India. It represents traditions, customs, love and a lot of emotions. But as much as Indians love to hold gold, there is confusion as to how much of gold can people keep including the inherited and purchased.   How much gold you can keep at home? How muc...

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Category : Income Tax | Comments : 0 | Hits : 2235

Supreme Court Latest Judgement on Leave Travel Concession (LTC)
Posted Date : 10-Nov-2022 , 08:46:00 am | Posted By CA.Khurana Vivek

Supreme Court Latest Judgement on Leave Travel Concession (LTC) - Exemption of LTC u/s 10(5) on Foregin Travel ? - Whether TDS to be Deducted on LTC-Reimbursements?   State Bank of India vs Assistant Commissioner of Income Tax. (CJI UU Lalit, Justices Ravindra Bhat and Justice Sudhanshu Dhul...

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Category : Income Tax | Comments : 0 | Hits : 1838

How different is the Residential Status of an Individual Under Income Tax Act and Under FEMA
Posted Date : 04-Nov-2022 , 08:29:48 am | Posted By CA.Khurana Vivek

Residentail Status as per Income Tax Act / FEMA:- How does the residential status of an individual determine his or her tax liability? This question becomes relevant to every individual every time they enter or leave India. The criteria to determine residential status in India are different under...

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Category : Income Tax | Comments : 0 | Hits : 1260

Auditor's to file Annual Return in NFRA-2 for Financial Year or for Reporting Year? - Must Check
Posted Date : 31-Oct-2022 , 08:42:37 pm | Posted By CA.Khurana Vivek

Auditor's to file Annual Return in NFRA-2 for Financial Year or for Reporting Year?   NFRA 2 Form for Financial Year / Reporting Year?   The information to be provided in respect of audit reports signed off between 01 April to 31 March. For example, the first filing is due on Novemb...

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Category : Income Tax | Comments : 0 | Hits : 1243

Can a Court Impose Fine more than Twice the Amount of the Cheque in Cheque Bounce Case? - HC
Posted Date : 26-Oct-2022 , 09:29:21 pm | Posted By CA.Khurana Vivek

Can a Court Impose Fine more than Twice the Amount of the Cheque in Cheque Bounce Case? - Kerala High Court.  Kerala High Court Judgement :-   M. Shabeer v. Anitha Bajee & Anr. (Justice A. Badharudeen)   The Kerala High Court in a latest judgement said that the maxi...

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Category : Income Tax | Comments : 0 | Hits : 1140

SC Landmark Judgement on Income Tax Exemption for Profit Oriented Educational Institution
Posted Date : 25-Oct-2022 , 08:19:14 am | Posted By CA.Khurana Vivek

Supreme Court Land Mark Judgement :- New Noble Educational Society vs Chief Commissioner of Income Tax. (Hon. CJI Uday Umesh Lalit, Hon. Justices S. Ravindra Bhat and Hon.Justice P S Narasimha)   The Supreme Court held that educational trust or societies etc., which seek exemption unde...

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Category : Income Tax | Comments : 1 | Hits : 1159

NFRA - 2 Form | Applicability of NFRA Form 2 And Consequences of Non Compliance | Form NFRA 2
Posted Date : 19-Oct-2022 , 09:04:33 pm | Posted By CA.Khurana Vivek

As per Section 132 (2) of the Companies Act 2013,   Notwithstanding anything contained in any other law for the time being in force, the NFRA shall make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standard...

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Category : Income Tax | Comments : 0 | Hits : 1271

Supreme Court Judgement on Dishonour of Cheque and Offence u/s 138 of Negotiable Instrument Act
Posted Date : 13-Oct-2022 , 08:16:18 am | Posted By CA.Khurana Vivek

Supreme Court Recent Landmark Judgement on Dishonour of Cheque and Offence under section 138 of Negotiable Instrument Act. Cheque presented for full amount without endorsing part-payment by borrower does not attract offence under Section 138 of Negotiable Instrument Act: Supreme Court   Dash...

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Category : Income Tax | Comments : 0 | Hits : 1032

NIC issued an Update on e-way Bill Generation for Movement of Gold
Posted Date : 22-Sep-2022 , 12:32:45 pm | Posted By S.Mahajan

On 12th September 2022, the National Informatics Centre (NIC) released an update on the e-way bill portal regarding the generation of e-way bills for the movement of gold, gold jewellery and precious stones.   As per the GST Council, the e-way bill requirement has been laid down for the trans...

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Category : Income Tax | Comments : 0 | Hits : 940

Double TDS : Non Filing of income tax return by due date...
Posted Date : 14-Mar-2022 , 11:38:15 am | Posted By CA. Dr. Gaurav Bhambri

Budget 2022 proposed that if you haven’t filed your income-tax returns for a year, you will need to pay a higher TDS (tax deducted at source). Earlier, this window was two years. But there is a catch. The due date to file your returns for income earned in 2021-22 is coming up in July 202...

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Category : Income Tax | Comments : 0 | Hits : 7083

Undisclosed income found in tax raids : Budget 2022 bars set off of losses
Posted Date : 07-Feb-2022 , 05:43:58 pm | Posted By CA. Dr. Gaurav Bhambri

In this article we explored The Budget 2022 which has proposed a new anti-tax evasion rule that will prevent people from misusing the provision of setting off losses on any undisclosed income discovered during a search operation or a survey by the income tax department. The Finance Bill 2022 has pro...

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Category : Income Tax | Comments : 1 | Hits : 9908

Guidance on uploading of Manually submitted Form 15CA and Form 15CB
Posted Date : 03-Feb-2022 , 04:09:04 pm | Posted By CA. Rahul Dwivedi

Guidance on uploading of Manually submitted Form 15CA and Form 15CB 7th between June to 15th August 2021 At the initial time of Migration from Old income Tax Portal to Advance version of Income Tax Portal, the facility for uploading the form 15CA & 15CB was not activated on the new portal &am...

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Category : Income Tax | Comments : 0 | Hits : 4869

TDS Rates applicable for Financial Year 2022-23 or Assessment Year 2023-24 and other provisions
Posted Date : 02-Feb-2022 , 01:46:47 pm | Posted By KRIESHAN GROVERR

TDS Rates applicable for Financial Year 2022-23 or Assessment Year 2023-24 and other provisions :  Nature of Payment Basic Cut off (Rs) Individual /Company and others New Rate %) If No Pan or Invalid PAN (Rate %) ...

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Category : Income Tax | Comments : 0 | Hits : 2815

Taxation on Income from Crypto/Crypto currency
Posted Date : 01-Feb-2022 , 05:39:04 pm | Posted By Vijay Kumar Gupta

Taxation on Income from Virtual Digital Assets i.e. Crypto/ Crypto Currency (Effective for the AY 2023-24) These are specific sections i.e., 2(47A), 115BBH, & 194S are proposed to be inserted under Income-tax Act by Finance bill 2022-23 to tackle the taxation issues relating to the transacti...

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Category : Income Tax | Comments : 0 | Hits : 1746

Taxation of gains on crypto currencies
Posted Date : 02-Dec-2021 , 06:05:58 pm | Posted By Mahesh Bansal

Millions of Indians have invested in crypto currencies and have made huge gains in last couple of years. Now, it is the time to file their income tax returns. But they are not sure how to treat the income from cryptocurrency trading in their ITR. Nothing is specifically prescribed in Income Tax laws...

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Category : Income Tax | Comments : 1 | Hits : 1960

Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks for the year 2021-22
Posted Date : 14-Oct-2021 , 07:50:21 am | Posted By CA.Khurana Vivek

Names of Audit Firms approved for appointment as Statutory Central Auditors (SCAs) in 12 Public Sector Banks for the year 2021-22 Sl. No. Name of the Bank Names of audit firms approved for appointment as SCAs for FY 2021-22 Term ...

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Category : Income Tax | Comments : 0 | Hits : 7612

Turnover Calculation & Taxability of Future & Options – Simplified
Posted Date : 06-Oct-2021 , 03:30:27 pm | Posted By CA Akhil Kumar

Future and Options is a derivative tool which was designed to hedge a portfolio but we all are aware that it has become one of the most traded instruments for regular gains. Hence Income Tax has realized the above and the Income from Future and Options is taxable under the head ‘Income from ...

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Category : Income Tax | Comments : 0 | Hits : 1844

Solution to problem of New Income Tax Portal
Posted Date : 17-Aug-2021 , 03:55:17 pm | Posted By CA. Dr. Gaurav Bhambri

In this article, I have tried to cover up most of the issues commonly being faced & there suggested resolutions. 1. Whether filing of ITR for AY 2021-22 started on New Income Tax Portal? Yes, ITR filing has started on New IT Portal. Form ITR 1 & ITR 4 can be filed with both offline uti...

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Category : Income Tax | Comments : 5 | Hits : 7615

90 unique problems related to new income tax e-filing portal reported
Posted Date : 17-Aug-2021 , 03:49:38 pm | Posted By CA. Dr. Gaurav Bhambri

The government has said that more than 700 emails dealing with 2000 issues including 90 unique issues/problems in the new income tax e-filing portal have been received from various stakeholders. These issues were reported by various stakeholders including tax professionals, Institute of Chartered Ac...

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Category : Income Tax | Comments : 4 | Hits : 9091

(DIN) Director Identification Number
Posted Date : 22-Jul-2021 , 05:42:08 pm | Posted By CS MANJU LAUR

                                                                                     ...

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Category : Income Tax | Comments : 0 | Hits : 815

TAX Deducted on Source- Provisions for TDS on Purchase of Goods
Posted Date : 17-Jul-2021 , 04:04:13 pm | Posted By Ishita Ramani

  TDS- Tax Deducted at Source, is deducted for the payment that exceeds a specified due limit. However, this was the case earlier. But now, from 1st July 2021, apart from the current scope of TDS deduction applicable on the notified nature of payment of expenses, businesses are required to d...

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Category : Income Tax | Comments : 0 | Hits : 394

Section 206AB of the income tax act which will be effective from 01.07.2021
Posted Date : 12-Jun-2021 , 08:37:35 am | Posted By Shilpa Sardana

A new section 206AB in the income tax Act has been introduced which will be effective from 01.07.2021 - as a special provision providing for higher rate of TDS for the non filers of income tax return. This section impose a higher rate of TDS if the transactions are done with the non filers of income...

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Category : Income Tax | Comments : 0 | Hits : 1846

Important Income Tax Provisions applicable to Co-Operative Societies.
Posted Date : 23-Mar-2021 , 05:59:11 pm | Posted By CA M.RAGHAVENDRA PRASAD

The Income Tax Provisions, as applicable to Co-Operative Societies  are lucidly mentioned herein below : 1. Section 40A particularly Sub- Section (3): If any payment , whether Capital Expense or Revenue Expense , exceeding Rs 10,000:/is made on one day to one person , then in computing Busines...

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Category : Income Tax | Comments : 0 | Hits : 2864

DOWNSIDE OF BELATED RETURN
Posted Date : 15-Mar-2021 , 02:16:37 pm | Posted By RAMAN KUMAR

As per rules notified under section 234F of the Income Tax Act which came into effect from 1 April 2017, filing your ITR after the due date, can make you liable to pay a maximum penalty of Rs 10,000.  ** However a relief to small taxpayers, the Income Tax Department has stated that if your&nbs...

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Category : Income Tax | Comments : 0 | Hits : 2898

Difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020
Posted Date : 24-Feb-2021 , 10:26:47 pm | Posted By TIKARAM CHAUDHARY

This article is an attempt to elaborate the difference between Statutory provisions applicable to Companies under Existing Payment of Gratuity Act 1972 (Amended) & The Social Security Code 2020 effective from 01.04.2021. Background Gratuity being an important retirement benefit to employees in...

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Category : Income Tax | Comments : 0 | Hits : 3081

कैटल्स की बिक्री, टैक्सेबल taxfree?
Posted Date : 18-Jan-2021 , 02:57:09 pm | Posted By RAGHUVEER SINGH POONIA

कैटल्स की बिक्री, टैक्सेबल taxfree? pets की बिक्री से होने वाली आय टैक्सेबल या taxfree? छायादार पेड़ों की बिक्री टैक्सेबल या taxfree? ...

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Category : Income Tax | Comments : 0 | Hits : 3327

Residential status of taxpayers in India
Posted Date : 21-Dec-2020 , 05:37:45 pm | Posted By RAGHUVEER SINGH POONIA

Some smart taxpayers, along with some smart tax consultants, had developed a system that they would not pay tax in any country of the world. In the finance act 2020,  for such taxpayers, the Government of India has tried to bring such taxpayers into the tax net by introducing a new concept &quo...

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Category : Income Tax | Comments : 0 | Hits : 2569

TAX COLLECTION AT SOURCE [SEC. 206C (1H) OF INCOME TAX ACT, 1961]
Posted Date : 04-Oct-2020 , 11:56:59 am | Posted By Santhosh Gupta Kethepalli

Tax Collection at Source [Sec. 206C (1H) of Income Tax Act, 1961] Introduction:- Section 206C of the Income Tax Act provides for the collection of Tax at Source In order to widen and deepen the tax, a new sub-section (1H) is inserted with effect from 1st October, 2020. Who is Liable to...

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Category : Income Tax | Comments : 0 | Hits : 3028

Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT
Posted Date : 25-Sep-2020 , 12:33:12 pm | Posted By Santhosh Gupta Kethepalli

Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT Introduction:- Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. Both the sections were introduced to curb the black money. Tax evasion is one of the serious proble...

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Category : Income Tax | Comments : 0 | Hits : 2988

 

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