INCOME TAX CATEGORY
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Am I required to keep a copy of the Income Tax Return filed as proof and for how long ? Yes, since legal proceedings under the Income-tax Act can be initiated up to 4 or 6 years (as the case may be) prior to the current financial year, you must maintain such documents at least […]
Gift received by an individual from Hindu undivided family (HUF) isn’t exempt Gyanchand M. Bardia v. The Income Tax Officer (Income Tax Appellate Tribunal )– Ahmedabad 21 February, 2018 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH AHMEDABAD BEFORE, SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA […]
Insertion of new section 80M (Budget 2020) After section 80LA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2021, namely:–– ‘Section 80M of Income tax Act.:- Sub Section (1) Where the gross total income of a domestic company in any previous year includes any income […]
Tax Deducted at Sources Amendment made by Finance Act in TDS applicable from 01st -April-2020 TDS (Tax Deducted at Sources) [Chapter – XVIIB] TDS on payment of Dividend [section 194 and 195 of Income Tax Act ]: With effect from 01st -April-2020. Indian company shall be liable to deduct TDS @ 10% under section 194 […]
Finance Minister announces several relief measures relating to Income Tax and GST/Indirect Tax compliance matters across Sectors in view of COVID-19 outbreak Dated- 24 MAR 2020 Compliance (GST and Income Tax) Current Date Extend last date Income Tax F.Y-2018-19 Last date for Income Tax returns for (FY 18-19) 31st March, 2020 30th June, 2020. Aadhaar-PAN linking […]
The Income-tax Act 1961 does not prescribe any specific books of account for a person engaged in business or in non-specified profession. However, such a person is expected to keep and maintain such book of account and other documents as may enable the Income Tax Assessing Officer (ITO) to compute his total income in accordance […]
Tax audit turnover threshold limit increased to 5 crores Rupees for business (Amendment of section 44AB of the Act). (A) in clause (a),–– (i) the word “or” occurring at the end shall be omitted; (ii) the following proviso shall be inserted, namely:–– Tax audit turnover threshold limit increased to 5 crores rupees for business. ‘Provided […]
What are the specified financial transactions in which quoting of PAN is mandatory? Rule 114B of Income tax rule – , following are the transactions in which quoting of PAN (Permanent Account Number) is mandatory by every person except the Central Government, the State Governments and the Consular Offices: Sale or purchase of a motor […]
Key Highlights of Budget 2020 (Announcements) Budget Income Tax Announcements Income Tax Rate 10% income tax rate for Income between 5,00,000.00 -7,50,000 Rupees 15% income tax rate for Income between 7,50,000 -10,00,000.00 Rupees 20% income tax rate for Income between 10,00,000.00 -12,50,000.00 Rupees 25% income tax rate for Income e between 12,50,000.00-15,00,000.00 Rupees Incomes above […]
What are the circumstances under which assessment under section 147 of Income Tax Act i.e. income escaping assessment can be carried out? In the following cases, it will be deemed that income chargeable to Income tax has escaped assessment: Where no Income tax return has been furnished by the taxpayer, although his total income or […]
