Income Tax

For information regarding Income tax ,please refer here

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Avoid Interest u/s 234A

Reading Time: 3 minutesAvoid Interest u/s 234A, Although the CBDT has extended the due date of Filling Income tax returns for Audit cases from Sept 30, 2018, to Oct 15, 2018, vide notification no F. No. 22513581201811TA.11 Dated 24.09.2018  but in the same notification, the CBDT has clarified that there shall be no extension of the due date for purpose
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Income Tax Due date Extension

Reading Time: 2 minutesIncome Tax Due date Extension, The government of India have extended the due date for Tax Audit and return filing under the provisions of the Income Tax Act from September 30th to October 15th 2018. this decision has been taken in view of the huge demand of due date extension from the many tax professional bodies and
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SFT Reporting

Reading Time: 11 minutesSFT Reporting 1. What is the legal framework for reporting Statement of Financial Transactions (SFT)?Section 285BA of the Income Tax requires specified reporting persons to furnish the statement of the financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of the financial transaction required to be furnished under sub-section (1) of
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Specified Financial Transaction

Reading Time: 2 minutesSpecified Financial Transaction, As per rule 114E of the IT rules 1962, a Reporting Entity is required to file the statement of financial transaction in form 61A. A Reporting Entity has to report in specified SFT reportable transaction of the nature specified in this rule for the relevant financial year on or before 31st of
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Section 269SS

Reading Time: 2 minutesIn the appeal no ITA 162/KOL/2017   ITO vs. M/s. Dayamayee Marble & Granite, the  Income Tax Appellate Tribunal (ITAT) Kolkata Bench, cancelling the penalty held that the capital contributed in Cash Transaction by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS of the Income Tax Act,
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Reading Time: 2 minutesNew Rules for NBFCs The Finance Ministry has imposed some new Rules for NBFC (Non-Banking Finance Companies) All unregistered NBFCs are required to contact the CTR Cell, FIU-IND (011-24672138, ctrcell@fiuindia.gov.in) for any registration related queries. FIU-IND would delete the names of NBFCs once their registration process is completed and the list would be revised monthly.
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long term capital gains

Reading Time: 8 minutesLong Term Capital Gains taxation CBDT issues FAQs Under the existing regime, long term capital gains arising from the transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of a business trust is exempt from income-tax under clause (38) of section 10
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CBDT Notification for Country By Country Reporting and Furnishing of Master File

Reading Time: 1 minuteCentral Board Of Direct Taxes notifies rules in respect of Country-by-Country reporting & furnishing of Master File, CBDT had invite Comments & suggestions on proposal to insert rules 10DA/10DB& Form nos.3CEBA to 3CEBE in the Income-tax Rules,1962. After consideration of the Committee’s recommendations & comments/ suggestions received from stakeholders/general public, CBDT notified the Rules. This
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Due Date Extended For Tax Audit to 7th Nov -17

Reading Time: 1 minuteIn a move to Providing relief to Tax consultants Income Tax Department has Extended Due Date for Tax Audit and ITR filling for Financial Year 2016-17 upto 7th November 2017 , Most of consultants were demanding Extension for Tax Audit and ITR Filling from last Date because Due Date both GSTR-2 for July 2017 and
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