Income Tax

For information regarding Income tax ,please refer here

Income Tax Return

Reading Time: 2 minutes Income Tax Return Form 2019-20: The IT department is notified the new Income Tax Return forms for the individuals and the companies for the AY 2019-20 Income Tax Return Form 2019-20: The IT department is notified the new Income Tax Return forms for the individuals and the companies for the AY 2019-20. No changes to
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Reading Time: 3 minutes PART A I am deeply conscious of the absence ofShriArunJaitley today. I am sure the House joins me in wishing Shri Jaitley speedy recovery, good health and long life in the service of the nation. Madam Speaker, the people of India gave a strong mandate to our Government. Under the visionary leadership of Hon’ble Prime Minister
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TDS

Reading Time: 2 minutes TDS, Central Board of Direct Taxes  clarifies regarding the issue of Prosecution Notices The Central Board of Direct Taxes (CBDT) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified
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Avoid Interest u/s 234A

Reading Time: 3 minutes Avoid 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 minutes Income 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: 12 minutes SFT 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 minutes Specified 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 minutes In 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 minutes New 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, [email protected]) 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: 9 minutes Long 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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