Extension of due date for filing Income tax return for AY 2019-20
The CBDT has issued the Notification No. 56/2020 in which it has been notified that the due date for filing the Income tax return for...
Category : Income Tax
Finance Act 2020
The President of India has assented the Finance Act 2020 on 27th March 2020. To download the Finance Act 2020, click here Finance Act 2020...
The Direct Tax Vivad Se Vishwas Act 2020
The Direct Tax Vivad Se Vishwas Act 2020 has received the assent from the President of India on 17-03-2020. To download and view the Act,...
Where the assessee provided all the confirmation of the creditors at the CIT(A) level, the orders of the lower authorities set aside and send back for reconsideration – ITAT Delhi
During the assessment proceedings, the Assessee fails to provide confirmation of 04 creditors and the AO added the whole amount of creditors to its income....
ITR 1 and ITR 4 notified for the AY 2020-21
In a surprising move by the Income Tax Department, the ITR 1 and ITR 4 have been notified for the AY 2020-21. This is the...
PAN AADHAR linking extended by 3 month
On 30th December 2019, the Central Board of Direct Taxes (CBDT) has extended the due date of linking of PAN with AADHAR from 31st December...
Rupay enabled Debit card and UPI notified as prescribed mode of payment under section 269SU
With effect from 1st January 2020, every person carrying on business, if his total sales, turnover or gross receipts, as the case may be, in...
The Reopening of assessment is an entirely independent and vastly different jurisdiction and cannot be confused with the revisional powers of the higher authority – Bombay High Court
The Bombay High Court in its recent judgement in the case of Saurabh Suryakant Mehta WRIT PETITION NO.3495 OF 2018 stated that “the reopening of assessment...
Indirect Taxes Committee issued E- Publication on Expempted Supplies under GST –
In order to facilitate members and other stakeholders in understanding the exemptions under GST, Indirect Taxes Committee of ICAI has decided to bring out E-publication...
Guidance Note on Audit of Banks (2019 Edition) – ICAI
The Guidance Note on Audit of Banks is issued by the Auditing and Assurance Standards Board (AASB) of ICAI every year with the objective to...
CBDT Extends the due date for furnishing of report under section 286 (4) of the Income-tax Act, 1961 – Circular 9 of 2018 dated 26.12.2018
In order to remove the genuine hardship in furnishing of the report under sub-section (4) of section 286 of the Act read with sub-rule (4)...
CBDT issues explanatory notes to the provisions of the Finance Act, 2018 on 26.12.2018 – Circular no.8/2018 , CBDT
The Central Board of Direct Taxes vide its Circular No. 8/2018 dated 26.12.2018 issued explanatory notes to the provisions of the Finance Act, 2018 To...
The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be drawn while invoking the provision of section 50C of the Act. – Bombay High Court
Held : “The assessee can be taxed only on the gain which is oozing out from the sale consideration, thus, no adverse inference can be...
In terms of section 194A(1), The time of deduction of tax u/s 194A(1) is undisputedly time at which interest is to be credited to account of payee or when it is paid in cash/cheque or draft therefore, deduction of tax at source on interest income before close of financial year concerned as provided under section 194A(4) would not obligate assessee bank from penalty for not deducting tax at source at time of credit of said income in payee’s account – HC Allahabad
Held : Deduction of tax at source on interest income before close of the financial year concerned as provided under Section 194 A (4) of...
HC wrong in taking the technical view of dismissing the appeal on the ground of delay when it has to decide the question of law between the parties in any case in respect of earlier assessment year – Supreme Court
Held : The High Court should not have taken such a technical view of dismissing the appeal in the instant case on the ground of delay,...
The exemption of Rs. 50 lakh in s. 194-IA(2) is applicable w.r.t. the amount related to each transferee and not with reference to the amount as per sale deed. Each transferee is a separate income tax entity and the law has to be applied with reference to each transferee as an individual transferee / person – ITAT Delhi
ITAT Delhi in the judgement of Vinod Soni Vs. ITO TDS Faridabad in ITA No. 2736/Del/2015 held the following: Section 194-IA(2) provides that Section 194-IA(1)...
Exposure Draft of Guidance Note on Reports in Company Prospectuses (Revised 2018) issued by the Auditing and Assurance Standards Board
The Auditing and Assurance Standards Board issued Exposure Draft of Guidance Note on Reports in Company Prospectuses (Revised 2018) . To download, kindly click the link:...
No seizure of goods on ground that they were not accompanied with part-B of e-way bill – HC Kerala
The High Court of Kerala in its judgement has held that where the assessee has defaulted in not uploading Part B to the eway bill...
Revised Implementation Guide to SA 230, “Audit Documentation” issued by the Auditing and Assurance Standards Board – ICAI
Auditing and Assurance Standards Board has issued Revised Implementation Guide to SA 230, “Audit Documentation” on 03.12.2018. Standard on Auditing (SA) 230, “Audit Documentation” is an...
No capital gain to be computed on the transfer of assets on the ‘book value’ in the case of conversion of company into LLP – ITAT Mumbai
Held: In the recent judgement by ITAT Mumbai in the Case of M/s Celerity Power LLP wherein it was held that the on the conversion of the company...
An order passed by the Tribunal even one day after the prescribed period of 90 days from the date of hearing causes prejudice to the assessee and is liable to be recalled – ITAT Mumbai
To Download, Shri Kaushik N. Tanna ITA no. 5439 of Mumbai...
HC issues directions to the Department of Revenue to penalise the defaulters for not issuing Form 16 to their employees – HC Bombay
The Bombay High Court in its judgement took serious concern over the defaulter employers who does not any concern for issuing Form 16 where the...
No penalty to be levied u/s 271(1)(c) where the additions made by the AO is deleted – ITAT Delhi
Held: The Hon’ble ITAT Delhi in its judgement held that “Since the Tribunal has deleted the addition made by the Assessing Officer and sustained by the...