Government decides to release Income Tax, GST and Custom refunds
IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit All GST &...
Category : Income Tax
THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020
The President of India has promulgated the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance 2020 on 31-03-2020. To download the ordinance, click here...
Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and...
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...
Press Release – Finance Minister announces several relief measures relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of...
Finance Minister Smt. Nirmala Sitharaman announcements on 24-03-2020
1.The last date for Income tax return for FY 2018-19 shall be extended from 31-03-2020 to 30-06-2020. Interest on delayed payment has been reduced from...
Restriction of entry into Income Tax Office at Civic Centre, Delhi
In a precautionary measure by the Department, the entry to the Income Tax Office at Civic Centre, Delhi has been restricted as one Inspector working...
Forms required to submit for availing benefit under ‘DIRECT TAX VIVAD SE VISHWAS’ Scheme will be available in the e-Filing soon
After the President gives accent to the Direct Tax Vivad Se Vishwas Act, 2020 on 17th March, 2020, the Income Tax Efiling Website has updated...
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,...
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...
Where the assesse has made the FDR out of borrowed funds, the interest on such FDRs cannot be added back by invoking the provisions of section 57(iii) of the Income Tax Act, 1961 – ITAT Delhi
Crux : Where the assesse has made the FDR out of borrowed funds, the interest on such FDRs cannot be added back by invoking the...
Where the additions and disallowances are deleted by the higher authorities, there is no basis for levying penalty u/s 271(1)(c) of the Act – ITAT Delhi
Crux : Where the additions and disallowances are deleted by the higher authorities, there is no basis for levying penalty u/s 271(1)(c) of the...
Where no satisfaction note in the searched persons proceeding recorded separately, the jurisdiction assumed u/s 153C in the case of the assessee is not in accordance with provisions of section 153C – ITAT Delhi
[docxpresso file=”https://taxcharcha.com/wp-content/uploads/2019/12/ITAT-Delhi-1-2.odt” comments=”true” SVG=”true”] To download the complete order, click here ITA No.1720-Del-2015-ACIT vs. Gracious Project Pvt. ltd....
Where the order is passed ex parte making an addition of Rs. 6 Lacs, the case is remanded back to CIT(A) directing it to provide final opportunity of being heard to the assessee
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Where the notice issued u/s 271(1)(c) read with section 274 of the act does not specify whether the penalty is for concealment of income or for furnishing of inaccurate particulars of income, the same is bad in law and no penalty can be levied.
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CBDT notifies Form 26QD and Form 16D for TDS under section 194M
The Central Board of Direct Taxes (CBDT) has notified the Form 26QD and Form 16D for the TDS deduction and deposition under section 194M vide...
All about National E-Assessment Scheme
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Key Takeaways from the Press Release by Ministry of Finance on 20th September, 2019
Any Domestic Company has an option to pay income tax at the rate of 22% provided that they will not avail any exemption/ incentive. The...
Notification no 63/2019-Cost Inflation Index for FY 2019-20
Central Board of Direct Taxes has notified the cost inflation index for the FY 2019-20 which is 289 vide notification no. 63/2019. To download the...
Notification no. 62/2019 – Giving effects to E assessment scheme 2019
To give effect to the E-assessment scheme, the Central Board of Direct Taxes has notified the notification no. 62/2019 to give effect to the E-assessment...
Notification No. 61/2019 – E-assessment scheme 2019
Central Board of Direct Taxes (CBDT) has notified the E-assessment scheme 2019 on 12th September 2019. In this scheme, the Government has laid down the...