ICAI representation to CBDT for Tax audit due date extension dated 17th September 2018
The Institute of Chartered Accountants of India (ICAI) has again sent the representation to the CBDT regarding the extension of the Due date regarding the...
Category : Income Tax
Mandatory e-assessments in majority of cases for AY 2018-19 excepts 7 cases – CBDT
In the direction of paperless working in the income tax department, the CBDT vide its Instruction no. 03/2018 issues an instruction for conducting assessment proceedings...
Implementation guide w.r.t. Notification no. 33/2018 dated 20.07.2018 effective from 20.08.2018 issued by ICAI
The Institute of Chartered Accountants of India (ICAI) has issued the Implementation guide w.r.t Notification no. 33/2018 dated 20.07.2018 effective from 20.08.2018 on 22nd August...
Deduction u/s 54 is allowed even if the assessee purchased new residential house before the sale of another residential house owned by him – ITAT Mumbai
Held: The Mumbai Tribunal in a recent decided case law has held that where the assessee has purchased the new residential house before the sale...
SLP admitted against the ruling that interest earned on funds deposited prior to commencement of business – SC
The Supreme Court has granted SLP against the High Court ruling that interest received on funds deposited with the banks borrowed for specific purpose of...
CBDT proposes to amend the rules for making the process of issue of certificate for no deduction or lower deduction electronically
For the purpose of downloading the revised Form No. 13, Click here...
Amended Form 3CD deferred to next year
CBDT has deferred the implementation of reporting requirement under the proposed clause 30C(pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods...
ICAI suggested CBDT to implement revised form 3CD from AY 2019-20 for smooth implementation
Institute of Chartered Accountant of India in their suggestions dated 2nd August, 2018 requested CBDT to implement the changes made in Form 3CD to be...
Excise & Customs : Exemption notifications should be interpreted strictly, assessee cannot take benefit of ambiguity in exemption notification – SC
The Constitution Bench of Supreme Court of India in Commissioner of Customs vs Dilip Kumar & Company [Civil Appeal No. 3327 of 2007] on July 30,...
ICAI represents CBDT to Extend ITR Filing Due Date from 31 July to 31 August 2018
The Institute of Chartered Accountants of India (ICAI) has represented to the CBDT to extend the due date for the ITR filing in case of...
CBDT releases amendments to Form 3CD on 20th July 2018
Central Board of Direct Taxes has released the amendments to the Form 3CD vide Income tax (8th Amendment) Rules 2018, which shall come into force...
Submission of evidence during seizure isn’t necessary; can be done in assessment proceeding as well: HC
The High Court of Bombay, in a recent judgement held the following in a case of block assessment, ” Where in course of block assessment, assessee...
Analysis of Section 44AD & 44ADA of the Income Tax Act, 1961
Brief History : Special Provisions for computing Profits and Gains of Business on Presumptive Basis Presumptive Taxation u/s 44AD and 44AE was introduced by the...