INCOME TAX

INCOME TAX

Extension of tax returns filing deadline for AY 2022–23 till 31st Aug 2022

RJA 08 Aug, 2022

Extension of the Due date of filing ITR for AY 2022–23 till 31st August 2022 A Representation from the Gujarat Federation of Tax Consultants and the Income Tax Bar Association have been submitted to the Indian Minister of Finance and the Chairman of the CBDT to extend the date for submitting ...

INCOME TAX

New Income tax Rules for verification of Income tax return Filling

RJA 01 Aug, 2022

New Income tax Rules for verification of Income tax return Filling If ITR for Assessment year 2022-23 filed today or in months to come upto 31.12.2022 and not verified within 30 days Date of verification will be taken as date of filing. So interest and late fees will be levied accordingly Where ...

INCOME TAX

New Rule on e-Verification of income tax return Return

RJA 01 Aug, 2022

Overview of New E-Verification of income tax return Rule If the filed return is not verified within the provided timeline, the return filing procedure is not complete. If an Income tax return’s is filed but not verified, the ITR is deemed to be invalid and is subject to ...

INCOME TAX

Step for Verify your Income tax return via Using your Demat Account

RJA 15 Jul, 2022

How to verify your ITR via Using your Demat Account : ITR 2021-22 Every taxpayer must verify their income tax return at income tax portal within 120 days after filing the ITR 2021-22, otherwise it would be ruled or deemed invalid. The Deadline for submitting an income tax return for the Financial ...

INCOME TAX

Last date approaching; check here how to file ITR, Tax Filling For AY 2022-23

RJA 26 Jun, 2022

Income tax Taxpayers can e-verify his Income tax return immediately or within one hundred and twenty days of filing using the techniques outlined on the website. The ITR e-verification can be completed via pre-validated demat account, or Aadhaar OTP, pre-validated bank account or EVC generated through bank ATM The CBDT ...

INCOME TAX

CBDT: Issues Clarification on income tax Form 10CCB

RJA 25 Jun, 2022

The Income tax Dept. has issued the Clarification on income tax Form 10CCB to prevent errors in form filing and verification, clarification provides as mentioned below : After Chartered Accountants assign the appropriate Chartered Accountant complete filing of form income tax portal. Income Tax Taxpayer can reject/ accept the income tax ...

INCOME TAX

CBDT issue guidelines for removal of difficulties U/s 194R of I. Tax Act.

RJA 17 Jun, 2022

CBDT issue guidelines for removal of difficulties U/s 194R(2) of I. Tax Act. Guidelines for removal of difficulties U/s 194R(2) of the Income-tax Act w. e. f. July 1, 2022, The Finance Act 2022, New section 194R of the Income-tax Act was inserted under the Income-tax Act. Before providing any benefit ...

INCOME TAX

TAXABILITY OF VIRTUAL DIGITAL ASSETS U/S 115 BBH

RJA 01 Jun, 2022

TAXABILITY OF VIRTUAL DIGITAL ASSETS/ CRYPTOCURRENCY U/S 115 BBH Applicability of TDS & Tax Rate on Virtual Digital assets/ cryptocurrency Any Kind of Income received from the transfer of any Virtual Digital Assets/ cryptocurrency will be taxed @ 30%. Slab rate 1% tax deducted at source will be deducted on such transfers of ...

INCOME TAX

Benefits & Drawbacks of Tax saving by Formation of HUF

RJA 16 May, 2022

Benefits & Drawbacks of Tax saving by Formation of HUF. What is a Hindu Undivided Family (HUF)? HUF stands for Hindu Undivided Family. This is a legal practice of reduction of taxes and assets pooling by forming HUF which comes under the Hindu Undivided Family Act. All the members of ...

INCOME TAX

CBDT Notifies Manner & Form for filing Updated ITR Returns U/s 139(8A)

RJA 30 Apr, 2022

CBDT through Notification No. 48/2022 Dated 29th April 2022 notifies Form and Manner for filing Updated ITR Returns under section 139(8A). On April 29, 2022, the CBDT has issued the New income tax rules i.e Income-tax (Eleventh Amendment) Rules, 2022 to amend the OLD income rule i.e Income-tax Rules, 1962 & introduces manner for ...

INCOME TAX

ICAI issue FAQs.: CAs are not allowed to certify an ITR as a true copy

RJA 28 Apr, 2022

CAs are not allowed to certify an ITR as a true copy: ICAI provides Frequently Asked Questions.    In a set of FAQs about issuing the UDIN, the ICAI said that "Chartered Accountants have no authority to qualify an Income Tax Return as a valid document." Chartered ...

INCOME TAX

CBDT has notified additional conditions u/s 139(1) for compulsory return filing

RJA 23 Apr, 2022

CBDT inserts Rule 12AB to provide further conditions, where filing of ITR is mandatory as per clause (iv) of 7th Proviso to section 139(1)  CBDT via Notification No. 37/2022 dated 21.04.2022 via Income-tax (Ninth Amendment) Rules, 2022 notified conditions for furnishing a ITR n terms of clause (iv) of the seventh proviso section 139(1) ...

INCOME TAX

How to Check your PAN card status in minutes

RJA 07 Apr, 2022

How to Check your PAN card status in minutes by your self PAN cards are used to file Income Tax Returns (ITRs) and perform transactions. This is the reason why so many people pay such close attention to this document. PAN Card fraud has been all too common in recent ...

INCOME TAX

Top Unconventional Tax Planning ways Save Income Tax

RJA 01 Mar, 2022

Top Unconventional Tax Planning ways Save Income Tax Paying income tax at the conclusion of a financial year is a time-consuming process for most people. The majority of the strain is spent figuring out how to submit insurance, rent, and other expenses in such a way that the tax burden ...

INCOME TAX

CBDT Guidance on uploading of Manually filling 15CA & 15CB

RJA 28 Feb, 2022

CBDT Guidance on uploading of Manually filling 15CA & 15CB CBDT has provided instructions on how to upload manually filed Income Tax Forms 15CA and 15CB with Authorized Dealers between June 7, 2021, and August 15, 2021. In accordance with the Income Tax Department Press Release dated July 20, 2021, The www.incometax.gov.in e-filing ...

INCOME TAX

Crypto is taxed does not mean that it will not be prohibited in India

RJA 12 Feb, 2022

Taxation on Crypto does not mean that it shall not be banned future in India Indian finance minister N. Sitharaman, said on Friday that the government has the sovereign right to tax money earned from cryptocurrency transactions, but that the govt has yet to decide whether to legalise or ban ...

INCOME TAX

New Tax Regime Vs Old Tax Regime

RJA 07 Feb, 2022

Old Tax Regime vs New Tax Regime The Finance Act 2020 made a number of amendments to our direct tax structure. The implementation of the New Tax Regime U/S 115BAC of the Income Tax Act of 1961 was the most significant change. On the one hand, the new regime offers lower ...

INCOME TAX

Quick Steps to ensure processing time income tax refund

RJA 23 Jan, 2022

What is Eligibility Conditions of Income Tax Refund The Income Tax taxpayer’s applying for the income tax refund required to make sure that Dept have updated at tax return & validated their bank accounts with the Tax Dept where they would like to obtain their tax refund ...

INCOME TAX

How can we save Income Tax in India?

RJA 23 Jan, 2022

How can we reduce income tax in india You can Reduce your Tax Liability by save money/investment for your future 1. Deductions Upto 80C We can use up to deduction under chapter VI Rs 1.5 lakh ceiling u/s 80C. Income Tax Deductions or investments are all this subjected to ...

INCOME TAX

Industry wants clarity on Crypto Tax Laws in the Union Budget 2022-23

RJA 11 Jan, 2022

Industry wants clarity on Crypto Tax Laws in the Union Budget 2022-23 The Indian industry association Indiatech has written to the country's finance minister Mrs. N Sitharaman about Crpto Taxation. Coinswitch Kuber, Wazirx, and Coindcx are among the major cryptocurrency exchanges represented by the group. Business group requested clarification ...

INCOME TAX

Chartered Accountants Role in Tax Planning in India

RJA 07 Jan, 2022

What is a Chartered Accountants: CHARTERED ACCOUNTANT: A Internationally Recognized Profession. Chartered Accountants normally called as CA is a Internationally recognized profession related to finance and it’s management. Key roles that a chartered accountant plays is to manage budgets, auditing, formulating taxes and business strategies for clients ...

INCOME TAX

Overview of Deductions under Chapter VI A of Income Tax Act

RJA 31 Dec, 2021

Q.1 What are the different deductions under Schedule VI of Income tax Act ? The following deductions have been provided under Schedule VI of Income Tax Act, 1961 – SECTIONS PARTICULARS ELIGIBLE PERSONS PRESCRIBED LIMIT OF DEDUCTION SECTION 80C INVESTMENT IN LIC, PPF, SUKANYA SAMRIDDHI ACCOUNT, MUTUAL FUNDS, FD ETC INDIVIDUAL AND ...

INCOME TAX

FAQ on the filing of an Income Tax return

RJA 25 Dec, 2021

  FAQ on the filing of an Income Tax return Q.1: Would the Dept of Income Tax provide an e-filing utility? Yes, the e-filing service has been offered by the Tax Department. E-filed returns can be generated and provided by electronic means. Q.2: What's the distinction between e-payment ...

INCOME TAX

Rental income income under the head business income or house property where to disclose

RJA 19 Dec, 2021

Rental income income under the head house property or business income where to disclose The treatment of revenue from the rental of immovable properties for tax reasons has been a point of conflict between the Income Tax Department and taxpayers. Depending on whether the rental income is considered as house ...

INCOME TAX

Income tax Exemption on Electric Vehicle (U/s 80EEB)

RJA 14 Dec, 2021

Income tax Exemption on Electric Vehicle  (U/s 80EEB) The central government has announced an incentive for purchasing an electric vehicle in the 2019 Union Budget. The Finance Minister has announced that Registered Electric Vehicle and Advance battery come under this Scheme. Section 80EEB is introduced for deduction for INTEREST ...

INCOME TAX

How to submit Online Income tax Return

RJA 14 Dec, 2021

How you can file your Income Tax Return without help of Professional/Chartered Accountants. Individuals generally regard filing income taxes as a hardship; yet, due to the lack of accurate data, the advice of a Chartered Accountants or other professional is required. Allow us to inform you that the ...

INCOME TAX

Frequently Asked Questions related to Tax Audit

RJA 07 Dec, 2021

Frequently Asked Questions related to Tax Audit Q1.:  What is the purpose of section 44AB? Ans. According to this provision, taxpayers must perform an audit of their company or profession in order to provide an audit report for taxes purposes. Q2.: Who is in charge of conducting a tax ...

INCOME TAX

Income Tax Treatment on Listing Gains IPO

RJA 07 Dec, 2021

Income Tax Treatment on Listing Gains IPO Many IPOs are priced at a premium, many investors consider recording gains on the first day of trading. This is a good opportunity to achieve significant returns in a short amount of time. Are you aware that there are tax issues that you ...

INCOME TAX

What is Annual information statement?

RJA 07 Dec, 2021

What is Annual information statement? Annual Information Statement is a record of all financial transactions done by you during the FY. AIS is an extensive view of information for a taxpayer available or visible in Form 26AS.  AIS is a lot of detailed of financial statement. ...

INCOME TAX

Benefit of Filling of Income tax return if income is less than INR 2,50,000 etc

RJA 21 Nov, 2021

Q1.: Is there any advantage to submitting a income tax return if one's income is less than Rs 2,50,000 / Rs 3,00,000 / Rs 5,00,000? Ans: If Our annual income does not exceed INR 2,50,000/-, Then we do not needed to file a income tax Return. However, as a Tax consultants ...

INCOME TAX

How to claim HRA allowance while Filing Income tax return?

RJA 11 Nov, 2021

How to claim HRA allowance, while Filing Income tax return? HRA is one of the most significant benefits accessible to salaried workers (House Rent Allowance). You can utilise the HRA to partially or totally lower your tax liability if you are a salaried individual who lives in a leased home. ...

INCOME TAX

Penalty for false entry or fake invoices -New Section 271AAD

RJA 06 Nov, 2021

Penalty for false entry or fake invoices -New Section 271AAD  The Finance Bill 2020 added New section 271AAD under Penalties Imposable - Chapter XXI  With effect from 1-04-2020. Section 271AAD "During any proceeding under income tax Act, Without prejudice to any other provisions of income tax Act. &...

INCOME TAX

Why should you hire a CA as tax consultant?

RJA 05 Nov, 2021

Why should you hire a Chartered Accountants as tax consultant? To be honest, the necessity is mostly determined by the needs of your company. In today's world, every dollar you save can be reinvested. Accurate accounting guidance will certainly assist you in properly planning your business capital. When it ...

INCOME TAX

What is AIS (Annual Information Statement)?

RJA 05 Nov, 2021

What is AIS (Annual Information Statement)? Annual Information Statement (AIS) is a comprehensive view of information for a taxpayer displayed in Form 26AS of income tax portal. Taxpayer Information Summary (TIS) is an details category wise information summary for a income tax taxpayer. Income tax taxpayers can access the “...

INCOME TAX

Consequences if you do not verify your ITR?

RJA 01 Nov, 2021

Consequences if you do not verify your ITR? What will Consequences  if you do not verify  your Income tax Return with 120-day deadlines; it could happen that you forgot to do so. The final phase in the tax return process of filing is verification (ITR). The ITR should ...

INCOME TAX

CBDT Notifies E-settlement scheme 2021 for pending applications with settlement commission

RJA 01 Nov, 2021

CBDT notifies E-settlement scheme 2021 for pending applications with settlement commission CBDT of Direct Taxes by exercise power u/s 245D (11) and 245D (12) of Income-tax Act has issued a Scheme may be called E-Settlement Scheme 2021 to settle pending income-tax settlement applications transferred to a settlement commission. (Notification No. 129/2021/ F.No. 370142/52/2021...

INCOME TAX

Validity of Partnership remuneration disallowed U/s 40A(2)(a)

RJA 16 Oct, 2021

Validity of Partnership remuneration disallowed U/s 40A(2)(a) Problem based on provisions of Sections 40(b)(v) & 40A(2)(a) of the Income Tax Act, 1961. LETS see the applicability of provision of applicable of section. SECTION 40(b)(v) of income tax provides that: Remuneration to Partners exceeding the limit prescribed ...

INCOME TAX

COMPLIANCE REQUIREMENTS UNDER INCOME TAX ACT FY 20-21

RJA 14 Sep, 2021

REQUIREMENTS FOR COMPLIANCE WITH THE INCOME TAX ACT OF 1961   Sl.   Compliance Particulars   Due Dates   1 TDS/TCS obligations for the previous month are due on this day. 07.09.2021 2. Deposit of equalization levy 07.09.2021   3 Due date for issue of TDS Certificate for tax deducted under section 194-IA, section 194-IB ...

INCOME TAX

Income Tax Due dates extended again

RJA 10 Sep, 2021

CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22 Saummary on Income Tax Due dates extended again Following due dates have been extended which I believe in wake of the challenges put forward by the ...

INCOME TAX

Taxation of Inter-Corporate Dividends U/S Section 80M

RJA 09 Sep, 2021

Taxation of Inter-Corporate Dividends under section 80M of Income Tax Act 1961 BRIEF INTRODUCTION The Finance Act 2020 has brought with it a slew of measures and reforms to boost the expansion of the economy and improve tax administration. In order to reduce tax and compliance burden ...

INCOME TAX

Housewives savings deposited in bank A/c up to 2.5 lakh in demonetization cannot be consider income

RJA 21 Jun, 2021

Housewives savings deposited in bank A/c up to Rs. 2.5 lakh in demonetization cannot be income: ITAT Agra Brief Summary of the Case: During the demonetization phase, the assessee, a housewife, deposited cash in her bank account totalling Rs. 2,11,500/-. She was asked to explain the source of the deposit ...

INCOME TAX

Income Tax Notices in India - Meaning & Types

RJA 03 Jun, 2021

Income Tax Notices in India - Meaning & Types An income tax notice is a written letter from the Income Tax Department to a taxpayer informing him of a problem with his tax account. The notification might be given for a variety of reasons, including filing or not submitting ...

INCOME TAX

FAQS ON PRESUMPTIVE TAXATION IN INDIA

RJA 01 Jun, 2021

FAQS ON PRESUMPTIVE TAXATION IN INDIA Q.: What does a presumptive taxation scheme mean? Presumptive taxation scheme related to providing relief to small taxpayers. Any small taxpayer whose turnover is less than Rs 2 crores shall be eligible for such a scheme. To facilitate the running of businesses without any burden ...

INCOME TAX

EQUALISATION LEVY ON E-COMMERCE OPERATORS

RJA 01 Jun, 2021

BRIEF INTRODUCTION ON EQUALISATION LEVY ON E-COMMERCE OPERATORS Equilisation levy was introduced in India in 2016 and the same was substantially implemented in the 2020 Budget. Apart from taxing the online advertisement services, the equalization levy shall also be applicable on the consideration, being received by an e-commerce operator, having turnover ...

INCOME TAX

TAXATION UNDER SEC-115BAA & 115BAB

RJA 21 May, 2021

SECTION 115BAA Under this section, newly set up manufacturing companies are provided with a concessional rate of tax. The tax rate is as follows – The annual income is subject to a tax @ 22%. In Addition to this, a surcharge of 10 % and cess of 4 % is also levied, thus making the effective ...

INCOME TAX

Income/Assets Transferred to Spouse Taxable In the Hands of Transferor Spouse

RJA 19 May, 2021

Income/Assets Transferred to Spouse Taxable In the Hands of Transferor Spouse In India there is normal practice to buy/transfer properties under the name of a woman, for example, acquisition of real estate under the name of a wife, buying jewelry or stock under the name of a wife, ...

INCOME TAX

GUIDELINES TO BANKS TO REPORT TAXPAYERS INTEREST INCOME: CBDT

RJA 28 Apr, 2021

GUIDELINES TO BANKS TO REPORT TAXPAYERS INTEREST INCOME: CBDT Exempted Income tax income under the Income Tax Act 1961 like interest on PPF account etc need not be reported. The CBDT published detailed guidelines for reporting information on taxpayers' interest & dividend income from banks and companies. The “specified reporting ...

INCOME TAX

Highlights of Faceless Penalty Scheme, 2021.- E-penalty or faceless penalty Scheme, 2021

RJA 22 Apr, 2021

Highlights of Faceless Penalty Scheme, 2021.- E-penalty or faceless penalty Scheme, 2021 CBDT Through Notification No. 03/2021 dated 12.01.2021 - has notified Faceless Penalty Scheme, 2021. to provide for the online imposition of e-penalty or faceless penalty by the Tax Authorities. This scheme shall become effective with effect from 13.01.2021. Salient features Faceless Penalty Scheme, 2021 ...

INCOME TAX

Document Required For Permanent Account Number (PAN) application

RJA 21 Apr, 2021

Document Required For Permanent Account Number (PAN) application Proof of Identity- Copy of following : Ration card having a photograph of the applicant; or Aadhaar Card issued by the Unique Identification Authority of India; or Elector’s photo identity card; or Pensioner card having a photograph of the applicant; or ...

INCOME TAX

All about tax benefit enjoy by Resident Senior Citizens

RJA 26 Jan, 2021

Overview on Tax Concessions/ benefit for Resident Senior Citizens So After a lifetime of working, raising families, and making a contribution to the success of this Nation other ways senior citizens deserve a dignified retirement.- Charlie Gonzalez Every Nation Govt provides special specific relief to senior citizens in a ...

INCOME TAX

No Notional Taxation! If gap in value of stamp duty is no more than 20% of actual transaction,

RJA 18 Jan, 2021

No Notional Taxation! If the gap in the value of the stamp duty is no more than 20% of the actual value of the transaction, Valuing the stamp duty is a benchmark tax price and plays an important role in the tax obligation evaluation of the property's value. Now ...

INCOME TAX

Frequently asked questions (FAQ) on UDIN issued by the income tax department

RJA 10 Dec, 2020

Frequently asked questions (FAQ) on UDIN issued by the income tax department The Institute of Chartered Accountants of India has been pioneering in the construct of a unique idea called 'Unique Document Identification Number (UDIN)' after finding false certifications by Non - Chartered Accountants’ that have been misrepresented as ...

INCOME TAX

Income Tax dept. permit the revision of declarations filed under Direct Tax Vivad se Vishwas scheme

RJA 09 Dec, 2020

Income Tax dept. permit the revision of declarations filed under the “Direct Tax Vivad se Vishwas Act scheme” The CBDT has explained in FAQ’s that the 'Vivad Se Vishwas' scheme should not be used in a situation where proceedings are pending before the Income Tax Settlement ...

INCOME TAX

CBDT Given Explanation on DIRECT TAX VIVAD SE VISHWAS SCHEME

RJA 01 Dec, 2020

CBDT: ISSUE AN EXPLANATION IN RESPECT OF DIRECT TAX VIVAD SE VISHWAS ACT, 2020. Central Board of Direct Taxation through the Circular at the end of October 2020 issued an Explanation in respect of DIRECT TAX VIVAD SE VISHWAS ACT, 2020. Under the current section 5(2) of the Vivad se Vishwas Act, the ...

INCOME TAX

Ministry of Finance discloses the new GST UPI Payment Guidance

RJA 01 Dec, 2020

Ministry of Finance discloses the new GST UPI Payment Guidance The Indian Govt issued the exemption in the fine to those pursuing companies to consume Business to Business transactions for a term of four months from 01 Dec 2020 to 31 Dec 2021 in order to issue invoices except dynamic QR code through ...

INCOME TAX

CBDT: Tax Department hopes to finalize all faceless e-Assessments by mid-September.

RJA 30 Nov, 2020

Income Tax Department hopes to finalize all faceless e-Assessments by mid-September. 3.130 tax officers, including 600 Income Tax officers, are engaged in the operation of the Faceless Income Tax Assessment Scheme. Of the 58,319 cases selected for faceless assessment, 8,700 cases have already been disposed of. The system, 1st announced by FM Minister Nirmala ...

INCOME TAX

Faceless Assessment: Step by step Procedure & Reasons for the implementation in India

RJA 30 Nov, 2020

E-Assessment Process: The E-filing portal is built as a forum for the conduct of various tax procedures online and electronically. E-Assessment under Income Tax Appeal is a mechanism in which tax officers interact via e-mail and to the taxpayer's account on the e-filing site. On further receipt of the ...

INCOME TAX

AMT : Essential of Alternate Minimum Tax(AMT) & Difference with MAT

RJA 29 Nov, 2020

Essential of Alternate Minimum Tax(AMT) & Difference with MAT Alternative Minimum Tax – Essential The aim of the Finance Act 2011 is to tax such LLP differently. A new Chapter XII-BA titled "Special Provisions relating to certain LLP" was adopted on 01 April 2012. Under this chapter, LLPs are now ...

INCOME TAX

How to get Tax Relief Through TRC under DTAA

RJA 04 Nov, 2020

How to obtain a Tax Resident Certificate for tax relief under a double tax evasion deal Tax Residency Certificate (TRC) The Government of India has modified the Section 90 & 90A of the I T Act, 1961 appears with finance Bill, 2012 to make the provisions provide the submission of the Tax Residency ...

INCOME TAX

KEY FEATURES OF TCS ON GOODS SALE (SECTION 206C(1H) APPLICABLE FROM 1 OCTOBER 2020

RJA 01 Oct, 2020

KEY FEATURES OF TCS ON GOODS SALE (SECTION 206C(1H) APPLICABLE FROM 1 OCTOBER 2020 The Finance Act, 2020 has been amended by adding section 206C(1H) of the Income Tax Act, 1961 (hereinafter referred to as the "Act"), which is effective from 01.10.2020. As a consequence of the said amendment, a seller ...

INCOME TAX

Income Tax consultancy Service in India

RJA 25 Sep, 2020

Income Tax Services Income tax accounts for the tax which is imposed on individuals by the government whereby an individual is required to file income tax every year to determine their tax obligations. It reduces the amount that business owners and individuals are allowed to keep. Income Tax Services in ...

INCOME TAX

Tax and Regulatory Services and their Compliance in India

RJA 17 Sep, 2020

Tax and Regulatory Services With the major shift in multinationals for investing and transacting in India, it is important to have a deep insight into tax and regulatory policies for multiplying growth and grabbing opportunities. The major tax consultants and advisors in India conduct tax and regulatory procedures for dealing ...

INCOME TAX

CBDT implements functionality for banks to verify the ITR filing status.

RJA 03 Sep, 2020

CBDT implements functionality for banks to verify the ITR filing status. Wednesday, the IT Dept said it introduced a service for financial institutions to verify the status of tax filings submitted by entities based on their PAN. On Wednesday, the IT Dept said it introduced a service for banks to ...

INCOME TAX

Key highlights of PM Modi's speech on Transparent Taxation: Seamless, painless, Faceless Assessment

RJA 13 Aug, 2020

Key highlights of PM Modi’s speech on Transparent Taxation: Seamless, painless, Faceless Assessment On 13 August PM Modi will launch the platform 'Transparent Taxation – Honoring the Honest',  The upcoming platform would help CBDT's reform agenda to make the tax filing process clearer and simpler, the Ministry ...

INCOME TAX

FAQs on Deduction under section 80C, 80CCC, 80CCD & 80D

RJA 08 Jul, 2020

FAQ’s on Deduction under section 80C, 80CCC, 80CCD & 80D Q.: Can taxpayers claim the deduction of 80C while submitting the return on income tax? Claims for 80C deductions are allowed before the end of the assessment year while filing the return on income. Q.:  What ...

INCOME TAX

Latest revised Form 26AS with effective from 1 June 2020 : CBDT

RJA 04 Jun, 2020

Govt Notified: Latest revised Form 26AS with effective from 1 June 2020 Latest Form 26AS with effect from 1 June 2020: With effect from 1 June 2020, all data of the taxpayer will be available in the new Form 26AS: Tax withheld at source and tax assessed at source Details of financial transactions listed Income tax ...

INCOME TAX

Basic understanding of Rebate U/s 87A of I. Tax Act

RJA 02 Jun, 2020

Basic understanding of Rebate U/s 87A of I. Tax Act   The main obligation of any Govt of India should protect the citizens of its nation, and the Govt of India is constantly working towards that goal. To order to help the government achieve this vision efficiently, the people ...

INCOME TAX

CBDT CLARIFYING Compiling the new Section 115BAC tax legislation implemented in the Budget 2020

RJA 18 May, 2020

AMOUNT IS DEDUCTED OF TDS ON SALARY-DEDUCTION OF TDS ON SALARY-CBDT CIRCULAR CBDT CIRCULAR CLARIFYING THE PROCESS FOR DEDUCTION CLARIFYING THE METHOD FOR DEDUCTION IN THE EXISTING AND CURRENT SCHEMES OF TAXATION: Income tax Amendment 2020 adopted a revised income tax system for individual taxpayers. The new tax scheme is offered ...

INCOME TAX

REBATE U/S 87A OF INCOME TAX ACT , 1961

RJA 31 Jul, 2018

Rebate u/s 87A of the Income Tax Act was introduced in the year of 2013 with the objective of reducing the tax liability of the assessee whose income is not more than Rs 3,50,000 You can claim the rebate u/s 87A if you fulfil the following conditions: You are an ...

INCOME TAX

Penalty U/S 234F (Fees) For Late Filling of ITR

RJA 22 Jul, 2018

PENALTY U/S 234F (FEES) FOR LATE FILING OF ITR  Under this section, the fee (penalty) is levied if the Income-tax return is not filed within the due date. It is likely to be increased from 1st April 2018 onward as per Section 234F of the Income Tax Act. Provisions ...

INCOME TAX

ALL ABOUT EQUALISATION LEVY/GOOGLE TAX

RJA 21 Jul, 2018

Taxation Indian digital Economy: Equalisation Levy  Over the last decade, Information Technology has gone through an expansion phase in India and globally. Consequently, this has given rise to various new business models, where there is a heavy reliance on digital and telecommunication networks. As a result, the ...

INCOME TAX

HOW TO RESPONSE INCOME TAX DEMAND NOTICE

RJA 11 Jul, 2018

IF a taxpayer income tax return differs from the assessment made by the INCOME TAX OFFICER then taxpayer issued income tax demand notice. This notice is issued when the taxpayer has deposit less Tax for which he is liable to pay. IF You received demand notice then here are ...

INCOME TAX

LIMIT APPLICABLE FOR INCOME TAX AUDIT (U/S 44AB) IN INDIA

RJA 09 Jul, 2018

Objective if Tax Audit:- The objective of the tax audit is to report the requirements of Form Nos. 3CA/3CB and 3CD. Other than the reporting requirements of Form Nos. 3CA/3CB and 3CD a proper tax audit will ensure that the books of account and other records ...

INCOME TAX

QUICK REVIEW ON INCOME COMPUTATION AND DISCLOSURE STANDARDS (ICDS)

RJA 30 Jun, 2018

CBDT issued 12 drafts of Income Computation and Disclosure Standards (ICDS) after taking suggestions from stakeholders and the draft ICDS was open for comments and suggestions till 8 February 2015. After taking suggestion 10 ICDS is finalized by CBDT on 31st March 2015. It will applicable from AY 2017-18. APPLICABILITY RULES OF ICDS:- ...

INCOME TAX

Common mistakes in ITR have been done by you ?

RJA 17 Jun, 2018

Mistakes that are commonly done by taxpayers in filing ITR   We appreciate that filing IT returns may be time consuming, especially if you are young and have just filed a few. However, the advantages outweigh the time and effort required to file it. It is also the responsibility of ...

INCOME TAX

National Committee on Deduction benefit under section 35AC

RJA 02 Jun, 2018

This is to update about Deduction benefit under section 35AC, the Government today said the benefit of deduction under section 35AC of the IT Act will only be available till March 31, with respect to the payments made to associations or institutions approved by the National Committee for carrying-out any ...

INCOME TAX

IMPORTANT ANALYSIS OF ALL MAJOR AMENDMENTS IN INCOME TAX APPLICABLE FOR A.Y. 2018-19

RJA 02 Apr, 2018

Maintenance of Books of Accounts Change in limits for Maintenance of Books of Accounts (Section 44AA): If your net income* from Business or Profession in the financial year 2017-18 is more than Rs 2,50,000 OR if your total sales from Business or Profession in the financial year is more than 25,00,000, then ...

INCOME TAX

RESIDENTIAL STATUS UNDER INCOME TAX

RJA 14 Mar, 2018

Residential Status of Individual- Section 6 Tax incidence on an assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. Similarly, whether an income earned by a foreign national in ...

INCOME TAX

DEDUCTIONS UNDER SECTION 80CCD OF INCOME TAX ACT

RJA 17 Feb, 2018

DEDUCTIONS UNDER SECTION 80CCD OF INCOME TAX ACT Income Tax Act, 1961 provides various tax deductions under Chapter VI-A for contribution to pension plans. Such deductions are available u/s 80C, 80CCC, and 80CCD. This guide talks about section 80CCD. This section provides tax deductions for contribution to the pension schemes ...

INCOME TAX

A QUICK GLANCE ON IMPACTED THE ECONOMY & TAXATION ON BUDGET 2018

RJA 01 Feb, 2018

Arun Jaitley recalls the measures — like GST, FDI, demonetisation, etc. — taken by the NDA government in the past four years that have impacted the economy of the country.  The government estimates 7.2-7.5% GDP growth in the second half of the current FY18. Fiscal deficit for 2017-18 at 3.5% ...

INCOME TAX

Massive Increment in Prosecution on Tax Evaders

RJA 29 Jan, 2018

The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders. Prosecutions have been initiated for various offences including ...

INCOME TAX

Few ways Via Income Dept. is monitoring your high-value transactions

RJA 28 Jan, 2018

Few ways through – Dept is monitoring your high-value transactions check tax evasion, the Income Tax Department has stepped up its vigilance against undeclared income. Now, you have to report PAN on all your high-value transactions. Property registrars and financial institutions with which you deal with like your bank, insurer, ...

INCOME TAX

VALUATION OF UNQUOTED SHARES AN ANALYSIS

RJA 11 Jan, 2018

VALUATION OF UNQUOTED SHARES –AN ANALYSIS OF SECTION 56 ALONG WITH RULE 11UA Finance Act, 2017 inserted two new provisions under the Act- clause (x) under Section 56(2) and section 50CA. The said sections were inserted to deal with a situation where the property, including unquoted shares, is being transacted ...

INCOME TAX

ELECTORAL BOND SCHEME 2018 UNDER INCOME TAX

RJA 09 Jan, 2018

ELECTORAL BOND SCHEME 2018 UNDER INCOME TAX Electoral Bond is a financial instrument for making donations to political parties. These are issued by Scheduled Commercial banks upon authorization from the Central Government to intending donors, but only against cheque and digital payments (it cannot be purchased by paying cash). These bonds ...

INCOME TAX

LEGAL STATUS OF BITCOINS IN INDIA

RJA 12 Dec, 2017

What's Cryptocurrencies-Bitcoin? Bitcoin is a cryptocurrency invented by a few unknown groups of people. You can buy or sell bitcoins on a bitcoin exchange. The currency is not controlled by any bank or government. Blockchain is the leading technique behind bitcoin and other cryptocurrencies. It's a public ...

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