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  • Income Tax Return

    Under the Income Tax Act of 1961, individuals and businesses are required to file an income tax return with the tax authorities in India. The income tax return must include details of the taxpayer’s income earned during the financial year, which runs from April 1 to March 31 of the following year. The Income Tax…


  • Exemption of LTCG cannot be denied on residential property acquired by other than sale deed

    The ITAT, New Delhi in ACIT v. Sh. Sanjay Choudhary [ITA No.1274/Del/2020 dated January 23, 2023] has affirmed the decision of the Appellate Authority holding that the exemption claimed under Section 54F of the Income Tax Act, 1961 (“the IT Act”) would be granted to the assessee on its residential properties and assessee cannot be said to have not ‘Purchased’ the…


  • Important Form Under Income Tax Act and Rules

    Form No. : 3CA Audit report under section 44AB of the Income-tax Act, 1961 in a case where the accounts of the business or profession of a person have been audited under any other law. Form No. : 3CB Audit report under section 44AB of the Income-tax Act, 1961, in the case of a person…


  • income Tax Dept launches ‘Know Your Refund Status’ on e-filing Portal

    Previously, taxpayers had to check their income tax refund status on the TIN-NSDL website. However, the Income Tax Department has now launched a new functionality called “Know Your Refund Status” on the e-filing portal that allows users to check their refund status directly from the portal itself. This functionality allows taxpayers to check the status of their…


  • Section 43B: Certain deductions to be only on actual payment.

    Notwithstanding anything contained in any other provision of this Act, a deduction otherwise allowable under this Act in respect of: (a) any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force, or (b) any sum payable by the…


  • Expenditure for any purpose which is an offence or which is prohibited by law shall not be deductible -Section 37 of I.T Act

    General Deduction : Section 37 of the Income tax act 1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed…


  • ED Attaches Properties and Bank Balance of Chartered Accountant and Others

    The Directorate of Enforcement (ED) has provisionally attached 59 immovable and movable properties including 53 plots, commercial shops, Industrial plots, agricultural land located at Delhi, Noida, Sonepat (Haryana), Jalandhar, Hyderabad and balances in bank accounts having value of Rs. 28. 67 Crore belonging to Sunil Dhupar, former CA and statutory auditor of M/s Shakti Bhog…


  • AO cannot take the position of business man to ascertain GP ratio

    Whether the AO has power to make addition in income of the Respondent by best judgment method without understanding the business strategy of the Respondent?


  • Updated Return under section 139(8A) of Income Tax Act

    Any person, whether or not he has furnished a return under section139(1) or 139(4) or 139 (5), for an assessment year , may furnish an updated return of his income or the income of any other person in respect of which he is assessable under this Act, for the previous year relevant to such assessment…


  • Interest for defaults in return filing, payment of advance tax etc

    Section Description Rate Period   On   234A Delay in furnishing return of income 1% pm or part of the month 1.     From the Due date of furnishing the return to Date of return furnished ( if not furnished then date of completion of assessment u/s 144 Amount of tax us 143(1) or on regular…


  • Advance Tax under income Tax – An overview, due dates

    Section Heading particulars  Section: 207 & 208   Liability & payment of Advance Tax Advance tax shall be payable during a F. Y. in every case where the amount of such tax payable by the assessee during that year is Rs. 10000/- or more (after adjusting TDS/TCS)   However, no advance tax shall be payable…


  • Section 194BA: TDS on Winning from Online Games and its Taxability

    Section 194 BA has been inserted by the Finance Act, 2023, w.e.f. 1-4-2023 which deals with the TDS on Winning from Online Games which may be read as follows: Any person responsible for paying to any person any income by way of winnings from any online game during the financial year shall deduct income-tax on the…


  • Assessment of Association of person(AOP) and Body of Individual(BOI) under income Tax

    Assessment of AOP/BOI 1.   As per section 40(ba), while computing the income of AOP/BOI under the PGBP, any interest, salary, bonus, commission or remuneration by whatever name called, paid by such Association or body to a member thereof, shall not be allowed as deduction. 2.   However, while disallowing such interest paid, if any interest is…


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