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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 … Read more
Consequences of inoperative PAN as per the newly substituted rule 114AAA Background: An amendment was made to the income tax Act by inserting the section 139AA regarding quoting of Aadhar as follows: Section 139AA: Every person who is eligible to obtain Aadhaar number shall, on or after the 1st day … Read more
Section 115BAC of the Income Tax Act, 1961 New Tax Regime was introduced by the Finance Act, 2020 and became effective from the assessment year 2021-2022 (financial year 2020-2021). This section provides an optional tax regime for individuals and Hindu Undivided Families(now also made applicable to Societies, AOP, BOI Artificial Juridical person by finance Act … Read more
Residential Status: Section 6 of income Tax Act, 1961 deals with the residential Status of Person. There … Read more
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 … Read more
The Central Board of Direct Taxes (“CBDT”) vide Notification No. 04/2023 dated February 10, 2023 notified the Income Tax Return (“ITR”) Forms ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V and Indian Income Tax Return Acknowledgement for the Assessment Year (“AY”) 2023-24 with effect from April 01, 2023. The Complete Notification along with the Forms can be accessed at: https://egazette.nic.in/WriteReadData/2023/243558.pdf
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 … Read more