Section – 43B Income-tax Act, 1961-2018 [Refer Also Section 43B disallowance under Income Tax Act ] Certain deductions to be only on actual payment. 43B. 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,… Read More »
GSTN started sharing Mismatch data with tax authorities GSTN has started work on BI & Analytics. Different scenarios of BI (Business Intelligence) have been identified on which work is going on such as Persona based Analysis, Predictive Analysis, Fraud/Anomaly Detection, Statistical Scoring, 360 degree view taxpayers, Circular Trading & Network Analysis etc. Further, GSTN has… Read More »
Bank statement is not considered as books of accounts. Therefore, any sum found credited in the bank passbook cannot be treated as an unexplained cash credit. IN THE ITAT AHMEDABAD BENCH ‘C’ Smt. Ramilaben B. Patel v. Income Tax Officer MAHAVIR PRASAD, JUDICIAL MEMBER AND WASEEM AHMED, ACCOUNTANT MEMBER IT APPEAL NO. 3393 (AHD.) OF 2014… Read More »
Ministry of Finance Development of new return filing system by GSTN Posted On: 18 DEC 2018 GSTN will focus on the development of new return filing, further improving the user interface, and Business Intelligence and Analytics. While the new return is yet to be notified, GSTN has started development of the components in which major… Read More »
CAG Empanelment of Chartered Accountant firms/LLPs for the year 2019-2020. Online application available on CAG website from 1st January 2019 to 15 February 2019. OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA 9, DEEN DAYAL UPADHYAYA MARG, NEW DELHI – 110 124 CAG Empanelment of Chartered Accountant firms/LLPs for the year 2019-2020 Notification Online Applications… Read More »
When Income Tax Notice is Invalid Notice in name of deceased is invalid , No time limit for legal heirs to intimate death of assessee to Income Tax Department : MADRAS HC Reassessment Not Valid if Income Tax Notice not issued on officially notified address : CHHATTISGARH HC Income Tax Notice u/s 143(2) invalid as… Read More »
Ministry of Finance Task Force to Review Direct Tax Legislation Posted On: 18 DEC 2018 The Government had constituted a Task Force to draft a New Direct Tax Law vide Officer Order in F.No. 370149/230/2017 dated 22.11.2017 under the Convenorship of Shri Arbind Modi, the then Member (Legislation), CBDT with original term of six months… Read More »
Ministry of Finance RBI guidelines for agencies to deposit money in ATMs Posted On: 18 DEC 2018 Reserve Bank of India (RBI) vide its guidelines issued on 6.4.2018 on ‘Cash Management activities of the banks – Standards for engaging the Service Provider and its sub-contractor’, advised banks to put in place certain minimum standards in… Read More »
TAX TREATMENT OF GIFTS RECEIVED BY AN INDIVIDUAL OR HUF [As amended by Finance Act, 2018] A very common and frequent question running in the mind of taxpayers is the taxability of gifts. In this part, you can gain knowledge about various provisions relating to taxability of gift received by an individual or a Hindu… Read More »
DIRECTORATE OF INCOME TAX (SYSTEM) ARA Center, Ground Floor, E-2, Jhandewalan Extension, New Delhi – 110055 F.No. ADG(S)-3/ITBA/Assessment module/2018-19 Dated: 17.12.2018 To, All Principal Chief Commissioners of Income-tax/CCsIT All Principal Commissioners of Income-tax/CsIT/CsIT(Admin & TPS) Sir, Subject: – Additional FAQs on Assessment Module of ITBA- Reg. This is in reference to the subject mentioned above.… Read More »