Increase in safe harbour limit from 10% to 20 % for home buyers and real estate developers selling such residential units Section 43CA of the Act, inter alia, provides that where the consideration declared to be received or accruing as a result of the transfer of land or building or both, is less than the… Read More »
Exemption for LTC Cash Scheme [As per Finance Bill 2021] Under the existing provisions of the Act, clause (5) of section 10 of the Act provides for exemption in respect of the value of travel concession or assistance received by or due to an employee from his employer or former employer for himself and his… Read More »
Income Tax Slab Rates FY 2021-22 AY 2022-23 I CA Satbir singh
Payment by employer of employee contribution to a fund on or before due date Clause (24) of section 2 of the Act provides an inclusive definition of the income. Sub-clause (x) to the said clause provide that income to include any sum received by the assessee from his employees as contribution to any provident fund… Read More »
New procedure for Income Tax Notice & Assessment of Escaped Income I CA Satbir Singh
CA Arrested for GST Fraud of Rs 12.67 Crore I CA Satbir Singh
Income escaping assessment and search assessments Under the Act, the provisions related to income escaping assessment provide that if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may assess or reassess or recompute the total income for such year under section 147… Read More »
Ministry of Finance Income Tax Department conducts searches in Assam Posted On: 03 FEB 2021 Income Tax Department carried out search and survey action on 29.01.2021 in the cases of three leading businesses of Assam. The groups are engaged in construction, contracting and business of tea garden. The search and survey actions were carried out… Read More »
Payment of Tax by Fixed Sum Method under QRMP Scheme 03/02/2021 W.e.f. 1st January, 2021, following two options are available to the Taxpayers who are under Quarterly Returns and Monthly Payment of Tax (QRMP) Scheme for tax payment for first 02 months of a quarter: Fixed Sum Method: Portal can generate a pre-filled challan in… Read More »
Reduction of time limit for completing assessment Section 153 of the Act contains provisions in respect of time-limit for completion of assessment, reassessment and re-computation under the Act. The sub-section (1) of the said section provides that the time-limit for passing an assessment order under section 143 or 144 of the Act shall be 21… Read More »