Category Archives: Income Tax

Section 269SU Income Tax : Acceptance of payment through prescribed electronic modes. 

By | July 14, 2019

Section 269SU Income Tax : Acceptance of payment through prescribed electronic modes. Clause 59 of Finance Bill 2019 59. After section 269ST of the Income-tax Act, the following section shall be inserted with effect from the 1st day of November, 2019, namely:— Acceptance of payment through prescribed electronic modes.  “269SU. Every person, carrying on business,… Read More »

Penalty Increased for Misquoting of Aadhaar or PAN number from 01.09.2019 :Section 272B income tax

By | July 14, 2019

Section 272B after Amendment by Finance Bill 2019 w.e.f 01.09.2019 Penalty for failure to comply with the provisions of section 139A. 272B. (1) If a person fails to comply with the provisions of section 139A, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees. (2) If a… Read More »

Delay in Filing of TDS due to sudden Resignation of Accountant is ‘Sufficient Cause’: ITAT

By | July 14, 2019

Delay in Filing of TDS due to sudden Resignation of Accountant is ‘Sufficient Cause’: ITAT Sudip Roy Chowdhury vs. JCIT, TDS Case No. – 1890/Kol/2018 Date – 12.06.2019 Fact of the Case  In the present case the assessee is the sole proprietor of a partnership firm.  The income tax department has initiated proceedings… Read More »

Section 271DB Income Tax Act : Penalty for failure to comply with provisions of section 269S

By | July 14, 2019

Section 271DB Income Tax Act Clause 62 of Finance Bill 2019 62. After section 271DA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of November, 2019, namely:— Penalty for failure to comply with provisions of section 269S “271DB.(1) If a person who is required to provide facility… Read More »

Clarification on Income Disclosure Scheme 2016 by CBDT

By | July 13, 2019

Clarification on certain procedural and technical issues in IDS 2016. CBDT Order u/s 119 F. No.225/282/2017/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA.II) North Block, New Delhi, the 12th day of July, 2019 To All Pr. Commissioners  of Income-tax Sir/Madam Subject:  Clarification  on certain procedural and technical… Read More »

Cabinet approves the Banning of Unregulated Deposit Schemes Bill 2019 

By | July 11, 2019

Ministry of Finance Cabinet approves the Banning of Unregulated Deposit Schemes Bill, 2019 Bill to be introduced in ensuing session of Parliament Posted On: 10 JUL 2019 The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the banning of Unregulated Deposit Schemes Bill, 2019.  It will replace the banning of Unregulated Deposit Schemes Ordinance,… Read More »

Section 80EEB Income Tax : Deduction for purchase of electric vehicle

By | July 10, 2019

Section 80EEB Income Tax : Deduction for purchase of Electric Vehicle Budget 2019-20 Speech of Finance Bill 2019 on 05.07.2019 Incentive to purchase electric vehicle: In order to incentivise purchase of electric vehicle by an individual, it is proposed to provide deduction of an amount uptoRs. 1,50,000 for interest paid on loan taken for purchase… Read More »

Section 80EEA Income Tax : Deduction for interest on loan taken for residential house property.

By | July 10, 2019

Section 80EEA Income Tax : Deduction in respect of interest on loan taken for certain house property Commentary on Section 80EEA Income Tax Act Key Points of Section 80EEA Income Tax Act Effective Date : Section 80EEA Income Tax effect from the 1st day of April, 2020,  i.e AY 2020-21 and Onwards When Deduction is… Read More »