Category Archives: Income Tax

Delay in Filing Appeal Condoned due to illness of chief accountant : ITAT

By | May 19, 2019

ITAT condones delay in appeal filing due to illness of chief accountant ITAT Ahmedabad Shri Pawan S. Jalan Vs ACIT  ITA No.1567/Ahd/2017 Date of Judgement/Order : 01/02/2019 Assessee is in appeal before the Tribunal against order of the ld.CIT(A)-5, Ahmedabad dated 29.5.2017 passed for the Asstt.Year 2013-14. 2. Though the assessee has taken five grounds… Read More »

Download Intimation from TRACES : E Tutorials

By | May 18, 2019

Download Intimation from TRACES : E Tutorials Important Information on Default Intimation • Only TRACES Registered users can see this Default Intimation functionality. • Deductor can check the intimation in “Inbox” option of “Communication “tab.There are two tab “Action Required “ and “General Awareness(no action required )”after click on “Inbox Tab”. User need to check… Read More »

No TDS on Property sale if total Sale consideration Exceeds Rs 50 Lakh : ITAT

By | May 18, 2019

No TDS is required to be deducted by purchaser even if consideration of property exceeds Rs 50 lakh but every co-owner share is less than Rs 50 Lakh:- ITAT Income Tax Appellant Tribunal ( ITAT), Delhi in case of  Vinod Soni Vs ITO ITA No 2736/Del/2015 has held that Each transferee is a separate income… Read More »

Tax Benefits of ICICI Life Insurance Policy

By | May 18, 2019

Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before taking any decision based on the information below. Tax Saving Life Insurance Plans Life insurance policies are useful tax planning tools, because the policy holder is eligible for tax benefits under the Income Tax Act… Read More »

How to save Income Tax in 2019 in India ?

By | May 18, 2019

There are different ways through which you can save tax. Some of them are: 1. By buying life insurance: The premiums paid on life insurance policies are eligible for deduction from taxable income under Section 80C resulting in tax save. Some of the other tax-savings options which fall under this section are PPF, NSC (National Savings Certificates), Sukanya Samriddhi,… Read More »

No reassessment after 4 years if Assessee disclosed material facts at the time of original assessment: HC

By | May 17, 2019

HIGH COURT OF MADRAS Deputy Commissioner of Income Tax v. Visvas Promoters (P.) Ltd. DR. VINEET KOTHARI AND MRS. T. KRISHNAVALLI, JJ. W.A. (MD) NO. 1051 OF 2011 MARCH  27, 2019 Mrs. S. Srimathy, Ld. Standing Counsel for the Appellant. Venkatesh and A. Shivaji for the Respondent. JUDGMENT Dr. Vineet Kothari, J. – The Revenue Department has filed this Intra Court Appeal against… Read More »

Who has to Pay Income Tax Electronically

By | May 17, 2019

On or after 1-4-2008, the following persons shall ‘pay tax electronically’— (a) a company; and (b) a person (other than a company), to whom provisions of section 44AB are applicable. ‘Pay tax electronically’ shall mean, payment of tax by way of— (i) internet banking facility of the authorised bank; or (ii) debit cards; The word… Read More »

Procedure to Grant Registration u/s 12A of Income Tax Act

By | May 17, 2019

 The Commissioner of Income tax (Exemptions) himself shall process the applications for registration under section 12A of Income Tax Act  Sub-section (1) of section 12AA of the Income-tax Act, 1961 record the following given procedure for grant of registration as under: “12AA. (1) The Principal Commissioner or Commissioner, on receipt of an application for registration of a… Read More »

GST and GAAR Details deferred in Tax Audit Report 3CD till 31.03.2020 : Circular No 9/2019 CBDT

By | May 14, 2019

Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD is been kept in abeyance till 31st March, 2020. Circular No. 9/2019 F. No. 370142/9/2018-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesTPL Division **** New… Read More »