Section 45(1B) provides that when a person receives an amount under ULIP, to which exemption under Section 10(10D) does not apply, any profits arising from such receipt shall be chargeable to tax under the head capital gains. The CBDT has notified Rule 8AD for computation of income deemed as capital gains in such cases. MINISTRY… Read More »

Physical Filing of TAX AUDIT and INCOME TAX RETURNS AY 2021-22 I CBDT Decision I CA Satbir Singh

Income Tax Department conducts search and seizure operations in Haryana Posted On: 17 JAN 2022 The Income Tax Department had conducted a search and seizure operations on a diversified business group engaged in the manufacturing of plywood/plyboard, MDF board, inverter and vehicle batteries, and in the refining of lead on 11.01.2022.  More than 30 premises… Read More »

ITR DELAY ALLOWED if TECHNICAL SNAGS on INCOME TAX WEBSITE I CA Satbir Singh Download Click here

DELAY in Filing INCOME TAX RETURN ALLOWED IF DISPUTE WITH TAX AUDITOR I CA SATBIR SINGH Download Judgment Click here Facts of the case Assessee-company could not file return of income under section 139(1) before due date on account of some misunderstanding between erstwhile auditor and assessee . The assessee’s case was that the auditor… Read More »

INCOME TAX RETURN can be REVISED ANY TIME I after Expiry of Time period also I CA Satbir Singh