Daily Archive: Sunday, March 6, 2016

Return of income (ITR) can now be filed without pre-payment of self assessment tax and interest

Author: | Categories: Income Tax No comments
In order to rationalise the time allowed for filing of returns, completion of proceedings, and realization of revenue without undue compliance burden on the taxpayer, and to promote the culture of compliance, The Budget 2016-17 has proposed to amend section 139(9) of the Income Tax Act, 1961 as under:

Belated returns u/s 139(4) can now be revised u/s 139(5)-Budget-2016-17 amendments

Author: | Categories: Income Tax No comments
In order to rationalise the time allowed for filing of returns, completion of proceedings, and realization of revenue without undue compliance burden on the taxpayer, and to promote the culture of compliance, The Budget 2016-17 has proposed to amend section 139(5) of the Income Tax Act, 1961 as under:

Time limit for filing belated income tax returns u/s 139(4) reduced by one assessment year-Budget-201617

Author: | Categories: Income Tax 6 Comments
In order to rationalise the time allowed for filing of returns, completion of proceedings, and realization of revenue without undue compliance burden on the taxpayer, and to promote the culture of compliance, The Budget 2016-17 has proposed to amend section 139(4) of the Income Tax Act, 1961 as under:

ITR filing made compulsory if total income together with exempt LTCG from Equity shares exceeds basic exemption limit

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In order to rationalise the time allowed for filing of returns, completion of proceedings, and realization of revenue without undue compliance burden on the taxpayer, and to promote the culture of compliance, the Budget 2016-17 has proposed to amend existing provisions of section 139(1) of the Income Tax Act,

Form 15G 15H for receiving Rent Payments without TDS deduction from 01-06-2016. Budget 2016-17 amendment to section 197A and 194I

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Enabling of Filing of Form 15G/15H for rental payments The provision of sub-section 194-I of the Income Tax Act, 1961 provides for tax deduction at source (TDS) for payments in the nature of rent payments exceeding threshold limit of Rs. 1,80,000/- per financial year: The TDS rate are @ 2% for

Section 12AA 80G5 charitable trust approval rejection on defective dissolution clause in the deed is beyond the scope of enquiry for grant of registration

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INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘A’ BENCH, KOLKATA I.T.A. Nos. 1456 & 1457/KOL/ 2015 RP-Sanjiv Goenka Group CSR Trust …. Appellant vs. CIT (Exemptions) …. Respondent Date of Order: 04-03-2016 ORDER Per Shri P.M. Jagtap :- These two appeals filed by the assessee are directed against two separate orders passed by

If higher GP rate applied no trading account disallowance can be made

Author: | Categories: Income Tax, ITAT No comments
INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘B’ BENCH, KOLKATA I.T.A. No. 1307/KOL/ 2013 Assessment Year: 2007-2008 Income Tax Officer….Appellant vs. Smt. Farida Begum….Respondent Date of Order: 04-03-2016 ORDER Per Shri P.M. Jagtap :- This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-XXX, Kolkata
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