Category: Income Tax
IDS Scheme 2016 – Payment of tax/interest/penalty on undisclosed income may be made till 31.01.2020 MINISTRY OF FINANCE(Department of Revenue) Notification No. 103/2019 New Delhi, the 13th December, 2019 S.O. 4455(E).—In exercise of the powers conferred by the proviso to sub-section (1) of section 187 of the Finance …
The Taxation Laws (Amendment) Act 2019. Tax on income of certain domestic companies. The Taxation Laws ( Amendment ) Ordinance, 2019 repealed MINISTRY OF LAW AND JUSTICE(Legislative Department) New Delhi, the 12th December, 2019/Agrahayana 21, 1941 (Saka) The following Act of Parliament received the assent of the President …
Sabka Vishwas Legacy Dispute Resolution Scheme, 2019 – Clarifications in context of provisions of the Finance (No.2) Act, 2019 and Rules made there-under. Circular No. 1074/07/2019-CX F. No. 267/78/2019/CX-8-Pt.IIIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and Customs Dated, the 12th December, 2019 ToThe Principal …
CBDT promoted 97 Officers to the grade of Principal Commissioner of Income Tax (PCIT). Also, few transfers and assignment have also been made in the grade of PCIT.
List of Income Tax buildings with limited bandwidth where e–Proceeding not mandatory in FY 2019-20 CBDT Circular 27/2019 specified exceptional cases, where for the assessments to be framed during the financial year 2019-20, ‘e–Proceeding’ shall not be mandatory. One of the above exception was in all cases at stations connected …
Benefit of exemption u/s 54F before its amendment can be extended to a residential house purchased outside India. ITAT allowed claim ABCAUS Case Law Citation:ABCAUS 3195 (2019) (12) ITAT Important case law relied upon by the parties:Anurag Pandit The instant appeal was filed by the assessee against the …
Late fee u/s 234E is imposed towards extra effort and resources for processing delayed TDS returns. ITAT dismisses assessee’s appeal ABCAUS Case Law Citation:ABCAUS 3194 (2019) (12) ITAT Important case law relied upon by the parties:Shree Narayana Guru Smaraka Sangam Upper Primary School vs. UOI & Ors.Rashmikant Kundalia …
In Motor Accident Claims income must be determined on the basis of the income tax return, where available. – Supreme Court held that the ITR is a statutory document on which reliance may be placed to determine the annual income of the deceased. ABCAUS Case Law Citation:ABCAUS 3193 …
Income Tax Department conducts search & survey operations on Share Brokers/Traders across India On 3rd December 2019, the Income Tax Department carried out search and survey operations on certain share-brokers/traders who were involved in facilitating accommodation of profits/loss through reversal trades in illiquid stock optionsin Equity Derivative Segment and …
CBDT e-journal “Taxalogue” (Vol.I) Issue-2, Oct-Dec 2019. Directorate of Legal & Research, Income Tax Department has released its e-journal “Taxalogue” (Vol.I) Issue-2, Oct-Dec 2019. The first edition of the e-journal was released on the Income Tax Day, 24th July 2019. As stated, the mission of the Taxalogue publication …
