Category: Income Tax
Requirement to quote Aadhaar as per section 139AA of the Income-tax Act shall not apply to an individual who is not a resident as per the Aadhaar Act, 2016. Ministry of Finance Mandatory Quoting of Aadhaar for PAN Applications & Filing Return of Income Section 139AA of the …
Applicability of Presumptive Tax if actual profit is more than presumptive income. Shifting from salary to professional receipts to take benefit u/s 44ADA The Income-tax Act 1961 (‘the Act’) provides for taxation of income on presumptive or deeming basis in the case prescribed businesses. Currently, the benefit of …
Revenue Department exceeds Revised Tax Collections target for 2016-17 Ministry of Finance Revenue Department exceeds Revised Tax Collections target for 2016-17 around 18% taken together in case of Direct and Indirect Taxes; Provisional figure of Total Tax Collections in 2016-17 is Rs. 17.10 Lakh Crore as against the …
TDS return filing not require directors personal time-Penalty for Late filing confirmed. Timely filing could have been done by hiring professional services – ITAT ABCAUS Case Law Citation: ABCAUS 1198 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order of the CIT(A) in confirming …
Draft Notification us 10-38 for non applicability of STT condition for claiming exemption from LTCG sale of equity share Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 3rd April, 2017. CBDT Requests for Stakeholder’s comments on Draft Notification …
Procedure for e-communication and e-proceedings by Income Tax Department. Assessee can opt out of e-Proceeding. DGIT(S)/DIT(S)-3/ AST/Paperless Assessment Proceedings/96/2015-16 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No.4/2017 New Delhi, 3rd day of April,2017 Subject: Procedure, Formats and Standards …
Carry forward of loss for belated return with positive income not allowed. Section 80 not use word ‘return of loss’, Section 139(3) talks of loss sustained under specific heads – ITAT ABCAUS Case Law Citation: ABCAUS 1197 (2017) (04) ITAT The Grievance: The assessee was aggrieved by the …
Option form 3CFA for taxation of income from patent us 115BBF MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 25/2017 New Delhi, the 31st March, 2017 INCOME-TAX G.S.R. 318(E).—In exercise of the powers conferred by sub-section (3) of section 115BBF, read with section …
Fair rental value estimated by Income Tax Inspector disapproved by ITAT. FMRV ordered to be ascertained u/s 23(4) by applying percentage of cost ABCAUS Case Law Citation: ABCAUS 1196 (2017) (04) ITAT The Grievance: The only issue raised by the assessee was against the confirmation of addition for …
Land within municipal limits can not be treated agricultural based on revenue record. Revision u/s 263 upheld for assessment based on wrong DVO report – Allahabad High Court ABCAUS Case Law Citation: ABCAUS 1195 (2017) (04) HC Assessment Year : 2004-05 Date/Month of Pronouncement: March, 2017 Brief Facts …
