Category: Income Tax
Tax Relief to Senior Citizens in Budget 2018-19. Health insurance premium, medical treatment of specified diseases, interest income and non deduction of tax at source (A) Deductions in respect of health insurance premium and medical treatment Section 80D, inter-alia, provides that a deduction upto Rs 30,000/- shall be allowed …
Requirement to obtain Permanent Account Number enlarged for entities Section 139A has been amended to provide that entities (other than individuals) shall apply for a PAN if it enters into a financial transaction of Rs. 250000/- or more in a financial year. Also applying for PAN has been made …
Standard deduction of Rs. 40000/- for salaried employees for the AY 2019-20 is reintroduced in the Budget 2018-19 Proposals presented in Lok Sabha today As per the speech of the Finance Minister, the standard deduction is being made available in lieu of transport and reimbursement of miscellaneous medical allowance. Presently, …
Budget 2018-19 Highlights of Income Tax Proposals The Finance Minister has presented the Union Budget 2018 today in Lok Sabha. The major highlights of his Income Tax Proposals are as under, more shall be updated as soon as they are announced. For Income Tax benefits/exemptions given in Interim Budget …
Rebate under section 87A for Assessment Year 2019-20 – No changes proposed No changes have been proposed by the Finance Bill 2018 in the rebate u/s 87A for AY 2019-20 100 percent Section 87A tax rebate up to income of Rs. 5 lakhs for AY 2020-21 Click Here >> The …
Income Tax slabs and rates for the AY 2019-20 FY 2018-19 No changes have been proposed in either Individual tax rates or slabs for the AY 2019-20. The slabs and rates shall remain the same as are currently for the AY -2018-19 which are as under: (A) Individual resident aged …
Income Tax Rule 8D is prospective in operation and could not apply to any assessment year prior to AY 2008-09 – Supreme Court settles the law ABCAUS Case Law Citation: ABCAUS 2188 (2018) (01) SC Important Case Laws Cited/relied upon by the parties: Commissioner of Wealth Tax, Meerut Vs. Sharvan Kumar Swarup & Sons, …
KSCAA registers protest on use of CA name in income tax refund scam. Press release of the Income tax had alleged CA as the accused in the scam Karnataka State Chartered Accountants Association (KSCAA) in a letter written to the Principal Chief Commissioner of Income Tax Bangalore, has …
Powers u/s 154 available for rectifying interest u/s 220 or 244 for miscalculation of interest which is, at best arithmetical error needing no elaborate or long drawn adjudication-High Court ABCAUS Case Law Citation: ABCAUS 2187 (2018) (01) HC Important Case Laws Cited/relied upon by the parties: Hindustan Lever …
Creditors not barred by limitation if liability acknowledged in accounts, creditors can rely on the said acknowledgment-High Court ABCAUS Case Law Citation: ABCAUS 2185 (2018) (01) HC Brief Facts of the Case: The assessee, during the course of the assessment proceedings had furnished details of the creditors. …
