Category: Income Tax
National Aviation Security Fee Trust income exempted u/s 10(46) for five assessment years from 2020-2021 to 2024-2025 MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 46 /2020 New Delhi, the 13th July, 2020 S.O. 2326(E).—In exercise of the powers conferred by clause (46) of section …
One-time relaxation for Verification of ITRs pending due to non-filing of ITR V form till 30.09.2020 Circular No. 13/2020 F. No. 225/59/2020/ITA-IIGovernment of India Ministry of Finance Department of Revenue Central Board of Direct Taxes***** New Delhi, dated the 13th of July, 2020 Subject: – One-time relaxation for …
Verification of applicable TDS rates u/s 194N on Cash Withdrawals-CBDT provides online utility/facilityfor banks/post offices Government of IndiaDepartment of RevenueMinistry of FinanceCentral Board of Direct Taxes CBDT provides Utility to ascertain TDS Applicability Rates on Cash Withdrawals New Delhi, 12th July, 2020 The Income Tax Department has …
Processing of ITRs with refund claims u/s 143(1) up to AY 2017-18 CBDT extends time in non-scrutiny cases. Intimation can be send till 31.10.2020 F. No.225/98/2020/IT A-IIGovernment of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes North Block , New Delhi the , 10th July, …
Land received on HUF partition was itself stock in trade, hence there was no conversion of capital assets u/s 45(2) of Income Tax Act ABCAUS Case Law Citation:ABCAUS 3331 (2020) (07) HC Important case law relied upon by the parties:Kalooram Govindaram vs. CIT (1965) 57 ITR 335 (SC)Udarshan …
SEBI signs MoU with CBDT sharing of data and information for carrying out scrutiny, inspection, investigation and prosecution SEBI signs MoU with CBDT Securities and Exchange Board of India (SEBI) has signed a Memorandum of Understanding (MoU) with Central Board of Direct Taxes (CBDT). The MoU will facilitate …
It is impossible to maintain list of gifts given and demonstrate that a particular sales order was received as a result of a particular gift ABCAUS Case Law Citation:ABCAUS 3330 (2020) (07) ITAT In the instant case, appeal had been preferred by the assessee against order passed by …
CBDT notifies NPS Tier II-Tax Saver Scheme 2020 for Section 80C deduction MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 45 /2020 New Delhi, the 7th July, 2020 S.O. 2232(E).—In exercise of the powers conferred by clause (xxv) of sub-section (2) of section 80C of …
Rejection of books of accounts for non maintenance of stock register or incorrect valuation method or non compliance with accounting standard not sufficient. ABCAUS Case Law Citation:ABCAUS 3328 (2020) (07) ITAT Important case law relied upon by the parties:ACIT vs. Yerra Nagabhushanam (1997) 226 ITR 843, 849 (AP)Kunhambu …
For exemption of income u/s 10(23FE)-CBDT notifies business engaged in infrastructure sub-sectors mentioned in Updated Harmonised Master List MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 44/2020 New Delhi, the 6th July, 2020 INCOME –TAX S.O. 2227E).—In exercise of the powers conferred by item (b) …