Giving bribe a crime bigger than accepting it – 7 Years jail for giving bribe against 5 years term to Public Servant accepting bribe under Prevention of Corruption Amendment Act 2018 The Government has notified Prevention of Corruption (Amendment) Act 2018 which provides for a maximum punishment of …

Certificate of Nil-lower rate TDS u/s 197 and 195 of the Income Tax Act, 1961 to be issued within 30 days timeline- CBDT  CBDT has instructed Income Tax Officials to adhere to prescribed time limit for issue of certificate of no deduction or deduction of tax at lower …

Extension of ITR filing due date of 31st July 2018 to 31st August 2018 by CBDT. The applicability of late fee u/s 234F also gets extended automatically F.No. 225/242/2018/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA.II division) North-Block, New Delhi, …

Interest on loan against FDR security not deductible u/s 57 against interest income earned on FDR on the ground of protecting interest income from fixed deposits – ITAT  ABCAUS Case Law Citation: ABCAUS 2438 (2018) 07 ITAT The instant appeal was filed by the assessee against the order …

Disallowance u/s 40(a)(ia) not affected even if payee considers the receipt as income and pays tax thereon – ITAT follows Kerala High Court  ABCAUS Case Law Citation: ABCAUS 2437 (2018) 07 ITAT The appeal was filed by the assessee against the order of the Commissioner of Income Tax …

Aadhaar OTP for e-verification of income tax return has resumed Aadhaar OTP for e-verification of income tax return has resumed. It was temporarily unavailable previously Earlier, the Aadhaar based OPT EVC option had not been appearing in income tax e-filing website which baffled many. As per Income Tax …