Tax audit turnover threshold limit increased to Rs. 5 crores for business. Due date of furnishing report made 31st October Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business …

Penalty for fake invoice. New Section 271AAD. Penalty for false entry, etc. in books of account With the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained …

E-scheme for levy of Faceless Income Tax Penalty u/s 274 with dynamic jurisdiction In order to impart greater efficiency, transparency and accountability to the assessment process under the Act a new e-assessment scheme has already been introduced. Section 274 of the Act provides for the procedure for imposing …

Faceless e-appeal scheme for filing of appeals before Commissioner (Appeals). Amendment to section 250 Presently, most of the functions/ processes under the Income Tax Act, including e-assessment scheme, filing/processing of returns, issuance of refunds or demand notices are done electronically. Lately, the filing of appeals before Commissioner (Appeals) …

New TDS section 194O introduced to include E-commerce transactions. E-commerce operator to deduct tax for payments to e-commerce participant Union Budget 2020-21 has enlarged the scope of TDS through insertion of a new section 194O to provide for a new levy of TDS at the rate of one …

Scope for TDS on interest income u/s 194A widened to include co-operative societies Section 194A of the Act provides for TDS on interest other than interest on securities. It provides that any person not being individual or HUF who is responsible for paying to a resident any income …