CBDT to redress double taxation issue of individuals
The Central Board of Direct Taxes has sought information from the individuals who are facing double taxation even after taking into account relief provided under the Double Taxation Avoidance Agreement. In a circular issued by CBDT, it has been asked to submit the information by 31st March to the Principal Chief Commissioner of Income Tax…
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Income Tax Department Conducts Searches at Residence and Offices of Taapsee Pannu, Anurag Kashyap and Others
The Income Tax Department is carrying out search and survey operations which started on 03.03.2021 on two leading film production companies, a leading actress and two Talent Management companies in Mumbai. Search operation is being carried out at Mumbai, Pune, Delhi and Hyderabad. The group is mainly engaged in the business of Production of Motion Pictures, Web Series, acting, direction and talent Management of celebrities and other artists. A total of 28 premises are being covered in different locations which includes residences and offices.
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CBDT Issues Clarification in Respect of Residential Status under Income Tax Act, 1961
The Central Board of Direct taxes (CBDT) has received various representations requesting for relaxation in determination of residential status for previous year 2020-21 from individuals who had come on a visit to India during the previous year 2019-20 and intended to leave India but could not do so due to suspension of international flights. The matter has since been examined by CBDT.
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Income Tax Department Conducts Searches in Hyderabad
Income Tax Department Conducts Searches in Hyderabad The Income Tax Department carried out search & seizure operations on 24.02.2021 on a major Pharmaceutical group based out of Hyderabad. This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations. Majority of the total manufactured products are exported to…
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Step by Step Process to Online PAN Card Update/Correction
Online method of correcting PAN card is absolutely simple, know the complete process step by step Important information like name, date of birth or phone number can be updated in the PAN card. This process is also quite easy. Apart from being easy, this process can also be done online at home. After the application…
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Tax Concept’s CA Heer Gajjar and CS Lalit Rajput Launches 23rd Edition of Weekly Taxation Newsletter. Readers Says This is Best Ever Edition
Tax Concept’s CA Heer Gajjar and CS Lalit Rajput Launches 23rd Edition of Weekly Taxation Newsletter. Readers Says This is Best Ever Edition On 15th February, 2021, CA Heer Gajjar and CS Lalit Rajput launches 23rd edition of Weekly Taxation Newsletter for ease of understanding of professionals. This newsletter contains relevant taxation due dates, tax…
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Analysis of Proposed Amendments in Union Budget 2021-22
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis. Laying a vision for Aatma Nirbhar Bharat, she said this is an expression of 130 crore Indians who have full confidence in their capabilities and skills. She said that Budget proposals will further strengthen the Sankalp of Nation First, Doubling Farmer’s Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others.
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Be Alert: Income Tax Department Conduct Searches at Entities Claiming Bogus Expenses and Routed Back into Business
The main allegations against the three groups were that they had been inflating expenses and had taken accommodation entries in the form of non-genuine unsecured loans and security premium. These entities had suppressed their net profits across the years by claiming bogus expenses and routed back the same into business in the form of share premium, share capital and unsecured loan.
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No Major Relief to GST Sector: Key Highlights of Union Budget 2021
(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).
(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).
(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).
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