DIRECT TAXATION

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Direct taxes v/s Indirect taxes in India

Difference between Direct Tax and Indirect Tax in India Introduction In India, the government’s right to impose taxes is derived from the Constitution Of India, which divides the power to levy taxes between the state and central governments. All taxes charged in India must be accompanied by a law issued by either the Parliament or …

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MOST IGNORED CLAUSE OF TAX AUDIT : CLAUSE 22 OF FORM-3CD

Background –This clause was inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962.Clause 22 of Form-3CD : Interest Paid to MSME Creditors The tax auditor is required to state the amount of interest inadmissible under section 23 …

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How to File an Appeal with ITAT ??

HOW TO FILE AN APPEAL WITH INCOME TAX APPELLATE TRIBUNAL (ITAT) ??

How to File an Appeal with ITAT ?? Introduction ITAT i.e. Income Tax Appellate Tribunal is a quasi-judicial authority. It looks into litigation cases for the Direct Taxation Regime (i.e. only Income Tax cases currently as wealth tax was abolished w.e.f FY 2015-16) and is the final authority for judgments pertaining to facts. In other …

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Twitter handle of Income Tax India – CBDT issues refunds of over Rs. 47,318 crore between 1st April, 2021 to 09th August, 2021

CBDT issues refunds of over Rs. 47,318 crore to more than 22.61 lakh taxpayers between 1st April, 2021 to 09th August, 2021. Income tax refunds of Rs. 14,241 crore have been issued in 21,38,375 cases & corporate tax refunds of Rs. 33,078 crore have been issued in 1,22,511 cases.    

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VSV news ⚠️-Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme

Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme The scheme ‘Vivad Se Vishwas’ is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers and no targets were fixed by the Government under the Scheme. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary …

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Today 🚨 The Taxation Laws (Amendment) Bill, 2021 was passed by the Rajya Sabha.

The Taxation Laws (Amendment) Bill, 2021 was passed by the Rajya Sabha today It had been passed by the Lok Sabha on 6th August, 2021. Salient features of the Bill proposes to amend Finance Act, 2012 so as to provide that the validation of demand under section 119 of Finance Act, 2012 shall cease to …

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ALERT for Tax payer’s- CBDT issues refunds of over Rs 45,896 crore between April 1 and August 2; also check extended DUE DATES for e-filing of various forms

ALERT for Tax payer’s- CBDT issues refunds of over Rs 45,896 crore between April 1 and August 2; also check extended DUE DATES for e-filing of various forms

The Central Board of Direct Taxes (CBDT) has issued income tax refund of over Rs 45,896 crore between April 1, 2021 to August 2, 2021, said Income Tax India on Saturday. The refunds were made to more than 21.32 lakh taxpayers during the same period, it said.   The Central Board of Direct Taxes issued …

ALERT for Tax payer’s- CBDT issues refunds of over Rs 45,896 crore between April 1 and August 2; also check extended DUE DATES for e-filing of various forms Read More »

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Must read – Official Twitter handle of I-T department issues 3 email IDs for registering grievances under faceless assessment scheme

I-T department issues 3 email IDs for registering grievances under faceless assessment scheme The department issues a message on its official Twitter handle The Income Tax (I-T) department notified three official email IDs for taxpayers to register grievances under the faceless or e-assessment scheme. The department issued a message on its official Twitter handle saying: …

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IBC- Hefty Monetary Penalties to be imposed by an IP Agency

Weekly Taxation Newsletter

We thought it would help to give you a sense of what’s available to you by subscribing to this WEEKLY TAXATION NEWSLETTER.   Income Tax Updates  GST Updates  Custom/Excise Updates Important Case Laws International Updates NRI’s Updates  Brain Bites – Do you Know ?    We have been thrilled with the amazing response we received from our …

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INCOME TAX DEPARTMENT

E-filing Services of Income Tax Department will not be Available from 1 June 2021 to 6 June 2021 due to Launch of New E-filing Portal

The Directorate of Income Tax (Systems) has written a Letter to all Principle Chief Commissioners/ Chief Commissioners/ Directors General of Income Tax stating that e-filing services of Income Tax Department will not be available from 1 June 2021 to 6 June 2021 due to launch of new e-filing portal. To download the copy of letter, …

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BOMBAY HIGH COURT

Bombay High Court Stays Order Passed under Faceless Assessment Scheme. Know the Reasons

In the case of Ritul Jewels Private Limited v/s National Faceless Assessment  Centre & Ors., Hon’ble Bombay High Court stays order passed under Faceless Assessment Scheme due to following reasons: (1.) Order passed without considering adjournment request, (2.) Order passed without granting personal hearing, (3.) Submissions of the assessee not considered. To download the copy …

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Tax Concept

Team Tax Concept’s Initiative to Help India to Overcome Second Wave of COVID-19 Pandemic

Team Tax Concept’s Initiative to Help India to Overcome Second Wave of COVID-19 Pandemic: Make a donation to any organisation for COVID Relief and send us the proof of donation. In exchange, you can ask any legal queries related to Income Tax, GST and MCA. Please send the proof of donation at 7232812677 (Tax Concept) …

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Relaxation to Hospitals u/s 269ST of Income Tax Act, 1961

payment received in cash during 01.04.2021 to 31.05.2021, on obtaining the PAN or AADHAAR of the patient and the payee and the relationship between the patient and the payee MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 7th May, 2021(INCOME-TAX) S.O. 1803(E).—The Central Government, in exercise of powers conferred by clause (iii) …

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Section 11 – Made Easy – Never Before Ever After – Comprehensive

Section 11 of Income Tax Act, 1961- Income from property held for charitable or religious purposes Sub Section (1) of Section 11 Subject to the provisions of  sections 60 to  63, the following income shall not be included in the total income (i.e. Exempt) of the previous year of the person in receipt of the …

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DUE DATE EXTENDED

Government extends timelines for Assessment & Vivad se Vishwas Payment

Government of IndiaDepartment of RevenueMinistry of FinanceCentral Board of Direct Taxes New Delhi, 24th April, 2021 PRESS RELEASE Government extends certain timelines in light of the raging pandemic In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax …

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Concessional 5% withholding tax continues for debt interest income of FPIs

Concessional 5% withholding tax continues for debt interest income of FPIs The Income Tax department on Wednesday said that concessional rate of tax of 5 per cent shall continue for certain interest income of foreign portfolio investors. Clarifying on reports which said that concessional withholding tax rate of 5 per cent on interest income of …

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INCOME TAX

Income Tax Department’s Search & Survey Operations on Real Estate Developers and Traders of Mobile Accessories Reveals 13 Secret Godowns and Many More

The Income Tax Department carried out searches on 17.03.2021 in the case of a prominent builder and developer group based in Mumbai. Searches were also conducted in the case of dealers engaged in the business of trading of mobiles accessories. In all, 29 premises located in Mumbai were covered under search operation, while 14 premises …

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Income Tax (CBDT) Due Date Extended beyond May, 2021

Be Alert: Income Tax Department Conducts Searches due to Non Compliance of Faceless Assessment Notices

The search action emanated due to non-compliance to faceless scrutiny assessment notices selected and issued through a computerised system. Notices under the Faceless Assessment Scheme sent to certain assessees were consistently not complied with even though received by them. Data analytics revealed that the recipients were persons of no/low means. Subsequent internal and discreet enquiries revealed that the said persons were the front for the above said group and were also the benamidars of some of the group members.

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.

CBDT Issues Clarification in Respect of Residential Status under Income Tax Act, 1961

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.

Income Tax Department Conducts Searches in Hyderabad

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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Assessee Can Demand Personal Hearing in Faceless Assessment Due To Mandatory Requirement u/s 144B Of Income Tax Act- Delhi High Court

Vivad se Vishwas Scheme further extended till 28.02.2021

The government again extended the deadline for settling tax disputes under the Vivad se Vishwas scheme without paying any interest and penalty by the month to February 28, 2021, from 31st January, 2020. The earlier deadline was June 30, 2020, then it was extended to December 31, 2020 and 31st January, 2021. Ministry of Finance (CBDT) vide Notification No. 04/2021/ F.No. IT(A)/01/2020-TPL and Gazette Id CG-DL-E-01022021-224848 dated …

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Railway Minister Piyush Goyal Praises Chartered Accountants for their Contribution in Nation Building and Offer them to Join Public Service

While speaking at ICAI’s residential meet of Chartered Accountant members in public service, he praises Chartered Accountants for their role in nation building and also offer them to join public service.

WMTPA Calls for Nationwide Protest against GST and Income Tax Issues

WMTPA Calls for Nationwide Protest against GST and Income Tax Issues THE WESTERN MAHARASHTRA TAX PRACTITIONERS’ ASSOCITATION Yadav Vyapar Bhavan, Shivaji Road, 602, Shukarwar Peth, Pune 411 002 Phone No : 020-2447 0237.Website : http://www.wmtpa.org Email : thewmtpa@gmail.com ALL INDIA PROTEST CALL BY WMTPA On 29th Jan 2021, outside CGST Office in Each District/City of …

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CBDT Issues Clarification in Respect of Residential Status under Income Tax Act, 1961

CBDT Disposed Off All the Representations for Extension of Due Date for Filing Income Tax Audit Report

CBDT Disposed Off All the Representations for Extension of Due Date for Filing Income Tax Audit Report On 11th January, 2020, CBDT passes order u/s 119 of Income-tax Act, 1961 in F No. 370153/39/2020-TPL disposing off the representations for extension of due date for filing of Audit Report u/s 44AB, in compliance with the order …

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Tax Concept is Inviting Ideas/ Suggestions/ Proposals from Professionals Across the Country

Tax Concept is Inviting Ideas/ Suggestions/ Proposals from professionals across the country, so that we can submit these suggestions etc. to the Ministry of Finance on behalf of the Professional Community for the Union Budget 2021-22. The last date for the same is 25th November, 2020 (11.00 PM). To submit suggestions etc., please fill the …

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Assessee Can Demand Personal Hearing in Faceless Assessment Due To Mandatory Requirement u/s 144B Of Income Tax Act- Delhi High Court

Practical Issues in Implementation of Section 50C of the Income Tax Act 1961

Practical Issues in Implementation of Section 50C of the Income Tax Act 1961 Measures to Prevent Generation and Circulation of Black Money The main source to generate and circulate the unaccounted money is sale and purchase of Land & Building and major stake of this unaccounted money is held in the real estate business. As …

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