INCOME TAX

ANURAG SINGH THAKUR

No Proposal for Faceless Assessments under the GST Act Presently: Union Minister Shri Anurag Thakur

Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, stated in a written reply to a question in Rajya Sabha that no proposal for scrutiny of GST assessment in a faceless mode is under consideration of the Government presently as the GST laws and rules made thereunder already provide for electronic …

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CBDT clarifies on potential cases for issue of Section 148 notice

Instructions regarding selection of cases for issue of notice u/s 148 of the Income-tax Act, 1961–clarification to CBDT’s letter dated 04.03.2021-reg

F.No.225/40/2021/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 12th March, 2021 To All Principal Chief Commissioners of Income-tax Madam/Sir, Subject: Instructions regarding selection of cases for issue of notice u/s 148 of the Income-tax Act, 1961–clarification to CBDT’s letter dated 04.03.2021-reg 1. With reference to …

Instructions regarding selection of cases for issue of notice u/s 148 of the Income-tax Act, 1961–clarification to CBDT’s letter dated 04.03.2021-reg Read More »

Women’s Day Special: CA Heer Gajjar Launches Silver Jubliee Edition of Weekly Taxation News Letter with CS Lalit Rajput

On this special day, Ms. CA Heer Gajjar launches Silver Jubliee edition of weekly taxation news letter with Mr. CS Lalit Rajput who are actively involved in empowering the professional community. This is a remarkable moment for Tax Concept platform too.

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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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

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 …

Tax Concept’s CA Heer Gajjar and CS Lalit Rajput Launches 23rd Edition of Weekly Taxation Newsletter. Readers Says This is Best Ever Edition Read More »

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.

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.

No Relief to GST Sector: Key Highlights of Union Budget 2021

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).

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.

Tax Associations Come Together against Wrong Implementation of Tax Laws in India

Tax Associations Come Together against Wrong Implementation of Tax Laws in India

Tax Associations Come Together against Wrong Implementation of Tax Laws in India As we all know that tax implementation in our country is very poor. When portals are not working, government extend due dates but when taxpayers are not able to do compliance due to any reason/ pandemic, government is not extending due dates and …

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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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DIGITAL CALENDAR 2021 FROM INCOME TAX DEPARTMENT

Digital Calendar 2021 From Income Tax Department

We believe that the
honesty and hard work of
taxpayers power the
nation’s progress, and it is
our duty to reward it, by
empowering you.
It is this thought that gave
birth to a platform for
‘Transparent Taxation- Honoring
The Honest’ with innovative
initiatives aimed at making taxes,
untaxing. So, here’s giving more
power to you, as you embark on
your tax journey.

Facilitation in filing GSTR-3B by GSTN

Facilitation in filing GSTR-3B by GSTN

The taxpayers who have opted to file GSTR-1 on monthly basis, the following new features are made available in GSTR-3B : (a)The system computed summary of GSTR-3B is available on the basis on filed GSTR-1. It can be downloaded by clicking on ‘SYSTEM COMPUTED GSTR-3B (PDF)’ button.(b)The summary is generated for tables 3.1 (a), (b), …

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Corporate Compliance Calendar for the m/o September, 2021

Due Dates for Income Tax and GST Compliances for December 2020 (Due Dates Calendar)

Due Dates for Income Tax and GST Compliances for December 2020 (Due Dates Calendar) Download PDF File also read Corporate Compliance Calendar for the Month of December 20 BUSINESS CONCEPT MAGAZINE Cick Here :- Our Subscription Plan LAUNCHING OFFER ONLY 199/YEAR Daily E-News Letter Monthly MAGAZINE Weekly Taxation News Letter Author’s Article Practical Aspect for International Taxation Discussion …

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Section 143(1)

Section 143(1) of Income Tax Act 1961- All About Intimation U/S 143(1)

Section 143(1) of Income Tax Act 1961- All About Intimation U/S 143(1) An income tax return can be either filed voluntarily under Section 139 or on demand by the income tax department under Section 142(1). It is necessary to understand what happens after the taxpayer has filed the return of income. Income tax department carries …

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UNEXPLAINED CASH CREDIT- SECTFION 68

UNEXPLAINED CASH CREDIT – IN DEPTH ANALYSIS OF SECTION 68

UNEXPLAINED CASH CREDIT – IN DEPTH ANALYSIS OF SECTION 68 Section 68 of Income Tax Act is one of the debated section which brings huge numbers of litigation and judgements, especially in case of Demonetisation, we have seen a numbers of assessment order have been passed by the assessing officer invoking section 68 and consequently …

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What is TCS?

What is TCS?

TCS means Tax Collected at Source (TCS). It is a tax collected by the seller when goods are being sold to the buyer. Section 206 of Income Tax Act 1961 governs the goods on which the Seller has to collect tax from the buyer. Seller whose total sales, gross receipt or turnover from the business …

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LTC fare for non-Central Govt employees

Government allows Income Tax exemption for payment of deemed LTC fare for non-Central Govt employees

A number of employees have not been able to avail Leave Travel Concession (LTC) in the current Block of 2018-21 due to ongoing pandemic. With a view to compensate Central Government employees and incentivise consumption, government allowed payment of cash allowance equivalent to LTC fare to Central Government employees subject to fulfillment ofcertain conditions. Since …

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no outages in the Aadhaar – PAN/EPFO linking facility. All its services are stable and functioning fine.

CBDT and CBIC has Extended Due Dates for Various Returns/ Reports

CBDT and CBIC has Extended Due Dates for Various Returns/ Reports Due Dates Extended by the CBDT (1.) The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as …

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Section 193 – TDS from Interest on Securities

Section 193 – TDS from Interest on Securities Who – Any person responsible for paying any interest on securities to a resident. When – Either at the time of credit to the account of the payee or at the time of payment thereof, whichever is earlier Section 2(28B) – Interest on securities: Interest on – …

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DEADLINE TO FILE INCOME TAX RETURNS FOR FY 2018-19 EXTENDED TILL 30 SEPTEMBER

BIG RELIEF TO TAXPAYERS : DEADLINE TO FILE INCOME TAX RETURNS FOR FY 2018-19 EXTENDED TILL 30 SEPTEMBER

Big relief to taxpayers: Deadline to file income tax returns for FY 2018-19 extended till 30 September The government has increased the deadline for filing income tax returns for the financial year 2018-19 from 31 July to 30 September. The Income Tax Department gave this information via tweet. This decision will provide considerable relief to …

BIG RELIEF TO TAXPAYERS : DEADLINE TO FILE INCOME TAX RETURNS FOR FY 2018-19 EXTENDED TILL 30 SEPTEMBER Read More »

If You are Non Filer of ITR for Assessment Year 2019-20 or has not Mentioned any High Value Transaction in ITR, Check Your E-Mail and SMS

IF YOU ARE NON FILER OF ITR FOR ASSESSMENT YEAR 2019-20 OR HAS NOT MENTIONED ANY HIGH VALUE TRANSACTION IN ITR, CHECK YOUR E-MAIL AND SMS UNDER INCOME TAX E-CAMPAIGN

If You are Non Filer of ITR for Assessment Year 2019-20 or has not Mentioned any High Value Transaction in ITR, Check Your E-Mail and SMS Under Income Tax E-Campaign The Income Tax Department is all set to start an 11-day e-campaign on voluntary compliance of income tax for the convenience of taxpayers from Monday …

IF YOU ARE NON FILER OF ITR FOR ASSESSMENT YEAR 2019-20 OR HAS NOT MENTIONED ANY HIGH VALUE TRANSACTION IN ITR, CHECK YOUR E-MAIL AND SMS UNDER INCOME TAX E-CAMPAIGN Read More »

FOR TDS FROM SALARY, YOU WILL HAVE TO CHOOSE YOUR TAX REGIME NOW : CBDT CIRCULAR

The finance ministry has clarified that an employer will have to deduct TDS for FY2020-21, from an employee’s salary on the basis of the new lower tax regime if the employee opts for it and informs the employer of the same. It is further clarified that once the regime is opted by an individual at …

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