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Tax on Presumptive Profit of Business & Profession
Tax on Presumptive Profit of Business & Profession “An option has been given to a certain category of an assessee carrying on business or profession to pay income tax on presumptive income” I. Preamble: This is an old provision and bye and large all tax-payers
Resentment Towards FMO’s Approach on Direct-Indirect Taxes & Corporate Affairs: CAAS
Resentment Towards FMO’s Approach on Direct-Indirect Taxes & Corporate Affairs: CAAS To, The Finance Minister, 134, North Block, New Delhi – 110011 Sub: Resentment towards Approach of FMO on Direct-Indirect Taxes & Corporate Affairs Respected Madam, Your good self may be already aware of Chartered
Benefits of Filing Income Tax Return
Benefits of Filing Income Tax Return Easy Loan Approval: Filing the ITR will help individuals, when they have to apply fora vehicle loan (2-wheeler or 4-wheeler), House Loan, etc. All major banks can ask for a copy of tax returns. Claim Tax refund: if you
An Interplay- Income Tax Search and Seizure and Income Tax Settlement Commission
An Interplay- Income Tax Search and Seizure and Income Tax Settlement Commission Introduction: Chapter XIX-A of the Act pertains to the settlement of cases. Under sub-section (1) of section 245C of the Act, an assessee at any stage of a case relating to him can
Income tax and GST filing due dates extended
Further Extension of Due Dates of filing of various Income/Corporate Tax Returns vide Press Release dated Today, December-30-2020:- • Audit Cases : February-15-2021 • Furnishing of Tax Audit Reports and Form-3CEB: January-15-2021; • All other simple ITRs {Non-Audit Cases} : January-10-2021. Related Topic: Is Income
Remedies Against Abuse of Power By Income Tax Authorities
Remedies Against Abuse of Power By Income Tax Authorities Discretion Meaning • All statutory authorities have been vested with discretion in order to carry out the functions assigned to them under the Act. This discretion has to be exercised reasonably and for the purpose for
Benami Transactions Informants Reward Scheme, 2018: CBDT
Benami Transactions Informants Reward Scheme, 2018: CBDT To, All Principal Chief Commissioners of Income Tax (CCA) All Directors General of Income Tax (Investigation) Sir/Madam, Sub: Benami Transactions Informants Reward Scheme. 2018 The Board has introduced the reward scheme for informants giving information of Benami property
Income Tax Informants Rewards Scheme, 2018: CBDT
Income Tax Informants Rewards Scheme, 2018: CBDT To All Principal Chief Commissioners of Income Tax (CCA) All Directors General of Income Tax (Investigation) Sir/Madam, Sub: Income Tax Informants Rewards Scheme, 2018 Ref: Board’s letter F. No. 292/2/1998-IT (Inv. III) dated 29.11.2007 The undersigned is directed
Optional System of Income Tax For Corporates
Optional System of Income Tax For Corporates “An option to corporates has been given to get taxed at reduced rates by foregoing certain deductions/Exemptions. This should benefit a lot of companies” I. Preamble: From Assessment year 2020-21, certain options have been given to domestic companies
Income Tax Search and Seizure: Application of seized assets during the course of an Income Tax search towards the self-assessment tax liability of an assessee- whether permissible
Income Tax Search and Seizure: Application of seized assets during the course of an Income Tax search towards the self-assessment tax liability of an assessee- whether permissible Introduction: The application of assets seized during the course of search and seizure action is governed by the provisions
Circular No. 20/2020: CBDT
Circular No. 20/2020 Subject: Income-Tax Deduction from Salaries during the Financial Year 2020-21 under Section 192 of the Income Tax Acr, 1961. Reference is invited to Circular No. 4/2020 dated 16.01.2020 whereby the rates of deduction of income tax from the payment of income under
Light!! Camera!! Action!! – Bad Debts Dichotomy
Light!! Camera!! Action!! – Bad Debts Dichotomy In this article, I have invoked the concept of “Light!! Camera!! Action !!” which is the catchy “call-phrase” used in the Entertainment Industry to get everyone ready before an action takes place. Here, the call for action is