CA Pankaj Gupta
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Latest articles by CA Pankaj Gupta.
Plain-English guides related to CA's areas.
Late Fees on Filing of ITR Beyond Due Date
Late Fees on Filing of ITR Beyond Due Date “It is very disappointing to note that mandatory Late fees under 234F for late filing of ITR is being levied by the income tax department by having a misinterpreted determination of Total Income.” I. Preamble: There
Read articleTax 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
Read articleOptional 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
Read articleDeductions for Medical Treatment under Income Tax
Deductions for Medical Treatment under Income Tax “A simple provision for claiming the deduction for medical treatment is not so simple to understand. Various intricacies which arises have been discussed in this Article” I. Preamble: Deduction from taxable income in respect of Medical Expenditure or
Read articleAmbiguities Due to Extension of Due Dates for ITR
Ambiguities Due to Extended Due Date for ITR “CBDT has further extended the due date of filing an income tax return to 31st December 2020 in Non-Audit cases and to 31st January 2021 for Audit cases. However, some contentious issue arises which have been discussed
Read articleStamp Duty Valuation of Immovable Property
Stamp Duty Valuation of Immovable Property I. Preamble: Valuation of immovable property for the purpose of stamp duty is an important aspect. The stamp duty is payable as per the provisions of the Registration Act 1908. The ascertainment of this value has become a very
Read articleGST Implications on Association of Apartment Owners
GST Implications on Association of Apartment Owners I. Preamble : These days the concept of ‘Association of Apartment Owners’ is gaining lot of importance to facilitate the upkeep of the residential project which a Builder has developed as a Group Housing Complex. These housing complexes in the
Read articleSigning of Documents Digitally by a Director
Signing of Documents Digitally by a Director I. Preamble: These days Video Conferencing, Electronic Voting, and Electronic Records are becoming a norm. And rightly so, as it results in saving a lot of resources and also increases productivity. In this digital environment, it is important
Read articleProfessional Services Vs. Technical Services U/s 194J of Income Tax Act, 1961
Professional Services Vs. Technical Services U/s 194J of Income Tax Act, 1961 This analysis has assumed great importance due to the amendment of section 194J by the Finance Act, 2020 with effect from 1st April 2020. In nutshell, after the amendment, the TDS rate on
Read articleRelaxation in Compliances Under Various Laws Due To COVID-19 Lockdown
Relaxation in Compliances Under Various Laws Due To COVID-19 Lockdown 1. Income Tax S.No Compliance Original Status After Relief Measures Remarks 1 Income Tax Return Filing the date for F.Y 2019-20 For Individuals-31Jul, corporates/ Tax Audit cases- 31st Oct, Transfer pricing cases, -30th Nov Due
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