Income Tax Articles

Faceless e-assessment: Procedures, Difficulties and Role of Professional

CA PIYUSH KAPOOR 23 January 2020 at 10:44

The income tax department on October 7, 2019 launched its faceless e-assessment scheme for taxpayers. Under the scheme, there would be no physical interface between an assessing officer and an Assessee.

An Overview of Cash Transaction Limits & Restrictions

Damandeep Singh 22 January 2020 at 10:13

In this article, I have tried to give a brief overview w.r.t. cash transaction limits put in by government under the Income Tax Act and GST law along with penalty for transacting in cash over and above a certain threshold.

Honest assessee caught in the web of section 269 cash deposit

Dilip K Raina 21 January 2020 at 10:49

Let us examine this situation from the perspective of the honest assessee and the law being followed by the income tax department.

New circular dtd 16th Jan on IT Deduction from salaries for FY 2019-20

Guest 18 January 2020 at 13:37

IT Deduction from salaries during the Financial Year 2019-20 under section 192 of the IT Act, 1961

How will taxpayers fly their Kite of Income Tax Return this Sankranti?

CA Umesh Sharma 14 January 2020 at 12:11

How will taxpayers fly their Kite of Income Tax Return?

ITR-1 and ITR-4: Detailed analysis of changes

CA Varsha Chopra 13 January 2020 at 17:32

The CBDT notified changes in ITR-1 and IYR-4 for AY 2020-2021. This article summaries all the changes made in Income Tax Return Forms, ITR-1 and ITR-4 after the notification regarding relaxation granted by CBDT vide notification dated 9th January 2020.

Clarification on Insertion of new section 269SU - Digital Payment Facility

CA Piyush Agarwal 13 January 2020 at 11:01

The CBDT in its latest notification introduced Sec 269SU under the Income Tax Act, 1961. The section is applicable to all companies or business entities with a business volume of Rs. 50 crore or more annually. Such entities must provide facilities and accept payments through digital transactions u/s 269SU. Non-compliance of this regulation shall lead to a fine of Rs. 5,000 per day.

Rollback of CBDT notification in respect of changes in ITR-1 and ITR-4 for AY 20-21

Bipin Makwana 11 January 2020 at 12:09

CBDT vide a Press release dated 09.01.2020 has rolled back the non-applicability clauses inserted through Notification 01/2020 dated 03.01.2020.

Appeal to commissioner of income tax

CA. Brijesh Baranwal 11 January 2020 at 12:09

In recent times, cases of additions of income by respective Income Tax Officers/Assessing Officers have increased substantially.

Ten Suggestions for Budget 2020

Sandeep Bhatnagar 10 January 2020 at 10:27

The countdown to Union budget 2020 has already begun. Considering the state of the Indian economy, the finance minister is expected to unfold measures that give a boost to the economy. People have high expectations from the Union Budget 2020. Here are my suggestions and expectations from Union Budget 2020