Income Tax Articles

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

Pros and cons of e-assessment

Jigar Shah 10 January 2020 at 10:26

e-Assessment - Electronic assessment, also known as e-assessment, online assessment, computer assisted/mediated assessment and computer-based assessment, is the use of information technology in various forms of assessment.

ITR Filing: 6 key changes in ITR-1 you need to know

CA Ravi jain 09 January 2020 at 10:27

The Income Tax department has notified the Income-tax Return (ITR) Forms for F.Y. 2019-20 on January 3, 2020. This article covers all the key changes introduced in the ITR-1 for the assessment year 2020-21

Changes in Income tax in Dec 19

Nageswara Rao Jammigumpula 09 January 2020 at 10:26

The objective of this article is to summarize all the updates of Income Tax (Notifications, Circulars, other amendments, and updates) in one place. The same are being summarized below.

Assessment Orders Appealable before CIT (A)

Dilip K Raina 08 January 2020 at 10:33

The year-end 2019 brought to end so many good and bad events or moments we Indians experienced during the year. Some events fade with the onset of the new year, but some continue for life and few such happenings get carried forward to the current year 2020.

Changes in the new IT return forms released by CBDT for AY 2020-21

Guest 08 January 2020 at 09:07

The Central Board of Direct Taxes (CBDT) has notified Income Tax forms - ITR 1 and ITR 4 for A.Y. 2020-2021 well in advance. The said forms will be applicable for filing income tax returns for the period April 1, 2019 to March 31, 2020.

Section 269SU of the Income Tax Act, 1961- All you need to know

CA Mayur Todmal 07 January 2020 at 10:12

As per Section 269SU of the Income Tax Act, every person, carrying on business, shall provide a facility for accepting payment through prescribed electronic modes.