Income Tax Articles

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

Posted by CA PIYUSH KAPOOR 23 January 2020 12008 Views

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

Posted by Damandeep Singh 22 January 2020 52277 Views

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

Posted by Dilip K Raina 21 January 2020 21145 Views

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

Posted by Guest 18 January 2020 73151 Views

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?

Posted by CA Umesh Sharma 14 January 2020 6087 Views

How will taxpayers fly their Kite of Income Tax Return?

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

Posted by CA Varsha Chopra 13 January 2020 20829 Views

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

Posted by CA Piyush Agarwal 13 January 2020 21941 Views

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

Posted by Bipin Makwana 11 January 2020 13429 Views

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

Posted by CA. Brijesh Baranwal 11 January 2020 13782 Views

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

Ten Suggestions for Budget 2020

Posted by Sandeep Bhatnagar 10 January 2020 9776 Views

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