Income Tax Articles

Pros and cons of e-assessment

Posted by Jigar Shah 10 January 2020 9624 Views

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

Posted by CA Ravi jain 09 January 2020 17356 Views

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

Posted by Nageswara Rao Jammigumpula 09 January 2020 40950 Views

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)

Posted by Dilip K Raina 08 January 2020 3795 Views

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

Posted by Guest 08 January 2020 18463 Views

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

Posted by CA Mayur Todmal 07 January 2020 52574 Views

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.

Got an Assessment order this December? Heres how you can deal with it.

Posted by C.A Vivek Bindal 06 January 2020 3288 Views

With the last day of the decade and the start of new year, many taxpayers also must have received a letter from Income tax department. I would call it a 'Love letter' :).

Section 269ST : Penalty of Cash Transactions above Rs. 2 Lakhs

Posted by CA Piyush Agarwal 06 January 2020 96086 Views

You can repay your loan amount to any HFC (Housing finance company) or NBFC (Non-banking finance company) in cash provided each loan installment is less than Rs 2 lakhs.

Section 143(1) Scheme of processing of return

Posted by kanika 02 January 2020 15785 Views

If return is filed having a claim of refund and case is selected for scrutiny under section 143(2), then the refund shall be granted to the assessee under section 143(1). ITD can't stop the refund till the completion of assessment under section 143(3).The return shall be processed under section 143(1) even if the case is selected for scrutiny and there is a refund.