Income Tax Articles
10 Important changes in ITR of 2018-19
Arjuna(Fictional Character) : Krishna, 31st July 2019 is the due date of filing Income Tax Return for the F.Y. 2018-19, to whom it is applicable and what care should be taken by the taxpayer?
Section 56 on buy back of shares : An undying conundrum
Applicability of Section 56(2)(viia) & 56(2)(x) of the Income Tax Act, 1961 on Fresh /Bonus/Right Issue & Buy Back of Shares: An Undying Conundrum!!
Recourses to Assessee after his Income Tax Return is processed
The income tax department examines the return of income for its correctness. The process of examining the return by the income tax department is termed as asses...
Legal validity of Major changes in ITR schema
Does it seem that the legal validity of certain major changes in ITR Schema is questionable? Attempt to analyse with reference to legal provisions
Requirement of Gratuity Funding For Private Schools?
The Payment of Gratuity (Amendment) Act 2018 provides Social Security to Teachers working in Educational institution (i.e. Private Schools) having 10 or more em...
Simultaneous use of Sec 44AD and Sec 44ADA
Though we have seen a lot of interpretations regarding simultaneous use of sec 44AD(relating to business) and sec 44ADA (relating to profession specified u/s 44...
How will taxpayers fly their Kite of Income Tax Return this Sankranti?
How will taxpayers fly their Kite of Income Tax Return?
Clarification on Insertion of new section 269SU - Digital Payment Facility
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.
Ten Suggestions for Budget 2020
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
Changes in the new IT return forms released by CBDT for AY 2020-21
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.
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