Articles by CA Brijmohan Lavaniya

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ITR-U: Empowering Accuracy and Compliance in Tax Filings

  CA Brijmohan Lavaniya    12 January 2024 at 14:23

ITR-U, known as Updated Return, enables individuals to rectify mistakes or omissions in their income tax returns. Introduced in the Union Budget 2022 offers taxpayers to file ITR if they have unintentionally left out a source of income or committed errors in their initial ITR submission, Section 139(8A) of the Income Tax Act grants a two-year period for corrections.

Posted in Income Tax |   3626 Views

Cash Deposits and Taxation: Section 69A vs. Section 44AD: Exploring Key Case Laws and Legal Insights

  CA Brijmohan Lavaniya    07 November 2023 at 08:59

There is a substantial number of pending appeals related to cash deposits after demonetization in India. For taxpayers, there are favourable case laws available to support their claims. These cases can be valuable references when dealing with income tax-related issues during demonetization.

Posted in Income Tax  1 comments |   15134 Views

Relief u/s 90 and Form 67 in Indian Income Tax: A Guide and Consideration for Belated Filing

  CA Brijmohan Lavaniya    30 October 2023 at 08:55

In this article, we will explore the concept of relief under Section 90, the purpose of Form 67, and whether it can be filed belatedly.

Posted in Income Tax |   5241 Views

New Income Tax Form 71: Correcting TDS Errors

  CA Brijmohan Lavaniya    07 October 2023 at 09:13

The Central Board of Direct Taxes (CBDT) has introduced a new electronic form called Form 71 to help people correct errors in tax deduction at source (TDS). This change is part of the Income Tax Rules, 1962 and will come into effect on October 1, 2023.

Posted in Income Tax  1 comments |   17537 Views

Thumb Rule of Personal Financial Planning

  CA Brijmohan Lavaniya    12 May 2020 at 09:28

Personal Financial Planning is very crucial for your Financial well being. Here are 21 thumb rules of Personal Financial Planning.

Posted in Income Tax |   3742 Views

Why HUF may not be effective tool for tax planning

  CA Brijmohan Lavaniya    12 May 2020 at 09:28

The main reason for creating a Hindu undivided family is that the family gets an extra PAN card & file its separate return by splitting family income and thereby resulting in tax saving & reducing the tax liability. This is why CA's advise their clients to create a HUF & save the taxes. However, it is not a very effective way to save taxes.

Posted in Income Tax  1 comments |   3003 Views