Articles by CA Brijmohan Lavaniya

Relief u/s 90 and Form 67 in Indian Income Tax

Posted by CA Brijmohan Lavaniya 11 March 2024 5659 Views

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.

ITR-U: Empowering Accuracy and Compliance in Tax Filings

Posted by CA Brijmohan Lavaniya 12 January 2024 3810 Views

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.

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

Posted by CA Brijmohan Lavaniya 07 November 2023 16394 Views

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.

New Income Tax Form 71: Correcting TDS Errors

Posted by CA Brijmohan Lavaniya 07 October 2023 18272 Views

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.

Why HUF may not be effective tool for tax planning

Posted by CA Brijmohan Lavaniya 12 May 2020 3069 Views

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.