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these-individuals-huf-mandatorily-needs-to-file-itr-for-ay-2019-20

These individuals /HUF mandatorily needs to file ITR for AY 2019-20 When total income without deductions exceeds Rs. 2.5 lakh below the age of 60 years, 3 lakh for senior citizens (between 60 and 80 years) and 5 lakh for…
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139, 276CC, Articles, Filing ITR

November 16, 2019

No TDS is required to be deducted u/s 194H on credit card charges paid by assessee to Banks on payments received from customers on purchases made through credit Section 14A Assessee had utilised interest bearing funds to make said investments—In absence thereof, presumption would apply that assessee invested its own interest free funds to make investments in securities capable of yielding an exempt income—Revenue was not able to rebut said presumption—Revenue’s ground dismissed

On Jul 4, 2019 BOMBAY TRIBUNAL held that No TDS is required to be deducted u/s 194H on credit card charges paid by assessee to Banks on payments received from customers on purchases made through credit Section 14A Assessee had…
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14A, 194H, 40(a)(ia), Bombay Tribunal, Rule 8D of Income Tax Rules

November 16, 2019

There is no case for disallowance of expenditure u/s 14A relatable to exempt income when there is no exempt income

ITAT, VISAKHAPATNAM BENCH held on 3rd April, 2019 that there is no case for disallowance of expenditure u/s 14A relatable to exempt income when there is no exempt income. Followed: ACN Infotech (India) (P) Ltd. v. Asstt. CIT [ITA No….
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14A, Court or tribunal, VISAKHAPATNAM BENCH

November 16, 2019

In K.C. Builders (Supra), the Supreme Court held in para¬26 that once the finding of concealment ‎and subsequent levy of penalties under Section 271 (1)(c) of the Act has been struck down by ‎the Tribunal, there is no concealment, u/s 276¬C and 277 read with Section 278 of the Income Tax ‎Act, 1961. Chattisgarh High Court again confirmed in M/S System India Castings vs The ‎Principal Commissioner Of …. on 26 June, 2019‎

In K.C. Builders (Supra), the Supreme Court held in para26 that once the finding of concealment and subsequent levy of penalties under Section 271 (1)(c) of the Act has been struck down by the Tribunal, there is no concealment, u/s 276C and…
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271(1)(c), 276C, 277, 278, Chattisgarh High Court, Concealment of income, High Court, Prosecution

November 16, 2019

Tax saving tips for salaried employees for financial year 2018-19

Tax saving tips for salaried employees for financial year 2018-19 HRA section 10(13A) is available if you are paying house rent. Detail is given in separate article. Standard deduction of rupees 40000 Deduction under section 80C for LIC, housing loan…
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Articles, Tax saving planning for salary employed

November 16, 2019

To file ITR for having Salary Income we need following papers/ ‎documents

To file ITR for having Salary Income we need following papers

November 16, 2019

INC-22A can now be filed with a fee of INR 10000

The Tagging of non-compliant Companies/Directors for not filing eForm Active(INC-22A) is complete. The form (ACTIVE) has since been made available for filing purposes. The form can be filed with a fee of INR 10000. Stakeholders may kindly download the latest…
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November 16, 2019

Form FiLLiP is likely to be revised on MCA21 LLP Forms Download page w.e.f. 29th June, 2019. Stakeholders are advised to check the latest version before filing.

Form FiLLiP is likely to be revised on MCA21 LLP Forms Download page w.e.f. 29th June, 2019. Stakeholders are advised to check the latest version before filing.

November 16, 2019

Registered U/s 12AA gives advance to trust not registered u/s 12AA where trustee are entitled for 20% of profits of the said concern.- exemption u/s 11 will be denied.

Advance by a society registered U/s 12AA to trust not registered u/s 12AA and the the trustee are entitled for 20% of profits of the said concern.-Then as per Explanation 3 to section 13 of the Act, it is called…
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11, 12AA, 13(1), 13(1)(b), 13(2)(a), explanation 3 to section 13, Kolkata tribunal

November 16, 2019

Amount found deposited in a foreign bank is taxable in India u/s 68 & 69 if the assessee is a “Not Ordinary Resident” and to check the residential status of the assessee we have to understand section 6(1) of the Income Tax act 1961.

Amount found deposited in a foreign bank is taxable in India u/s 68 & 69 if the assessee is a “Not Ordinary Resident” and to check the residential status of the assessee we have to understand section 6 of the…
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6, 68, 69, Bobmay High Court, residential status

November 16, 2019