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INCOME TAX

Higher Rates TDS/TCS on non filed the ITR on time.

INCOME TAX

Higher Rates TDS/TCS on non filed the ITR on time.

RJA 07 Feb, 2021

Income Tax Return filing: Applicable of at higher rates TDS/TCS on non filed the ITR on time (New Section 206AB and Section 206CCA) A higher rate of TDS for Non-Filer of Income Tax Return has been implemented in Budget 2021. The Proposed Section: 1. Section 206AB was proposed in ...

All about tax benefit enjoy by Resident Senior Citizens

INCOME TAX

All about tax benefit enjoy by Resident Senior Citizens

RJA 26 Jan, 2021

Overview on Tax Concessions/ benefit for Resident Senior Citizens So After a life-time of working, raising families, and making a contribution to the success of this Nation other ways senior citizens deserve a dignified retirement.- Charlie Gonzalez Every Nation Govt provides special specific relief to senior citizens in a ...

No Notional Taxation! If gap in value of stamp duty is no more than 20% of actual transaction,

INCOME TAX

No Notional Taxation! If gap in value of stamp duty is no more than 20% of actual transaction,

RJA 18 Jan, 2021

No Notional Taxation! If the gap in the value of the stamp duty is no more than 20% of the actual value of the transaction, Valuing the stamp duty is a benchmark tax price and plays an important role in the tax obligation evaluation of the property's value. Now ...

Frequently asked questions (FAQ) on UDIN issued by the income tax department

INCOME TAX

Frequently asked questions (FAQ) on UDIN issued by the income tax department

RJA 10 Dec, 2020

Frequently asked questions (FAQ) on UDIN issued by the income tax department The Institute of Chartered Accountants of India has been pioneering in the construct of a unique idea called 'Unique Document Identification Number (UDIN)' after finding false certifications by Non - Chartered Accountants’ that have been misrepresented as ...

Income Tax dept. permit the revision of declarations filed under Direct Tax Vivad se Vishwas scheme

INCOME TAX

Income Tax dept. permit the revision of declarations filed under Direct Tax Vivad se Vishwas scheme

RJA 09 Dec, 2020

Income Tax dept. permit the revision of declarations filed under the “Direct Tax Vivad se Vishwas Act scheme” The CBDT has explained in FAQ’s that the 'Vivad Se Vishwas' scheme should not be used in a situation where proceedings are pending before the Income Tax Settlement ...

CBDT : Issue an Explanation in respect of DIRECT TAX VIVAD SE VISHWAS ACT, 2020.

INCOME TAX

CBDT : Issue an Explanation in respect of DIRECT TAX VIVAD SE VISHWAS ACT, 2020.

RJA 01 Dec, 2020

CBDT: ISSUE AN EXPLANATION IN RESPECT OF DIRECT TAX VIVAD SE VISHWAS ACT, 2020. Central Board of Direct Taxation through the Circular at the end of October 2020 issued an Explanation in respect of DIRECT TAX VIVAD SE VISHWAS ACT, 2020. Under the current section 5(2) of the Vivad se Vishwas Act, the ...

Ministry of Finance discloses the new GST UPI Payment Guidance

INCOME TAX

Ministry of Finance discloses the new GST UPI Payment Guidance

RJA 01 Dec, 2020

Ministry of Finance discloses the new GST UPI Payment Guidance The Indian Govt issued the exemption in the fine to those pursuing company to consume Business to Business transactions for a term of four months from 01 Dec 2020 to 31 Dec 2021 in order to issue invoices except dynamic QR code through ...

CBDT: Tax Department hopes to finalize all faceless e-Assessments by mid-September.

INCOME TAX

CBDT: Tax Department hopes to finalize all faceless e-Assessments by mid-September.

RJA 30 Nov, 2020

Income Tax Department hopes to finalize all faceless e-Assessments by mid-September. 3.130 tax officers, including 600 Income Tax officers, are engaged in the operation of the Faceless Income Tax Assessment Scheme. Of the 58,319 cases selected for faceless assessment, 8,700 cases have already been disposed of. The system, 1st announced by FM Minister Nirmala ...

Faceless Assessment: Step by step Procedure & Reasons for the implementation in India

INCOME TAX

Faceless Assessment: Step by step Procedure & Reasons for the implementation in India

RJA 30 Nov, 2020

E-Assessment Process: The E-filing portal is built as a forum for the conduct of various tax procedures online and electronically. E-Assessment under Income Tax Appeal is a mechanism in which tax officers interact via e-mail and to the taxpayer's account on the e-filing site. On further receipt of the ...

AMT : Essential of Alternate Minimum Tax(AMT) & Difference with MAT

INCOME TAX

AMT : Essential of Alternate Minimum Tax(AMT) & Difference with MAT

RJA 29 Nov, 2020

Essential of Alternate Minimum Tax(AMT) & Difference with MAT Alternative Minimum Tax – Essential The aim of the Finance Act 2011 is to tax such LLP differently. A new Chapter XII-BA titled "Special Provisions relating to certain LLP" was adopted on 01 April 2012. Under this chapter, LLPs are now ...

Tax filing: changes are taken into account when making the ITR for FY 2019-2020

INCOME TAX

Tax filing: changes are taken into account when making the ITR for FY 2019-2020

RJA 27 Nov, 2020

Tax filing: changes are taken into account when making the ITR for FY 2019-2020 New Notified ITR forms are subject to certain major changes. Taxpayers should keep these changes into account before filing their ITR for FY 2019-20. The ITR filing deadline date for FY 2019-20 is increased to 31, December 2020 &...

HOW TO GET TAX RELIEF THROUGH TRC UNDER A DTAA

INCOME TAX

HOW TO GET TAX RELIEF THROUGH TRC UNDER A DTAA

RJA 04 Nov, 2020

How to obtain a Tax Resident Certificate for tax relief under a double tax evasion deal Tax Residency Certificate (TRC) The Government of India has modified the Section 90 & 90A of the I T Act, 1961 appears with finance Bill, 2012 to make the provisions provide the submission of the Tax Residency ...

KEY FEATURES OF TCS ON GOODS SALE (SECTION 206C(1H) APPLICABLE FROM 1 OCTOBER 2020

INCOME TAX

KEY FEATURES OF TCS ON GOODS SALE (SECTION 206C(1H) APPLICABLE FROM 1 OCTOBER 2020

RJA 01 Oct, 2020

KEY FEATURES OF TCS ON GOODS SALE (SECTION 206C(1H) APPLICABLE FROM 1 OCTOBER 2020 The Finance Act, 2020 has amended by adding section 206C(1H) of the Income Tax Act, 1961 (hereinafter referred to as the "Act"), which is effective from 01.10.2020. As a consequence of the said amendment, a seller who ...

Tax and Regulatory Compliance- International Taxation

INCOME TAX

Tax and Regulatory Compliance- International Taxation

RJA 25 Sep, 2020

International Taxation International taxation refers to treaty provisions that relieve international double taxation and includes domestic legislation enveloping foreign and domestic income of non- residents. The government generally limits taxation in some manner be it terrestrial or by providing offsets to extra-territorial income. Income taxation applies to the activities which ...

Income Tax consultancy Service in India

INCOME TAX

Income Tax consultancy Service in India

RJA 25 Sep, 2020

Income Tax Services Income tax accounts for the tax which is imposed on individuals by the government whereby an individual is required to file income tax every year to determine their tax obligations. It reduces the amount that the business owners and individuals are allowed to keep. Income Tax Services ...

Tax and Regulatory Services and their Compliance in India

INCOME TAX

Tax and Regulatory Services and their Compliance in India

RJA 17 Sep, 2020

Tax and Regulatory Services With the major shift in multinationals for investing and transacting in India, it is important to have a deep insight into tax and regulatory policies for multiplying growth and grabbing opportunities. The major tax consultants and advisors in India conduct tax and regulatory procedures for dealing ...

CBDT implements functionality for banks to verify the ITR filing status.

INCOME TAX

CBDT implements functionality for banks to verify the ITR filing status.

RJA 03 Sep, 2020

CBDT implements functionality for banks to verify the ITR filing status. Wednesday, the IT Dept said it introduced a service for financial institutions to verify the status of tax filings submitted by entities based on their PAN. On Wednesday, the IT Dept said it introduced a service for banks to ...

Key highlights of PM Modi’s speech on Transparent Taxation: Seamless, painless, Faceless Assessment

INCOME TAX

Key highlights of PM Modi’s speech on Transparent Taxation: Seamless, painless, Faceless Assessment

RJA 13 Aug, 2020

Key highlights of PM Modi’s speech on Transparent Taxation: Seamless, painless, Faceless Assessment On 13 August PM Modi will launch the platform 'Transparent Taxation – Honoring the Honest',  The upcoming platform would help CBDT's reform agenda to make the tax filing process clearer and simpler, the Ministry ...

Amended guidelines for submissions of Form 15CA & Form 15CB Certification

INCOME TAX

Amended guidelines for submissions of Form 15CA & Form 15CB Certification

RJA 24 Jun, 2020

Amended guidelines for submissions of Form 15CA & Form 15CB Certification Paying outside India needs some adherence. This one enforcement is to apply Form 15CA and Form 15CB, if applicable. The different situations in which you need to apply these forms have been mentioned in this post. 1. Here are all ...

Govt Notified: Latest revised Form 26AS with effective from 1 June 2020

INCOME TAX

Govt Notified: Latest revised Form 26AS with effective from 1 June 2020

RJA 04 Jun, 2020

Govt Notified: Latest revised Form 26AS with effective from 1 June 2020 Latest Form 26AS with effect from 1 June 2020: With effect from 1 June 2020, all data of the taxpayer will be available in the new Form 26AS: Tax withheld at source and tax assessed at source Details of financial transactions listed Income tax ...

Basic understanding of Rebate U/s 87A of I. Tax Act

INCOME TAX

Basic understanding of Rebate U/s 87A of I. Tax Act

RJA 02 Jun, 2020

Basic understanding of Rebate U/s 87A of I. Tax Act   The main obligation of any Govt of India should protect the citizens of its nation, and the Govt of India is constantly working towards that goal. To order to help the government achieve this vision efficiently, the people ...

CBDT CLARIFYING Compiling the new Section 115BAC tax legislation implemented in the Budget 2020

INCOME TAX

CBDT CLARIFYING Compiling the new Section 115BAC tax legislation implemented in the Budget 2020

RJA 18 May, 2020

AMOUNT IS DEDUCTED OF TDS ON SALARY-DEDUCTION OF TDS ON SALARY-CBDT CIRCULAR CBDT CIRCULAR CLARIFYING THE PROCESS FOR DEDUCTION CLARIFYING THE METHOD FOR DEDUCTION IN THE EXISTING AND CURRENT SCHEMES OF TAXATION: Income tax Amendment 2020 adopted a revised income tax system for individual taxpayers. The new tax scheme offered to ...

RULES,PENALTIES,METHODS,DOCUMENTATION REQUIRED IN TRANSFER PRICING

INCOME TAX

RULES,PENALTIES,METHODS,DOCUMENTATION REQUIRED IN TRANSFER PRICING

RJA 10 Sep, 2018

RULES, PENALTIES, METHODS, DOCUMENTATION  REQUIRED IN TRANSFER PRICING Transfer pricing refers to the prices that related parties charge one another for goods and services passing between them. The most common application of the transfer pricing rules is the determination of the correct price for sales between subsidiaries of a ...

OVERVIEW OF TRANSFER PRICING IN INDIA

INCOME TAX

OVERVIEW OF TRANSFER PRICING IN INDIA

RJA 14 Aug, 2018

OVERVIEW OF TRANSFER PRICING IN INDIA Transfer pricing refers to the prices that related parties charge one another for goods and services passing between them. The most common application of the transfer pricing rules is the determination of the correct price for sales between subsidiaries of a multinational corporation. These ...

Aims & Objective of Transfer Pricing

INCOME TAX

Aims & Objective of Transfer Pricing

RJA 03 Aug, 2018

Aims & Objective of Transfer Pricing Transfer pricing regulations have been come front of corporate headlines over the last few years due to the increasing number of controversies resulting out of tax structuring by multinational companies. One party transfers to another goods or services, for a price. That price is ...

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INCOME TAX

REBATE U/S 87A OF INCOME TAX ACT , 1961

RJA 31 Jul, 2018

Rebate u/s 87A of the Income Tax Act was introduced in the year of 2013 with the objective of reducing the tax liability of the assessee whose income is not more than Rs 3,50,000 You can claim the rebate u/s 87A if you fulfil the following conditions: You are individual ...

PENALTY U/S 234F (FEES) FOR LATE FILLING OF ITR

INCOME TAX

PENALTY U/S 234F (FEES) FOR LATE FILLING OF ITR

RJA 22 Jul, 2018

PENALTY U/S 234F (FEES) FOR LATE FILING OF ITR  Under this section, the fee (penalty) is levied if the Income-tax return is not filed within the due date. It is likely to be increased from 1st April 2018 onward as per Section 234F of the Income Tax Act. Provisions ...

ALL ABOUT EQUALISATION LEVY/GOOGLE TAX

INCOME TAX

ALL ABOUT EQUALISATION LEVY/GOOGLE TAX

RJA 21 Jul, 2018

Taxation Indian digital Economy: Equalisation Levy  Over the last decade, Information Technology has gone through an expansion phase in India and globally. Consequently, this has given rise to various new business models, where there is a heavy reliance on digital and telecommunication networks. As a result, the ...

AMENDMENTS IN TAX AUDIT UNDER SECTION-44AB

INCOME TAX

AMENDMENTS IN TAX AUDIT UNDER SECTION-44AB

RJA 21 Jul, 2018

Income Tax Audit Form No. 3CD amended by The Central Board of Direct Taxes through Notification No. 33/2018,  The new features of Form 3CD will be in effect from 20th August 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST), Transfer pricing, Statement of Financial Transactions, Section 32...

GET AWARE FOR PENALTY OF SECTION 234F FOR LATE FILING OF ITR

INCOME TAX

GET AWARE FOR PENALTY OF SECTION 234F FOR LATE FILING OF ITR

RJA 13 Jul, 2018

In Budget 2017 our honorable Finance Minister, Mr. Arun Jaitley introduced a new section 234F to ensure timely filing of returns of income. As per section 234F of Income Tax Act, if a person is required to file Income Tax Return (ITR forms) as per the provisions of Income Tax Law [...

HOW TO RESPONSE INCOME TAX DEMAND NOTICE

INCOME TAX

HOW TO RESPONSE INCOME TAX DEMAND NOTICE

RJA 11 Jul, 2018

IF a taxpayer income tax return differ from the assessment made by INCOME TAX OFFICER then taxpayer issued income tax demand notice. This notice is issued when the taxpayer has deposit less Tax for which he is liable to pay. IF You received demand notice then here are the steps ...

LIMIT APPLICABLE FOR INCOME TAX AUDIT (U/S 44AB) IN INDIA

INCOME TAX

LIMIT APPLICABLE FOR INCOME TAX AUDIT (U/S 44AB) IN INDIA

RJA 09 Jul, 2018

Objective if tax audit:-  The objective of the tax audit is to report the requirements of Form Nos. 3CA/3CB and 3CD. Other than the reporting requirements of Form Nos. 3CA/3CB and 3CD a proper tax audit will ensure that the books of account and other ...

CHANGE IN LAW OF BELATED RETURN IN INCOME TAX FROM A.Y. BELATED RETURN U/S 139(4)

INCOME TAX

CHANGE IN LAW OF BELATED RETURN IN INCOME TAX FROM A.Y. BELATED RETURN U/S 139(4)

RJA 03 Jul, 2018

Old provision up to the Assessment year :- Any person who has not filed his return within the time allowed us 139(1) he can file his return at any time before the expiry of one year from the end of the relevant assessment year or completion of assessment whichever is earlier. ...

QUICK REVIEW ON “INCOME COMPUTATION AND DISCLOSURE STANDARDS (ICDS)”

INCOME TAX

QUICK REVIEW ON “INCOME COMPUTATION AND DISCLOSURE STANDARDS (ICDS)”

RJA 30 Jun, 2018

CBDT issued 12 drafts of Income Computation and Disclosure Standards (ICDS) after taking suggestions from stakeholders and the draft ICDS were open for comments and suggestions till 8 February 2015. After taking suggestion 10 ICDS is finalized by CBDT on 31st march 2015. It will applicable from AY 2017-18. APPLICABILITY RULES OF ICDS:- ...

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INCOME TAX

WHETHER THESE COMMON MISTAKES IN ITR HAVE BEEN DONE BY YOU UNKNOWINGLY ?

RJA 17 Jun, 2018

Mistakes that are commonly done by taxpayers in filing ITR are listed below. These mistakes may create some problems or may bring tax notice for the tax payers. So it is beneficial to avoid such mistakes that are given below:- Filing ITR using the wrong form as per rules ...

COMMON MISTAKES IN INCOME TAX RETURN

INCOME TAX

COMMON MISTAKES IN INCOME TAX RETURN

RJA 17 Jun, 2018

Mistakes that are commonly done by taxpayers in filing ITR are listed below. These mistakes may create some problems or may bring tax notice for the taxpayers. So it is beneficial to avoid such mistakes that are given below:- Filing ITR using the wrong form as per rules given ...

National Committee on Deduction benefit under section 35AC

INCOME TAX

National Committee on Deduction benefit under section 35AC

RJA 02 Jun, 2018

This is to update about Deduction benefit under section 35AC, the Government today said the benefit of deduction under section 35AC of the IT Act will only be available till March 31, in respect to the payments made to association or institution approved by the National Committee for carrying-out any ...

RESIDENTIAL STATUS UNDER INCOME TAX and FEMA

INCOME TAX

RESIDENTIAL STATUS UNDER INCOME TAX and FEMA

RJA 09 Apr, 2018

Tax incidence on an assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. Similarly, whether an income earned by a foreign national in India (or outside India) is ...

IMPORTANT ANALYSIS OF ALL MAJOR AMENDMENTS IN INCOME TAX APPLICABLE FOR A.Y. 2018-19

INCOME TAX

IMPORTANT ANALYSIS OF ALL MAJOR AMENDMENTS IN INCOME TAX APPLICABLE FOR A.Y. 2018-19

RJA 02 Apr, 2018

Maintenance of Books of Accounts Change in limits for Maintenance of Books of Accounts (Section 44AA): If your net income* from Business or Profession in the financial year 2017-18 is more than Rs 2,50,000 OR if your total sales from Business or Profession in the financial year is more than 25,00,000, then ...

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INCOME TAX

NEEDED TO FILE INCOME TAX RETURNS FOR YOUR BITCOIN PROFITS EARN:

RJA 17 Mar, 2018

Profited from Bitcoins or other Cryptocurrencies and not sure how to file your income tax returns? Did you know gains from bitcoin is treated as capital gains and hence taxed? We are India’s leading tax filing portal to help you to file your returns to ...

RESIDENTIAL STATUS UNDER INCOME TAX

INCOME TAX

RESIDENTIAL STATUS UNDER INCOME TAX

RJA 14 Mar, 2018

Tax incidence on an assessee depends on his residential status. For instance, whether an income, accrued to an individual outside India, is taxable in India depends upon the residential status of the individual in India. Similarly, whether an income earned by a foreign national in India (or outside India) is ...

DEDUCTIONS UNDER SECTION 80CCD OF INCOME TAX ACT

INCOME TAX

DEDUCTIONS UNDER SECTION 80CCD OF INCOME TAX ACT

RJA 17 Feb, 2018

DEDUCTIONS UNDER SECTION 80CCD OF INCOME TAX ACT Income Tax Act, 1961 provides various tax deductions under Chapter VI-A for contribution to pension plans. Such deductions are available u/s 80C, 80CCC, and 80CCD. This guide talks about section 80CCD. This section provides tax deductions for contribution to the pension schemes ...

A QUICK GLANCE ON IMPACTED THE ECONOMY & TAXATION ON BUDGET 2018

INCOME TAX

A QUICK GLANCE ON IMPACTED THE ECONOMY & TAXATION ON BUDGET 2018

RJA 01 Feb, 2018

Arun Jaitey recalls the measures — like GST, FDI, demonetisation, etc. — taken by the NDA government in the past four years that have impacted the economy of the country.  The government estimates 7.2-7.5% GDP growth in second half of the current FY18. Fiscal deficit for 2017-18 at 3.5% and ...

FEW WAYS THROUGH - DEPARTMENT IS MONITORING YOUR HIGH-VALUE TRANSACTIONS

INCOME TAX

FEW WAYS THROUGH - DEPARTMENT IS MONITORING YOUR HIGH-VALUE TRANSACTIONS

RJA 28 Jan, 2018

To check tax evasion, the Income Tax Department has stepped up its vigilance against undeclared income. Now, you have to report PAN on all your high-value transactions. Property registrars and financial institutions with which you deal with like your bank, insurer, Mutual Fund Company and Credit Card Company feed the ...

VALUATION OF UNQUOTED SHARES –AN ANALYSIS

INCOME TAX

VALUATION OF UNQUOTED SHARES –AN ANALYSIS

RJA 11 Jan, 2018

VALUATION OF UNQUOTED SHARES –AN ANALYSIS OF SECTION 56 ALONG WITH RULE 11UA Finance Act, 2017 inserted two new provisions under the Act- clause (x) under Section 56(2) and section 50CA. The said sections were inserted to deal with a situation where the property, including unquoted shares, are being transacted ...

ELECTORAL BOND SCHEME 2018 UNDER INCOME TAX

INCOME TAX

ELECTORAL BOND SCHEME 2018 UNDER INCOME TAX

RJA 09 Jan, 2018

ELECTORAL BOND SCHEME 2018 UNDER INCOME TAX Electoral Bond is a financial instrument for making donations to political parties. These are issued by Scheduled Commercial banks upon authorization from the Central Government to intending donors, but only against cheque and digital payments (it cannot be purchased by paying cash). These bonds ...

LEGAL STATUS OF BITCOINS IN INDIA

INCOME TAX

LEGAL STATUS OF BITCOINS IN INDIA

RJA 12 Dec, 2017

Tax authorities in India have expressed money laundering concerns with investments and trading of cryptocurrencies like bitcoin. Indian tax authorities fear that trading of cryptocurrencies ‘could become conduits for illicit flows and the movement of black money.’ As awareness and adoption of bitcoin grow in India, ...

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