Tax Connect
madhuvridhi
Tag: income tax
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Income tax return forms for FY 2021-22: Additional information from taxpayers 10 MAY 2022
Income tax return forms for FY 2021-22: Additional information from taxpayers 10 MAY 2022
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Tax Audit – Budget Proposal 2020
Income Tax Audit .ncome Tax Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on profession he is required to…
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Key takeaways from FMs press conference held on September 20, 2019
The Finance Minister, Nirmala Sitharaman addressed a press conference in Panaji, Goa on September 20, 2019. The FM has announced several fiscal measures to promote growth and investment in the country. The proposed changes announced in the press conference shall be effecting from Financial Year 2019-20. The Government shall bring in the Taxation Laws (Amendment)…
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Key Changes in New ITR Forms for Assessment Year 2019-20
The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) Forms applicable for the Assessment Year 2019-20. These ITR Forms will be applicable for filing of income-tax return in respect of income earned during the previous year 2018-19 (between 01-04-2018 to 31-03-2019). The new forms incorporate the changes made by the Finance…
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Missed paying advance Tax ? You may get a Notice !!
Income tax authorities have turned the heat on taxpayers who have missed paying advance tax. Advance tax is paid in four instalments – June, September, December and March
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Loss from derivative is a normal business loss and not speculation loss
IT: Loss incurred on account of derivatives would be deemed business loss under proviso to section 43(5) and not speculation loss and, hence, Explanation to section 73 could not be applicable; and such loss would be set off against income from business IT: Disallowance under section 14A could not exceed exempt dividend income itself
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It isn’t mandatory for assessee to set off business loss against capital gains as per sec. 71
As per provisions of section 71, there is an option to assessee to set off business loss against capital gains, however, it is not mandatory to do so
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Reduced Tax Litigations
The Ministry of Finance has announced a substantial enhancement in the limits for filing departmental appeals before the ITAT, Tribunal and Supreme Court. The impact of the new limits: In case of CBDT, out of total cases filed by the Department in ITAT, 34% of cases will be withdrawn. In case of High Courts, 48%…
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Levy of DDT on Deemed Dividend u/s 2(22)(e): Will it give rise to Double Taxation?
The Finance Bill 2018, has proposed to cover deemed dividend u/s 2(22)(e) of Income Tax Act, also for levy of dividend distribution tax @ 30%,in the hands of a closely held company paying such deemed dividends. As per the existing provisions in Finance Act, 2017, deemed dividends are taxable in the hands of recipient as…
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Sec 147 of Income Tax Act- Initiation of reassessment proceedings
Only jurisdictional AO can form reason to believe for purpose of initiation of reassessment proceedings : ITAT