Category Archives: Income Tax

Income Tax Calendar June 2018 : Due Dates

By | May 27, 2018

Income Tax Calendar June 2018 : Due Dates Following is the Income Tax Calendar for June 2018 i.e Due dates for various Returns / Certificate under Income Tax 7 June 2018 –Due date for deposit of Tax deducted/collected for the month of May, 2018. However, all sum deducted/collected by an office of the government shall… Read More »

Interest under Income Tax Act : Free Guide Book : 234A, 234B and 234C : FA 2018

By | May 27, 2018

INTEREST PAYABLE BY THE TAXPAYER UNDER THE  INCOME-TAX ACT Interest under Income Tax Act u/s 234A, 234B and 234C  [As amended by Finance Act, 2018] Introduction of Interest under income Tax Under the Income-tax Act, different types of interests are levied for various kinds of delays/defaults. In this part, you can gain knowledge about the provisions… Read More »

 List of Income Tax benefits available to Small Businessmen AY 2019-20

By | May 27, 2018

 List of Income Tax benefits available to Small Businessmen List of Income Tax benefits available to Small Businessmen AY 2019-20 [As amended by Finance Act, 2018] [AY 2019-20] S.N. Particulars Section Benefits/Deductions allowed A. Presumptive Taxation Scheme 1. Computation of income from eligible business on presumptive basis under Section 44AD provided turnover or gross receipts of eligible… Read More »

Depreciation Rates under Income Tax [ As amended by Finance Act 2018]

By | May 27, 2018

Depreciation Rates under Income Tax Depreciation Rates under Income Tax [As amended by Finance Act, 2018] AS APPLICABLE FROM THE ASSESSMENT YEAR 2003-04 ONWARDS   Block of assets Depreciation allowance as percentage of written down value AYs 2003-04 to 2005-06 AY 2006-07 to AY 2017-18 AY 2018-19  onwards 1 2 3 4 PART A TANGIBLE ASSETS… Read More »

Why should I pay Income tax?

By | May 26, 2018

‘Why should I pay tax?’ The citizens of India are required to pay Income tax as well as other taxes as per law.  1.  Some people raise the question ‘Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle… Read More »

Income Tax Slabs for AY 2019-20 ( FY 2018-19 )

By | May 26, 2018

Income Tax Slabs for AY 2019-20 ( FY 2018-19 ) Here are the Income Tax Slabs for AY 2019-20 ( FY 2018-19 ) for Individuals , Partnership Firms ,Local Authority,Domestic Company,Foreign Company and Co-operative Society [ Join online GST Course by CA Satbir Singh ] For Individual/HUF/AOP/BOI/AJP : Income Tax Slabs for AY 2019-20 (… Read More »

Chartered Accountants can’t determine FMV of unquoted equity shares : CBDT Notification

By | May 26, 2018

CA’s Chartered Accountants not to determine FMV of unquoted equity shares received by a company without adequate consideration-CBDT Notification Section 56(2) of the Income tax Act, 1961. creates a deeming fiction for bringing certain receipts/transactions within the scope of taxable income. (b) Under the provisions of clause (viia) to section 56(2), where a firm or… Read More »

No Tax on sum received by partner on retirement from firm for goodwill : HC

By | May 25, 2018

HIGH COURT OF BOMBAY Principal Commissioner of Income-tax-26 Mumbai v. R.F. Nangrani HUF M.S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NO. 33 OF 2016 APRIL  18, 2018 A.R. Malhotra and N.A. Kazi for the Appellant. Ajaykumar R. Singh and Ravindra Poojary for the Respondent. ORDER 1. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act) challenges the order dated… Read More »

Determining when legislative changes apply retrospectively: Analysis

By | May 25, 2018

Determining when legislative changes apply retrospectively Case Law : Calcutta Export Company (Civil Appeal No 4339-4340 of 2018) The Supreme Court of India held that when the amount of withheld tax is remitted to the government after the end of the financial year but before the due date for filing the tax return, a legislative… Read More »

Payments for marketing and distribution rights is taxable royalty : ITAT

By | May 24, 2018

Payments for marketing and distribution rights held taxable royalty The Bangalore Bench of the Income-tax Appellate Tribunal held that payments for marketing and distribution rights of an “adwords” program were taxable as income. Under the adwords program’s distribution and service agreements, the taxpayer was licensed to use certain confidential information, technical know-how, trade mark, brand… Read More »

Income Tax on Inherited property : Free Study Material

By | May 24, 2018

Income Tax on Inherited property : Free Study Material Here is the free study material on Permanent Account Number (PAN) [Join GST Online Course by CA Satbir Singh)] Free Study material on Income Tax on Inherited property No Income Tax on Property or money received by will or inheritance : FA 2018 Who will file the income… Read More »

No reassessment on basis of objections raised by audit party : Bombay HC : Dated 24.04.2018

By | May 23, 2018

 The reasons recorded in support of the impugned notice was merely on the basis of borrowed satisfaction of the audit party. This also makes the impugned notice bad. HIGH COURT OF BOMBAY Commissioner of Income-tax-14, Mumbai v. Shankardas B. Pahajani M.S. SANKLECHA AND SANDEEP K. SHINDE, JJ. IT APPEAL NO. 1432 OF 2007 APRIL  24, 2018 P.C.… Read More »

Income Tax on Income from Other Sources : Free Study Material

By | May 23, 2018

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Income Tax Assessment : Free Study Material

By | May 23, 2018

Income Tax Assessment : Free Study Material [amazon_link asins=’B07BPYFSZX,B01FM7GGFI,B0756RF9KY’ template=’ProductCarousel’ store=’taxheal’ marketplace=’IN’ link_id=’ba2623f8-5d62-11e8-9f9e-0d8a3f151f67′] Here is the Free study material on Income Tax Assessment [ Join online GST Course by CA Satbir Singh ] Instruction No 01/2018 Dated 1202.2018 : CBDT : E Assessment Do e Assessment in time barring scrutiny cases : CBDT clarify Budget… Read More »

Set off of losses under Income Tax : Free Study Material

By | May 22, 2018

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No Income Tax on Property or money received by will or inheritance 

By | May 22, 2018

No Income Tax on Property or money received by will or inheritance Sum of money or property received under a will or by way of inheritance [Clause (III)of the proviso] Clause (III) of the proviso provides that any sum of money or property received under a will or by way of inheritance shall not be taxed as income under section 56(2)(x) of Income… Read More »

Advance Tax under Income Tax : Free Study Material

By | May 22, 2018

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Self Assessment Tax under Income Tax : Free Study Material

By | May 22, 2018

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Cost Inflation Index under Income Tax : Free Study Material

By | May 22, 2018

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Notice not served to all legal representatives to initiate reassessment proceedings against deceased person : ITAT

By | May 21, 2018

The rights and interest of the LRs in the estate of the deceased cannot be taken away from them without giving them a proper opportunity of defending their rights and interest, in accordance with the natural justice principle of audi alterem partem, as held in ‘Umedram’ It is held that the initiation of reassessment proceedings, in the… Read More »

New Income Tax Act of India

By | May 21, 2018

New Direct Tax of India : Free Study Material Govt to Draft New Income Tax Act in India : Press Release 22.11.2017 New Direct Tax of India : Tax Force time extended for 3 months : Press Release 21.05.18 Income Tax Commentary

Income Tax Depreciation : Free Study Material

By | May 21, 2018

Income Tax Depreciation : Free Study Material We have compiled Free study material on Income Tax Depreciation [ Join GST Online Course by CA Satbir Singh] Free study material on Income Tax Depreciation New Income Tax Depreciation Rates w.e.f 01.04.2017 Depreciation Rates under Income Tax [ As amended by Finance Act 2018] Capital expenditure incurred… Read More »

Self-assessment tax under Income Tax : Analysis

By | May 19, 2018

self-assessment tax under Income Tax When is self-assessment tax payable under Income Tax When on computation of income for the year for the purpose of filing the return of income/fringe benefits it is found that some tax remains payable even after adjustment of (a) advance tax, if any, paid, (b) tax deducted/collected at source, (c)… Read More »

Income Tax Penalty : Free Study Material

By | May 16, 2018

Income Tax Penalty : Free Study Material Here is the Free study material on Income Tax Penalty provisions Income Tax penalty under New Section 270A Income Tax Act Analysis with Examples section 270A of Income Tax -200% Penalty Penalty of late filing of income tax return from AY 2018-19 Section 271DA Income Tax Act ;… Read More »

India and Brunei Darussalam Agreement for Exchange of Tax Information

By | May 16, 2018

Ministry of Finance Cabinet approves signing and ratification of Agreement between India and Brunei Darussalam for the Exchange of Information and Assistance in Collection with respect to Taxes Posted On: 16 MAY 2018 3:39PM by PIB Delhi The Union Cabinet Chaired by Prime Minister Shri Narendra Modi has has approved the signing and ratification of… Read More »

How to do accounting of gratuity due to increased ceiling ? ICAI FAQ

By | May 16, 2018

ICAI FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) has issued the following FAQ on accounting treatment of increase in liability on account of enhancement of the gratuity ceiling from Rs. 10 lakhs to… Read More »

Gift received by individual from his HUF not exempt under Income Tax : ITAT

By | May 15, 2018

HUF does not come under specified category of relative under section 56(2)(vii), Explanation (e); therefore, money received by an individual from HUF as gift would not considered as valid gift IN THE ITAT AHMEDABAD BENCH ‘D’ Gyanchand M. Bardia v. Income Tax Officer, Ward 1(2)(2), Ahmedabad S.S. GODARA, JUDICIAL MEMBER AND AMARJIT SINGH, ACCOUNTANT MEMBER IT… Read More »