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The Income Tax Appellate Tribunal (ITAT), Jaipur bench refused the penalty order on the basis of the notice asking that was not given to the taxpayer because of the address change. On the grounds of the data in possession of the department and post to recording the causes to believe the assessment would be reopened […]
Under section 271B of the Income Tax Act, 1961, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has deleted the tax penalty with respect to Air India Air Transport Services Ltd, a subsidiary of Air India. The taxpayer possesses the Public sector company act and needs to submit its audit report in Form […]
In a recent order by the Agra bench of the ITAT, it was clarified that the failure to file TDS/TCS return prior to 1st June 2015 will not lead to a late fee penalty under section 234E of the IT Act, 1961. The IT Act Section 234E says that a late fee of Rs. 200 […]
Tax Calculation on CTC of Salaried Employees There are several parts of the CTC of a salaried employee in a private company. This comprises of Basic Salary, House Rent Allowance (HRA), Dearness Allowance, Conveyance Allowance, medical allowances, Provident Fund, food allowance, Entertainment Allowance, and others. From firm to firm the CTC parts differ upon the […]
Form 10B is to get filed via trust or institution that holds the enrollment u/s 12A or who submits an application for enrollment via furnishing of the Form 10A. Form 10B poses an audit report that is furnished by a CA on the assessee’s nomination. Income tax form 10B would be accessed and submitted online […]
In the current union budget, the Finance Minister has increased the limit for the essential audit Under Section 44AB of the Income Tax Act, 1961 to Rs 10 Crores towards the 95% or exceeding transactions are accomplished through the digital mode. The major goal behind this is to diminish the compliance loads on small businesses […]
Recently the government has decided to introduce some of the important income tax amendments with the association of the IT department to create a better scenario within the income tax compliance for every individual. Check out some of the important & needful income tax amendments by the CBDT department: Some Categories Gets Pre-filled ITR Council […]
This is the time of year when employees of many firms start receiving requests to share details of their tax-saving investments with their employers. However, before that, you have to choose whether you want to opt for the new tax regime or the old tax regime. Budget 2020 has come up with a new tax […]
In case you own multiple houses, then the ‘self-occupied property’ is accorded two properties as chosen by yourself. Other than this property/ properties are handled as ‘deemed to be let out’ for the intention of taxation. A self-occupied property is termed as the property which is tenanted throughout the year by the taxpayers for his […]
