Income Tax Reckoner & Planner A.Y. 2018-19

INCOME TAX RECKONER & PLANNER A.Y. 2018-19   HARD BOOK/ PAPER BACK INCOME TAX RECKONER & PLANNER A.Y. 2018-19 TO BE SHIPPED WITHIN 24 HOURS INVOICE TO BE SENT ALONG WITH BOOK SHIPMENT DETAILS TO BE SENT ON EMAIL PRICE: RS. 800/- (FREIGHT RS. 150/-) TO PURCHASE: CLICK HERE E-BOOK INCOME TAX RECKONER & PLANNER A.Y. 2018-19 TO BE SENT WITHIN 24 HOURS INVOICE TO BE SENT ALONG WITH BOOK ON EMAIL PRICE: RS. 600/- TO PURCHASE: CLICK HERE

Quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns

  Honourable Supreme Court in its landmark judgement has upheld Section 139AA of the Income Tax Act as constitutionally valid which required quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi,10th June, 2017. SUPREME COURT JUDGEMENT ON AADHAR-PAN LINKAGE 1. Honourable Supreme Court in its landmark judgement has upheld Section 139AA of the Income Tax Act as constitutionally valid which required quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns. 2. The Court also held that the “Parliament was fully competent to enact Section 139AA of the Act and its authority to make this

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Interest and Dividend reporting under Income Tax of Custodial A/cs

  Securities and Exchange Board of India CIRCULAR CIR/HO/MIRSD/MIRSD2/CIR/P/2017/59 June 15, 2017 To, All Recognized Depositories 2. Depositories Participants (DPs) through Depositories 3. Registrars to an Issue and Share transfer agents (RTAs) Dear Sir/ Madam, Sub: Interest and Dividend information reporting in case of Custodial Accounts- Rule 114G(1)(e) of the Income Tax Rules, 1962 1. This has reference to SEBI Circular No. CIR/MIRSD/2/2015 dated August 26, 2015on implementation of the Multilateral Competent Authority Agreement and Foreign Account Tax Compliance Act. 2. In terms of Rule 114G(1)(e)(i) of Income Tax Rules, 1962 issued under Section 285BA of Income Tax Act, 1961 following information is required to be reported by reporting financial institution in the case of report able custodial account:- (i) the total gross amount of interest, the total gross amount of dividends, and

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Submission of Annual Information Return relating to issue of Bonds for Rs. 5 lakh or more under Section 285 BA of Income Tax Act, 1961-Change thereof

  RBI/2016-17/309 IDMD.CDD.No.3031/13.01.299/2016-17 May 25, 2017 The Chairman/ Managing Director State Bank of India/Associate Banks/ 17 Nationalised Banks/ UTI Bank Ltd., ICICI Bank Ltd., HDFC Bank Ltd., IDBI Bank Ltd./ Stock Holding Corporation of India Ltd. Dear Sir/Madam Submission of Annual Information Return relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961-Change thereof Please refer to letter DGBA.CDD.13.01.299/H – 739 – 768/2005-06 dated August 5, 2005 on the captioned subject. 2. You have been authorized to issue Savings Bonds Notified by the Government of India on behalf of Reserve Bank of India. In this connection, you may be aware that the offices accepting deposits under these schemes are required to furnish Annual Information Return as contemplated in Section 285 BA of

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Income Tax Department Steps up Actions under Benami Transactions (Prohibition) Amendment Act, 2016 

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 24th May, 2017. PRESS RELEASE Income Tax Department Steps up Actions under Benami Transactions (Prohibition) Amendment Act, 2016 The Income-tax Department (ITD) has initiated actions under the new Benami Transactions (Prohibition) Amendment Act, 2016 (the Act) w.e.f. 1st November, 2016. The Prohibition of Benami Property Transactions Rules, 2016 have been framed in this regard. As per the Act, Benami property includes movable or immovable property, tangible or intangible property, corporeal or incorporeal property. It empowers provisional attachment and subsequent confiscation of benami properties. It also allows for prosecution of the beneficial owner, the benamidar, the abettor and the inducer to benami transactions, which may result in rigorous imprisonment up to 7 years and

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New functionality in Income Tax Portal: Add/Register as Representative

  A new functionality “Add/Register as Representative” is enabled in e-Filing portal. The existing functionalities of “Legal Heir”, “Liquidator” and “Person Competent to Verify” are consolidated into a single functionality along with additional categories. 1 Introduction As per section 140, section 159 and section 160 of the Income Tax Act, 1961, there are many cases where a person is incapable from attending his affairs, in such cases their guardian or any other competent person can act on their behalf with specific authorisation. 1.1 Add another person to represent on your behalf If it is not possible for the assessee to act on their own, such assessee can authorise someone else to act on their behalf for the following reasons: Absent From India Non-resident Any other Reason The following sub-section describes

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Notification No. 38/2017- Income Tax Dated: 15th May, 2017

  MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 38/2017 New Delhi, the 15th May, 2017 Central Government approved for organization M/s National Institute of Hydrology (NIH) S.O. 1588(E).- It is hereby notified for general information that the organization M/s National Institute of Hydrology (‘NIH’) (PAN:- AAATN1385M) has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5D of the Income-tax Rules, 1962 (said Rules), from Assessment year 2017-2018 onwards in the category of ‘Scientific Research Association’, subject to the following conditions, namely:- (i) The sole objective of the approved ‘Scientific Research Association’ ‘NIH’ shall be to undertake scientific research; (ii) The approved organization shall carry out scientific research by itself; (iii) The approved

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ITAT releases Draft Income Tax Appellate Tribunal Rules, 2017

  INCOME TAX APPELLATE TRIBUNAL (COMMITTEE FOR REVISION OF THE INCOME TAX APPELLATE TRIBUNAL RULES) 11th floor, Lok Nayak Bhawan Khan Market, New Delhi 110 003 PUBLIC NOTICE May 11, 2017 1. Over a period of time, it was widely felt that the Income-tax (Appellate Tribunal) Rules, 1963, have outlived their utility to some extent in view of changing circumstances and the use of technology in the Tribunal’s functioning. In the times to come, the use of technology in the Tribunal’s day to day functioning will increase manifold. It is in this background that a need is felt to revisit the existing rules and substitute the same by the new rules. This committee was entrusted with the work of preparing the new Income Tax Appellate Tribunal Rules 2017 in the

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Doing Cash Transactions!! Here are Income Tax laws governing it

Now Income Tax Act covers both – Cash Receipt and Cash Payments. Disallowance of Cash Payments is only for business assesses but Penalty on Cash Receipt is on all types of person (exceptions are there). Sections governing Cash Payments: Sr. no. Transactions Sections Cap on cash transaction Penalty for cash transaction 1 Disallowance for cash expenditure 40A(3) Payment of any expenditure above Rs. 10,000 (amended by Finance Act, 17) No deduction Payments for plying, hiring or leasing of goods carriage above Rs 35,000 2 Determination of actual cost of asset 43(1) Payment above 10,000 for purchase of asset Such payment won’t be included in actual cost of asset (viz, No depreciation) 3 Investment linked deduction for capital 35AD Payment above Rs 10,000 for any capital expenditure No deduction   Sections governing

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Income Tax Consultants in VARANASI

  INCOME TAX has gone tremendous amendments to make it more comprehensive. Various laws regarding black money, timely filings to ITR, black money have gained importance nowadays. Income Tax planning is important to save taxes by enjoying the benefits and deductions given by the government. Online Law Solutions (onlinelawsolutions.com) provides all types of Income Tax Consultancy and Planning along with Income Tax Related works such as filing of ITR (Income Tax Returns), Income Tax Consultancy, Income Tax Planning, Income Tax Refund Works, TDS, TDS Returns etc in Shivpur, Varanasi and its adjoining areas. Contact Details: Phone: +(91) 9554-554-553, 9565-655-455 Email: helpdesk@onlinelawsolutions.com