income tax – Quaserv

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July 25, 2020

The Central Board of Direct Taxation (CBDT) has signed a MoU with MoMSME. The MoU will facilitate the seamless sharing of certain Income-tax Return (ITR) related information by the Income Tax Department to MoMSME. This data will enable MoMSME to check and classify enterprises in Micro, Small and Medium categories as per the criteria notified on 26/06/2020 of MoMSME. The MoU comes into force from the date it was signed i.e 20/07/2020.

Changes in Income Tax Returns (ITRs) form for FY 2019-20 or AY 2020-21

June 1, 2020

shantanu

Blogs, income tax, updates

1) If you have taxable income as dividend from domestic companies, you are not eligible to file ITR-1 form. 2) Those with joint ownership of a house property cannot file ITR-1 or ITR-4. 3) Taxpayers need to answer the following questions related to deposits in current accounts, foreign travel and electricity bills in all the ITR forms: a) “Have you deposited an amount or aggregate of amounts exceeding Rs. 1 Crore in one or more…

Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation

July 25, 2019

Basab Baruah

income tax

There is no charge under Wealth Tax Act, 1957 w.e.f 1st April, 2016. Therefore, as a step towards litigation management, it has been decided by the Board that monetary limits for filing of appeals in Income tax cases as prescribed in Circular No. 3 of 2018 dated 11.07.2018 shall also apply to Wealth Tax appeals through extension to Wealth tax matters in a mutatis mutandis manner and with modifications as prescribed. [Source: Circular No. 5/2019 dated 05th February,…

Applicability of section 56(2)(viib) of Income Tax Act, 1961 i.e. Income from other sources

July 25, 2019

Basab Baruah

income tax

Provision of section 56(2) (viib) of Income Tax Act, 1961 shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Start-up. [Source: Notification No. 13/2019 dated 05th March, 2019]

INCOME TAX UPDATES

July 16, 2019

Basab Baruah

income tax, updates

Applicability of section 56(2)(viib) of Income Tax Act, 1961 i.e. Income from other sources Provision of section 56(2) (viib) of Income Tax Act, 1961 shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Start-up. [Source: Notification No. 13/2019 dated 05th March, 2019] Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals…